All Hands On Deck, We Are About To Short Sale..in Palm Beach County

Most of us grew up thinking that if we planned well and played by the rules; we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll. Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty. And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

I would normally not write about such things anymore, as a builder that no longer builds, however these two things seem to happen a lot during the course of one’s travel. We as Realtors also don’t get involved and let the professionals do their thing. So I thought I would bypass all that and post something I would see when I was in the Biz a decade ago. I mean let’s face it how much about Short Sales & Contracts can you take in a week’s time. So here it goes a couple of observations.

This small indication can cost your house and maybe your life one day. What this says is I cut corners with my electric capabilities and I’m gambling this won’t cause a serious fire some day.

This little out of site out of mind maneuver here says, for a few dollars I won’t make sure the room stays warm in the winter.

Bottom Line everyone is out there cutting corners, knowing a few tips to look out for will help you and/or your clients down the road.

Recognize the Red Flags!

The foreclosure crisis has given rise to a new breed of scam artist romising relief from foreclosure with any number of too-good-to-be true Promises. Much of what scammers asking unknowing victims to pay for, HUDapproved counseling agencies provide for free. Go to:

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm to learn more.

Here are some guidelines to avoid falling prey to scams that can send your level of financial distress to an entirely level. When you receive an offer to help modify your mortgage, understand that there are never any

guarantees and don’t ever:

·· Pay a fee

·· Sign a contract

·· Sign over title to your property

··Redirect mortgage payments

··Stop making loan payments

And beware of anyone who says that you don’t need a real estate Professional or title company when selling your home. To report a suspected scam, call 1-888-995-HOPE (4673) and for more information visit

www.loanscamalert.org or www.preventloanscams.org.

Foreclosure: Not an Option

By definition, foreclosure is a legal process that results in the termination of all rights to the property held by the homeowner covered in a mortgage. The process, in which the lender claims ownership of the property, begins when the homeowner fails to ake mortgage payments when they are due—this is called delinquency. Typically, a formal demand for payment is issued from the lender through a Notice of Default. Although this varies by state, the lender will often issue this notice when the homeowner has been three months delinquent on the mortgage payments.

P.S – Some Lenders are not filing default in a timely manner. Extend & Pretend

Here are some of the main reasons why you don’t want to let your home go into foreclosure:

·· Foreclosure becomes part of the public record, and can remain on a person’s credit history for seven to 10 years.

·· Foreclosure can challenge future employment prospects.

·· Foreclosure can leave you at risk for future deficiency judgments, which is the lender’s ability to pursue any debts you owe them for an indefinite period of time

·· Foreclosure can even become an issue against security clearance.