PALMBEACHFORECLOSUREHELP.COM

Another closing!

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...

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...

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.

I have the education to help...

Palm Beach Foreclosure Help — Thu, 24 Dec 2009 19:50:00 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. The course covered the implementation of specific ideas to add value to and ensure the delivery of exceptional customer service.

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.

Update for December -Happy Holidays!

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!!

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...

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!

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....

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!

Where are we now?

Palm Beach Foreclosure Help — Wed, 29 Jul 2009 12:52:00 GMT

It has been a very long while since we posted anything, so I thought I should bring you up to date. Of the short sale listing we have, we have closed the file on a number of them, one is in process with the bank, we lost a contract when the bank countered, and we continue to take listings.
If you are in the process of trying to get your lender to modify your loan, all the best to you! If you have consulted an attorney, I'm sure he or she will provide you with a solution that works for you. If you think that pursuing a short sale may be in your best interest, we are here to help!

How LOW can we go?

Palm Beach Foreclosure Help — Sat, 16 May 2009 01:25:00 GMT

Question: Are the banks that desparate that they are willing to lose 100K?

Answer:
I cannot answer as I'm not the bank. I will give you an example of what I'm working on - 3 years ago we sold a condo for $240000. Today I have that same condo on a short sale for $110000 and we have a closing date which means the bank said yes. However from your perspective, do you care what the place sells for? The thing is you won't gain anything on the sale but you won't have a foreclosure on your record either. At least the submission of an offer means you are no longer being passive but taking an active role. The bank may say no in which case we would try to get another offer.

It's all about the price...

Palm Beach Foreclosure Help — Wed, 13 May 2009 01:17:00 GMT

It occurred to me last night that I haven't been in touch recently. My purpose in the beginning was to provide as much information as I had available. My hope was that it would lead you to call me, or at least know enough to ask questions of your real estate professional. Now I think I should update the community on my activities these past few weeks, so that you know I'm not just talking for the sake of talking.
I have one short sale scheduled to go to closing on June 22. We started at a list price of $240,000 because the bank basically said we had to list at that price. That was last August. We got no offers, so when the listing expired, I decided to list it at market value. It was under contract in 10 days. Unfortunately that contract fell thru; the buyers lost a job waiting for the bank! We had another contract in two weeks without any price adjustment.
Another short sale I working on went under contract in 30 days, even before the bank could file the notice of intent to foreclose! Still another I'm working on was listed April 19; the contract came today.
The point is: pricing is everything. You, the owner, needs to realize he has nothing to gain: he's going to come out with a short sale and not a foreclosure onhis credit report, but no money. A bitter pill I know. You may feel your house is worth a lot, but the bank, not you is going to be the beneficiary so why worry about the price?
I look at the ratio of list (sold) price to square footage. Period - end of story. Now-a-days, with so much on the market, people are driven to a property by how big a home their dollar will get; while ammenities like lake-front and granite countertops help seal the deal, ultimately it is price that will grab people. If the price is realistic, the home will be shown and you will get an offer. And isn't that the goal? Once you get an offer, you can go to the bank and actively DO rather than wait for them to DO TO YOU!
I invite anyone to share their story with the rest of us, so we can all learn.

Question: what is a short sale exactly?

Palm Beach Foreclosure Help — Wed, 04 Mar 2009 15:03:00 GMT

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold and the lender agrees to accept the proceeds as satisfaction of the mortgage still owed.

To participate in a short sale, you must be able to verify a hardship (see list in a previous post). While I cannot guarantee that your lender will participate in a short sale, note that it truly is in the lender's best interest NOT to foreclose. Part of my job, as a CDPE (Certified Distressed Property Expert), is to gather and present in a cohesive fashion all the documentation necessary to support the short payoff position, list your property, and GET IT SOLD!

I am also a SFR (Short Sale and Foreclosure Resource). This designation is recognized by the National Association of Realtors. So far I have had 100% of the short sales I listed approved. I urge you to call me and find out how I can help you.

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

About tax consequences...

Palm Beach Foreclosure Help — Sun, 15 Feb 2009 20:40:00 GMT

Question: I’ve heard that I will have to pay taxes on the difference between what I owe and what I can sell my house for in a short sale. Is that true?

Answer: I am neither an accountant nor a lawyer but I will share what I have learned from various sources.

1. The Mortgage Forgiveness Debt Relief Act of 2007 relieves the homeowner of any potential liability in regards to the shortfall that may occur in a short sale. However, for the most part, this only applies to foreclosures on primary residences.

2. All is not lost on the investment property or second home if the borrower can prove insolvency. The threshold for proving insolvency is much lower than qualifying for bankruptcy. Basically if one’s debts verifiably exceeds their assets they may be absolved with the use of the IRS Form 982.

I strongly urge you to seek out the counsel of a CPA or tax attorney to see if the IRS Form 982 can help you avoid tax consequences.

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

Are you alone in this mess?

Palm Beach Foreclosure Help — Wed, 28 Jan 2009 15:00:00 GMT

Absolutely not! As prices continue to fall, and more homes become less valuable than the principal value of their mortgages, more foreclosures are likely. That will, in turn, trigger even more distress sales, in a vicious circle.

The Mortgage Bankers Association's surveys of members suggest one out of 10 mortgages was either delinquent or in the foreclosure process at the end of September, and Moody's Economy.com estimates 12 million homeowners are "upside down" -- they owe more on their homes than their properties would fetch in today's market.

Give me a call today - let's explore your options together!

Question: Once foreclosure has started can it be stopped?

Palm Beach Foreclosure Help — Mon, 26 Jan 2009 20:26:00 GMT

Answer: Absolutely, but you have to act fast. If you haven't yet missed a payment, or have only missed one, you may have more options than if you have already entered the foreclosure process. But you won't know what your options are until you explore them with someone who is qualified to help, like a CDPE. We are realtors who have earned a state-recognized designation that shows we have the knowledge and expertise 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

Palm Beach Foreclosure Help — Mon, 26 Jan 2009 00:15:00 GMT

Step 1 - Educate yourself. Read all you can. 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.

You Have Options

Palm Beach Foreclosure Help — Sat, 24 Jan 2009 21:00:00 GMT

You Have Options to Foreclosure!

1. Reinstatement - lender agrees to accept the full amount owed by a certain date to "catch you up"

2. Forbearance or Re-Payment Plan - in the first case, the lender agrees to reduce or suspend payments; the second is self-explanatory

3. Claim Advance - if your mortgage is insured, you may qualify for an interest-free loan from yor guarantor to bring your account current

4. Sell

5. Rent

6. Refinance - this one may be tricky if your credit rating has been already hurt

7. Mortgage Modification - the lender agrees to alter the terms of your loan

8. Short-Refi - this one may also be tricky; in essence you can try to refinance less than the total amount of the mortgage

9. Deed-in-Lieu - a "friendly foreclosure"; this option may not apply if you have other liens on your property

10. Service members Civil Relief Act (SCRA)

11. Short Sale

12. Bankruptcy - the biggest detriment to credit

I urge you not to wait; time is of the essence here!

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

The Foreclosure Process

Palm Beach Foreclosure Help — Sat, 24 Jan 2009 20:57:00 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.

Can I Participate in a Short Sale?

Palm Beach Foreclosure Help — Sat, 24 Jan 2009 20:50:00 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.