PALMBEACHFORECLOSUREHELP.COM

Foreclosure vs. Bankruptcy – is Bankruptcy the way To Go?

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sat, 19 Nov 2011 17:34:56 GMT

Bankruptcy may help end your foreclosure nightmare so you can start seeing light at the end of the tunnel. Filing for bankruptcy immediately stops collection calls. In addition, certain categories of property, mainly homestead or primary residences, may not be taken by creditors after a debtor files for bankruptcy. This protection may also include motor vehicles up to a certain value, some clothing and household furnishings, life insurance and portions of earned wages. Any obligations to repay debts are erased through the discharge of the debts during the bankruptcy process. Therefore, the debtor is no longer legally liable for the debts, which will help a debtor’s ability to maintain a reasonable level of credit payment history over the course of the next ten years.

But there are some disadvantages to filing bankruptcy. Most importantly, it will affect your credit for at least 7-10 years. While a foreclosure case has a mandatory 7-year statute of limitations, bankruptcy does not. Other disadvantages include losing credit cards and non-essential possessions, the inability to obtain a mortgage (and other loans) and embarrassment. Certain other debts will not be discharged in a bankruptcy, and the bank has up to five years to come after the borrower for the deficient amounts.

Please be aware that neither JoAnn Taylor nor HarderandSmarter Realty is engaged in the practice of law; the information in this post is not intended as legal advice. You are strongly advised to seek legal counsel if you think bankruptcy may be right for you.

Things You Can Do to Save Your Home

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sat, 19 Nov 2011 17:34:08 GMT

1. Be an active participant. Its your loan. You will be held accountable in the final analysis.

2. Take an honest appraisal of your financial situation. Contact me via e-mail if you need a financial worksheet (e-mail jtaylor@harderandsmarter.com and put 'financial worksheet' in subject line). The bank is going to want to know if they can recover the money they have lent you. Be prepared to discuss: how far behind am I? am I currently employed? is it likely that I’ll have the resources (either from myself or friends and family) to bring my loan current?

3. Open your mail, especially if it comes from your bank. Answer calls from them. You probably feel embarrassed, but you shouldn’t be.

4. Keep records – not just of letters, but of every conversation. Ask names and record them, along with the date and a record of what was discussed.

5. Call your bank. Ask to speak with someone in loss mitigation. Other names for this department might be asset recovery, workouts, or home preservation. Be persistent.

6. Know the lingo. The common types of loan workout programs that will probably be discussed are:

A reinstatement plan you agree with the lender to bring your loan current with a lump sum. If your mortgage is insured you may qualify for an interest-free loan from the guarantor to use.

A forbearance plan the lender agrees to suspend or reduce payments for a short period of time as long as there is another option to bring your loan current. It may be a reinstatement, or they may want you to increase your payments until the deficiency is paid off (A REPAYMENT PLAN).

A loan modification changes the terms of your loan, either your interest rate, the principal owed, or the length of the loan. Remember you must qualify for these plans, and usually income and credit are key factors. 95% of people who are at least 60-days behind won’t.

7. If bankruptcy is an option get a lawyer.

Have additional questions? Need more information? Contact me anytime - I'll be happy to help!

Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

Take Action to Avoid Foreclosure - 4 Steps

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Thu, 03 Nov 2011 14:45:43 GMT

Step 1 - Educate yourself. Read all you can, including the article on this blog "Things You Can Do to Save Your Home". Remember knowledge is power. If you still have questions, contact me to get answers!

Step 2 - Get some help. This is your home: you owe it to yourself and your loved ones to hire an experienced short sale agent.

Step 3 - Get started NOW. Time is not your friend. The clock is ticking. The longer you wait the worse things become.

Step 4 - Follow directions. An CDPE has the education and experience to know what the bank is looking for when completing the documentation necessary.

Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

Short Sale Incentive Programs

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sun, 30 Oct 2011 15:17:39 GMT

Bank of America Florida Enhanced Short Sale Relocation Assistance Program: Incentive payments for relocation assistance range between $5,000 and $20,000. The program is being offered on a limited basis for investor-approved, pre-offer short sales. The short sale must be initiated between September 26 and November 30, 2011 and close by August 31, 2012.

Bank of America Cooperative Program: In this program, qualified households that participate in this short sale program will receive $2500 at closing.

HAFA: In this program, qualified households who participate in this program (which has both short sale and deed-in-lieu of foreclosure options) receive $3000 at closing. (Fannie Mae and Freddie Mac also participate in HAFA.)

Chase & Citi Bank: Both of these mortgage lenders are now sending certain borrowers letters offering them the option of participating in a short sale for a significant incentive (often between 20,000 and 35,000 dollars). Read the fine print on the offer and follow all of the rules in order to receive this incentive at closing.

Wells Fargo: Wells Fargo frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

Ocwen: Ocwen frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

When you are ready to list your home, call me to see how I can help.

I have the education to help...

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sat, 22 Oct 2011 14:11:02 GMT

I recently accepted another challenge in order to educate myself moreabout my clients' needs:I completed a highly specialized course in Short sales and Foreclosures offered by the Council of Residential Specialists and endorsed by the National Association of Realtors (NAR). The course covered the implementation of specific ideas to add value to and ensure the delivery of exceptional customer service.

My services are always free to you; the banks pay my commission should you decide a short sale is right for you. I am always available to answer questions.

I know this is a confusing time,one in which the path is not always paved and answers are not generally easy to come by. With this new knowledge I feel I am in an excellent position to help find those answers.

Can I Participate in a Short Sale?

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sat, 22 Oct 2011 14:04:47 GMT

In order to participate in a short sale, a homeowner must be able to demonstrate that he/she is in a hardship situation, or a material change in their financial situation that has or will affect their ability to pay their mortgage. Examples include:

1. Job loss
2. Business failure
3. Damage to property
4. Death of a spouse or family member
5. Severe illness
6. Inheritance
7. Divorce
8. Mandatory job relocation
9. Medical bills
10. Military service
11. Payment increase or mortgage adjustment
12. Insurance or tax adjustment
13. Reduced income
14. Separation
15. Too much debt
16. Incarceration

Or a combination of the above.

In other words, banks are looking for the three "M"'s (or a combination of them): Money, Marriage problems,or Medical problems.
Information deemed acurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

Another Reason to Consider a Short Sale

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Fri, 21 Oct 2011 12:48:50 GMT

I know you want to save your home first, but if you've taken a reasonable look at your finances and found you cannnot, there may be financial incentives to requesting a short sale from the bank. Several large lenders (Bank of America, Chase, Citibank, and others) are now engaging homeowners with financial incentives to go through the short sale process. This incentive is in addition to any HAFA incentive. On a recent webinar I attended an agent reported that her seller received $25,000 at closing in incentives!

Please call us to find out if a short sale is right for you!

Why You should Try and Save Your Home

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Mon, 17 Oct 2011 18:58:29 GMT

1. You own it: With no landlord, you make the decisions.

2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.

3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.

4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.

5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.

6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.

7. You pick it: Choose from different neighborhoods, styles and price ranges, based on what you can afford.

8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.

9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.

10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

Don’t you owe it to yourself to try and save your home? Call me for help today!

The Foreclosure Process

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sun, 09 Oct 2011 19:48:21 GMT

It is important that you understand foreclosure is a process; one missed payment does not mean that you will get a knock on your door the next day. These milestones must be achieved before the lender can take legal possession of your home.

1. Default: you have missed between 1 and 3 payments. Note lenders typically don’t take partial payments.

2. Legal Notice: the lender or foreclosing party must notify you in writing (Notice of Lis Pendens)

3. Bank Sale or Auction Date: you are informed of a date at which the foreclosing company will take possession

According to the Mortgage Bankers Association, the average time between the first missed payment and the foreclosure sale is about 1 year.

Information deemed acurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

HAFA demystified...

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sun, 09 Oct 2011 19:45:23 GMT

Everyone is talking about it. But do they really know what it is?
http://www.youtube.com/watch?v=8TXx8rKy-Ow

http://www.youtube.com/watch?v=8TXx8rKy-Ow

Learn about the government's new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here's the big picture, clearly explained.

CDPE's can help - call me today!

HarderandSmarter Realty does not practise law nor accounting, and does not give legal or accounting advice.

Another one is approved!

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Thu, 01 Apr 2010 15:42:16 GMT

Got the approval for another short-sale listing to close by the end of April! Hopefully the buyer will get a mortgage - all I know is my part is done!

We at HarderandSmarter are not attorneys or accountants, but we can recommend some to you. We also work with a HUD-approved counselor that will help you if they can. There is a lot of confusion out there as to what your options are when faced with a serious problem with your home. Call us today and find out if what we offer can potentially help you!

It happened...

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Wed, 17 Mar 2010 13:51:00 GMT

It finally happened: we lost a sale. This was actually a pretty good outcome for the owners. We got the short sale approved by the bank, but as we were preparing closing documents, we discovered an exiting lien. This lien should have been paid when the owner re-financed in 2007, but was overlooked when he was given clear title. The owner now may be able to save his home.
The lesson for me here is have a title company do a preliminary title search before you do any work. This title problem could have been discovered earlier in the process before lots of work was done. I'll learn from this for the next time.

Why not give a call or send an e-mail and put us to work for you? We are actively involved in this mess and truly want to help people keep their homes if we can. If we can't we have the education and experience to get the job done!

Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

Another closing!

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sun, 17 Jan 2010 01:22:00 GMT

Yesterday we closed another short sale! Another homeowner is out of precarious situation. Why don't you call and see if we can't help you?

To get to older postings, follow the monthly archive link. Click on a month to see articles, and click on a title to read the post. Good luck!

Things You Can Do When Foreclosure Looms...

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Fri, 01 Jan 2010 16:05:00 GMT

Be Proactive about the problem when the first warning signs appear. This should help by removing the anxiety of not knowing and also make it easier to work out a plan.

Contact your lender. Foreclosure is a lose/lose for the lender and the homeowner. It is important to be ready to be honest about the problem. They can't help if they don't know what's going on.

Read the mail. Not knowing or ignoring the problem doesn't help;it may not let you get help before its too late.

Contact a HUD approved counselor or a Realtor for advice. Don't get scammed by a private "foreclosure prevention specialist". I can supply a referral to a local HUD-approved counselor if you prefer to go that route; just contact me via e-mail or call

Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal or accounting advice.

For your pleasure...

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Fri, 01 Jan 2010 15:52:00 GMT

JoAnn Taylor Completes Short Sales and Foreclosures Course

Lake Worth, Fl., December 11, 2009 – JoAnn Taylor with HarderandSmarter Realty in Lake Worth, Fl., has just completed a highly specialized course, Short Sales and Foreclosures, presented by the Council of Residential Specialists. The one-day course earns one unit of core credit toward the Certified Residential Specialist Designation, and satisfies the educational requirements toward the SFR (short Sales and Foreclosures Resource) designation through the National Association of Realtors.

Distressed sales – foreclosures and short sales – accounted for 45 percent of all home sales during the fourth quarter of 2008, according to the National Association of Realtors® (NAR). Short Sales and Foreclosures gives agents the practical tools and skills they need to counsel clients about these types of transactions. The course explains the intricate steps involved with these transactions as well as the roles of lenders, sellers, buyers and cooperating agents. It includes dialogues and systems agents can use when they work with financial institutions and other owners of REO properties.

“The course provided me with some invaluable insights into what can be done to make the entire process go more smoothly”, said Taylor. “I expect this information to be valuable when used in conjunction with my previously-earned designation, CDPE (Certified Distressed Property Expert)”.

The Council of Residential Specialists is a not-for-profit affiliate of the National Association of Realtors® comprised of more than 40,000 members. It awards the CRS Designation to experienced Realtors® who have completed advanced professional training and demonstrated outstanding professional achievement in residential real estate.

Update for December -Happy Holidays!

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Fri, 18 Dec 2009 22:53:00 GMT

Since we last talked,I have one more short sale closing in a couple of days, and got one more approval yesterday! Iwill be taking a family vacation Dec. 19-24.

I'd love to work for you -let's see what we can't do together!

We got an offer!!

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Mon, 23 Nov 2009 13:16:00 GMT

We received a full-price contract on one of our short sale listings in just three weeks and after only three showings! The trick is to price it properly. Now we can start negotiations with the bank and hopefully close this soon. Why don't you put us to work for you! We're waiting to hear from you...

What we're up to...

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sat, 14 Nov 2009 15:11:00 GMT

Just to keep you updated, we closed one yesterday, got approvals for two more last week, and had one with an offer in just three weeks! We can work for you too. We have a plan and the tools to sell your home quickly. All you need to do is contact us!

Success!

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sat, 26 Sep 2009 15:20:00 GMT

This has been a great week - we received two more approvals for sales to close by the end of October. Both indicate that the outstanding loan will be satisfied at closing. That means two more lucky homeowners are being helped out of a mess!

What we're up to....

jtaylor@harderandsmarter.com (Palm Beach Foreclosure Help) — Sun, 23 Aug 2009 19:38:00 GMT

Here is what we have to look forward to in the third quarter: all our short sale listings have offers! Two are for the full list price, one is below asking, however we have comparables to support it! Now it is up to the banks to approve them - hopefully they will!
Why don't you contact us - via e-mail or phone - so that we can get started working with you today!