Stop Foreclosure Florida – Selling Mistakes to Avoid

Deciding to stop foreclosure Florida by selling your home is actually the easy part. The actual selling will be more challenging especially if you consider the large inventory of distressed homes for sale in the market. Of course, it is only understandable you would want to handle the selling or be involved with the agent’s plan of action. In any case, a lot of homeowners commit selling mistakes including the following:

Pricing the home too high – This is considered to be the worst mistake you will ever make. You will really have trouble attracting buyers. If you are already within the re-instatement period, it would not be a good idea to do this. In order to determine if the home is priced right, you need to do a comparative market analysis. If this sounds too technical for you, you can simply look around your neighborhood and inquire about the selling price of the other homes for sale or contact a local real estate professional.

Selling the Home without Staging – Again, the key to receiving a good offer is to make the home as attractive as possible. Your real estate agent might want to stage your home or make sure it is ready to be viewed. If you think it will cost you, you need not worry. A simple furniture rearrangement can go a long way.

Wrong Marketing Strategies – Although this basically lies within the agent’s responsibility, you should still make sure that the agent is employing every marketing technique to attract the best offers. Effective marketing campaigns could include print advertising, open houses and even agent tours.

Hiring an Inexperienced Realtor or Agent – considering the tough competition among sellers, getting professional help is recommended as long as the agent or Realtor you hire already has many years of experience behind him or her. With experience comes skill and you will need this quality when dealing with the lender as well as the buyer.

If you make an effort to avoid these mistakes, you will soon find yourself accepting the offer and signing over your home to the new owners.

US Government Approves Foreclosure Prevention in Florida Program

Last week, the United States Treasury Department approved plans for foreclosure prevention in Florida as well as in the other major states hit hardest by the housing and mortgage crisis. Under the said program, distressed homeowners will be able to stop their lenders from repossessing their homes.

The “Hardest Hit Fund” amounts to 1.5 billion and its distribution and management will be handled by the State Housing Finance Agencies (HFA) of Florida, Nevada, Arizona, California and Michigan. This is actually just the first round of foreclosure prevention assistance program created under the Obama administration.

According to the Treasury Department, although they have been involved in various programs which are designed to stabilize the housing industry and allow families to keep their homes, the government under the leadership of President Barack Obama will continue to come up with long-term solutions for those homeowners severely affected by the global crisis and sluggish economy. The approval of this particular foreclosure prevention program is actually considered a milestone.

Obama actually established the said fund last February 2010 amidst the clamor for the government to provide genuine foreclosure prevention help to all families affected by the downturn in the housing industry. The five states which will be the first benefactors of the program actually experienced a decline in average home prices by at least 20 percent.

The agencies assigned to oversee the fund made sure that all challenges facing distressed homeowners will be addressed and covered in customized programs. Last April 16, proposals from the HFAS were submitted to the Treasury Department and contained detailed procedure on how they will go about providing foreclosure prevention assistance. These proposals were then reviewed and checked if they complied with the guidelines set by the Emergency Economic Stabilization Act. States with approved proposals can now begin setting up and rolling out the programs so that troubled homeowners can soon enjoy relief from their mortgage problems. The implementation will depend on factors such as kind of program and specific procurement procedure followed by the state.

This is certainly good news for those who are looking for foreclosure prevention in Florida.


Look for Short Sale Help Early!

When a homeowner discovers he is unable to pay his mortgage obligations, the worst thing he or she can do is to sit around and wait for a miracle. It is important for you to be pro-active and look for a way to stop the bank from initiating foreclosure proceedings, unless you want your financial credibility to be questioned. There are actually many options available for a homeowner but your choice should depend on present and future circumstances.

The Best Option for Underwater Mortgages

With the foreclosure crisis wreaking havoc to home values, you should not be surprised to find out you now owe more in mortgage than what your property is currently worth in the market. This is actually referred to as having an upside down mortgage and a lot of homeowners in this situation think there is no hope for them. Of course, those who think this have yet to explore a short sale.

As its name implies, a short sale transaction involves the bank agreeing to the homeowner’s proposal to sell the property at a price based on its market value. But since the value of the property is less than the mortgage debt, the bank is basically accepting a payment amount which is short of the actually money owed them. The difference is usually forgiven as long as the owner was able to provide proof he or she is in serious financial trouble.

The key to getting a short sale transaction accepted actually lies with how well you have prepared the proposal or package. You must remember the lender will be the one deciding whether or not you are qualified for a short sale. Therefore, you must be able to present a compelling argument.

Obviously, you will need expert short sale help. It would be wise to hire a short sale Realtor as soon as you discover you are in over your head. This way, everything will be prepared properly and they can also help you look for a buyer who is not only willing to make an offer which would satisfy the lender but also be patient enough to go through the entire short sale process.

Before you know it, you are signing over your home to the new owners, who are pleased with their purchase. Your credit is safe and your lender saved more money. At the end of a short sale, everyone is happy.

Why Homeowners Are Scrambling for a Short Sale in Florida

A foreclosure is not something a typical person would prepare for. After all, no one would like to think such an unfortunate situation will happen to them. Nevertheless, it is important for homeowners to understand they are not immune from such things. Instances of medical emergency, divorce or sudden unemployment could result to your inability to meet your mortgage obligations.

If, despite all your efforts to keep up with your mortgage payments, you ended up on the brink of losing your home to foreclosure, you should know that a short sale in Florida is currently the best option to explore if you do not want your credit scores severely affected. A short sale will also eliminate all your mortgage debts especially if you are able to prove to your lender that you are not in any financial position to pay the balance or deficiency.

Short sales have grown in popularity mainly because lenders would stand to lose more with a foreclosure. Before, repossessing a property is considered to be a better option for the lender. But with the large inventory of homes, which is basically costing the lender more to keep, a short sale has become the preferred option when a homeowner comes to them for help.

Short Sale Facts

For homeowners who would like nothing more than to avoid the trauma of foreclosure, you should act now especially if you consider the fact a short sale can be a lengthy process. Basically, it will involve:

Preparing all documents required by your lender. To be on the safe side, include documents which will support your claim of financial difficulty or hardship.
Prepare the home for attracting buyers. Keep in mind that it is important for the buyer to understand there would be delays especially if the lender makes a counter offer and initially rejects the short sale proposal.
Hiring a short sale Realtor who will guide you step by step and would make sure that all requirements are submitted and negotiations with both the lender and buyer will be properly handled.

Stop Foreclosure in Fort Lauderdale Before It Is Too Late!

The biggest mistake a distressed homeowner can ever make is to think their mortgage problems will simply go away. It is, therefore, not surprising if you find yourself about to lose your home with only a little time left to look for a way to stop foreclosure in Fort Lauderdale.

If you are one of these homeowners who think the possibility of the bank repossessing their home is remote, you might be guilty of the following:

Thinking Your Financial Woes Is Temporary
Financial difficulties come and go but you must be able to tell if your money problems are here to stay. As soon as you have discovered you can no longer afford your home, you should act immediately and speak with your lender. By wishing your finances will improve, even if you are not doing anything to make this happen, you are actually wasting precious time. Do not wait for the time when you are in mortgage default since you will be at a disadvantage.

Thinking Your Lender Will Take Pity on You
Although you might believe your lender might understand your situation, you have to keep in mind that they are a business and at the end of the day, their assets and profits are what are truly important. Of course, a lot of lenders will work with troubled homeowners especially those who came to them before things got worse.

Thinking You Can Find a Solution at the Last Minute
This is perhaps the worst thing a homeowner should believe. For starters, it would take some time before you get all your financial documents sorted out and your lender will not be pleased with your disorganization. Also, options to stop foreclosure in Fort Lauderdale such as a short sale will take at least 3 months. You might find yourself pressed for time if you do not take control of the situation. If needed, hire a Realtor who specializes in providing foreclosure help.

Stop Foreclosure Palm Beach Florida with a Short Sale

For most homeowners, the dust created by the mortgage meltdown is just settling. Literally millions of homes were lost to foreclosure and millions more are currently on the fence. If you do not act now and stop foreclosure in Palm Beach Florida then you might find yourself among these unfortunate individuals, homeless and wondering where they went wrong.

Understanding Short Sales
You might be a bit surprised to know short sales have always been around as an option to stop foreclosure. However, with the collapse of the mortgage industry, this option has increased in popularity especially since it benefits all parties involved: the lender, seller and buyer.

From a lender’s point of view, a short sale is worth the trouble even if they do not end up recovering the entire amount of mortgage debt owed them. This is because a foreclosure is certainly more expensive at the end of the day. In addition, repossessing the home will only mean adding to their list of non-performing assets.

On the other hand, a short sale for sellers or distressed homeowners is one of the most effective ways of getting out of this horrible mortgage situation with your credit score not as adversely affected. For certain, it would be easier to recover from a short sale considering the stigma that a foreclosure creates, in terms of your financial credibility.

As for buyers, they end up with a better property since properties for short sale are usually still inhabited. At the same time, they get to enjoy considerable profit once the local market recovers.

What Homeowners Should Do
First of all, distressed homeowners should understand that a short sale is not something that should be taken lightly. You will need to comply with certain lender requirements and have the patience to go through the negotiation and waiting-for-approval part, which can really be frustrating. To have someone reliable who you can turn to in case of problems related to the short sale application, hire a short sale Realtor. With an expert by your side, stopping foreclosure will be as easy as 1-2-3.

Miami Dade County Short Sale: The Art of Staging

As soon as you have learned a Miami Dade County short sale is the best option you have, you will need to make an effort to improve how your home looks in order to attract much buyer interest. Keep in mind this is not any ordinary home sale and you should make an effort to make your home as attractive as possible.

Staging is actually a process when you ready your home for an open house. This is actually important as you want buyers to not use their imagination and see for themselves the home’s potentials. Obviously, you will have to do the staging yourself considering your financial status. Here are some suggestions from experts:

• Make the master bedroom appealing for both sexes. Consider a neutral theme and use accessories to complement the colors.
• Update the look of your fireplace by spray painting the screen. Make sure you scrub the fireplace with soap and warm water in order to remove dirt and grime.
• Modernize your kitchen by applying stainless steel stick-on cover to appliances like your dishwasher.
• Create a unique valance using your placemats
• Sand your old floors and re-paint or re-varnish them to make them appear dramatic
• Curb appeal is crucial so you must make sure your home looks attractive from the outside. Trim hedges, sweep backyard and get rid of old terrace chairs or tables.
• Remove personal clutter from all rooms and make sure you emphasize the functionality of each space
• For really bad floors, consider using vinyl tiles since they are relatively less expensive
• Open all windows to let sunlight in. This will also help air the room, removing any unpleasant smell
• Add as many lamps as you like
• Vacant rooms should be staged as well. It would be big no-no to treat it as a storage area. Better yet, furnish it with essentials like a table or chairs, allowing the buyer to think of the room as a home office.

Of course, staging your home is just a small part of the entire Miami Dade County short sale process. But it is definitely a start. For the other requirements, you might want to seek the assistance of a short sale Realtor.

Be Careful When Seeking Florida Foreclosure Assistance

Owning a home is considered to be one of the American dreams. Unfortunately, a considerable number of homeowners has fallen victim to mortgage fraud and realized too late their dreams have turned into one of the worst nightmares of their lives.

A crackdown, which required seven months of planning and involved several government agencies, resulted in the charging of 86 people of mortgage fraud amounting to $76 million. The accused included real estate brokers, mortgage brokers, title attorneys, straw buyers and loan processors.

Named “Operation Stolen Dreams”, the said sweep was done in coordination by the Financial Fraud Enforcement Task Force which was established to investigate as well as prosecute crimes of financial nature. One of the popular cases settled under the said operation is the one which involved Bank of America and its plans of reimbursing overcharges made by Countrywide, a mortgage service company that the bank bought last year. The reimbursement will amount to at least $108 million.

Based on the FBI’s 2009 Mortgage Fraud Report, there was an increase of 5 percent in mortgage fraud activities which included seller assistance scams, reverse mortgages, loan modification, identity theft and home flipping. Unfortunately, the FBI is not optimistic about a decrease in mortgage fraud rates until 2013 sighting the current sluggish economy as the reason.

The FBI report also revealed a 120 percent increase in foreclosure rate between the year 2007 and 2009. A total of 2.9 million foreclosure filings were recorded for the said year with California leading the list of states with the highest foreclosure rate followed by Florida, Arizona and Illinois.

For homeowners looking to buy a new home or currently considering Florida foreclosure assistance to address their mortgage problems, it is recommended you be cautious when dealing with brokers, agents or any person who are claiming they can help you.

There are actually a lot of legitimate foreclosure help such as short sale Realtors who will truly provide you the assistance you need to make sure you do not lose your home to foreclosure. If you must, ask for references and check the agent’s license to be sure you are dealing with a professional.

New Florida Foreclosure Help Proposal

If you are one of the thousands of Florida homeowners who are struggling with their mortgage, you will be pleased to know you can get a reprieve on your mortgage obligations for as long as 18 months. This Florida foreclosure help proposal is actually under the new state plan which allotted $418 million for efforts to prevent foreclosure.

The Florida Housing Finance Corporation is the one in charge of distributing the money to the different counties and bases the amount on the unemployment rate, home price drops and percentage of mortgages in foreclosure or at least 90 days late. Treasure Coast will receive $13.46 million, St Lucie County, $11.4 million and Indian River County, $1.36 million.

The said budget is still part of the $1.5 billion fund set aside by the Obama administration to provide foreclosure relief to the top five states hit hardest by the housing and mortgage crisis. Aside from Florida, the other states which will also be given similar financial support are Nevada, Arizona, Michigan and California.

The said reprieve is slated to start by fall and would benefit over 40,000 distressed homeowners. The proposal, which was created by the Florida Hosing Finance Corporation, is composed of three parts:

· $40 million allotted for providing assistance to eligible home buyers under the state’s First Time Homebuyers Program
· $353 million set aside to pay the mortgage of distressed homeowners for a period of nine months on the condition that the lender also forgives nine months-worth of unpaid mortgage dues.
· $25 million for payment of legal fees incurred by homeowners facing foreclosure but is trying to avoid one by exploring loan modification or short sale

Homeowners who want to be eligible for this program should be able to prove they are indeed having serious financial problems. If you were not lucky enough to qualify, you can still stop foreclosure by considering a short sale transaction. Find a short sale expert who can provide you with professional assistance.


Take Control and Find Foreclosure Help in Florida Today!

Although things are definitely not looking up for homeowners with upside down mortgages and are in the first stage of foreclosure (mortgage default), it does not mean they should give up and walk away from their loan obligations. On the contrary, there is no better time to take control of the situation and start looking for foreclosure help in Florida than now.

You might not be familiar with the entire short sale process but you should know that it has become the most popular option for stopping foreclosure dead in its tracks. With the state recording one of the highest foreclosure rates in the nation, Florida mortgage lenders have accepted the fact a short sale is a much better solution than a foreclosure. Just like the distressed homeowners, lenders stand to lose more in the long run and so, are more than willing to accept short sale proposals to avoid bankruptcy themselves.

As part of your desire to take control of the situation, you should make sure the short sale package presented to your lender contains the proper documents, which proves you are indeed in dire circumstances. If you are unsure, you might need to seek foreclosure help in Florida offered by short sale experts.

Compared to other real estate agents, these Realtors possess both the experience and skill to handle short sale transactions. You might be surprised to learn not all property agents are knowledgeable about the short sale process in Florida. For this reason, it is crucial you hire someone who can truly guide you throughout the process and make sure you still come out a winner.

Typically, a good short sale realtor will do the following:

Properly evaluate your financial situation
Ensure no further loss on your part
Offer full support as well as accountability
Provide moral support
Be available to answer buyer and lender queries

Finding foreclosure help in Florida is actually simple if you know who and what to look for. Just remember it is never too late to save your family from going through a nasty foreclosure as well as your credit score.