Jacksonville Florida Realtor Mike Linkenauger

SHORT SALE SCAMS EXPOSED - "THE $10 OPTION CONTRACT"

Hopefully that title got your attention!

If you are reading this, you fall into three categories:

You are with me - You are likely an agent who values fiduciary duties and ethics over money, or a consumer who does not tolerate rip off artists.

You are against me - You are likely an investor or agent who disagrees with me, who would likely value money over ethics and fiduciary responsibilities.

Or you have no clue what I'm talking about!

If this blog post is angering you already, I definitely know which category you fall into! Those of you who know me, know that I'm not in the business to make friends with the world. I do have great friends and people I'm close to in my life. But, I am not always the most polite person on the face of the Earth, especially when I see injustice going on or the subject is something I feel passionate about. I say it like it is. I am going to state my case, and then I challenge ANY "short sale home buyers", investors, or Realtors(R) who disagree to a debate, right here, right now!!

For those that don't know what I'm talking about, the option contract seems to be the most common instrument that investors use to try to "buy" short sale homes. There are other ways investors purchase short sale homes, I've heard them all. Pretty much all of which I believe to be unlawful and unethical in some way, but the $10 option contract seems to be the most common scheme I run into.

Here is how it works:

In a nutshell - The investor puts signs up around town saying something like "we buy houses" or "stop foreclosure" or "John Buys Homes - CASH". The investor also may start websites claiming to offer solutions to home owners in hardship. Either way, the investor puts himself out there as a "cash home buyer" ready to buy your home TODAY!!. Unsuspecting home owners who are upside down on their homes and in hardship call the investor looking for some kind of solution to avoid foreclosure. The investor then asks the home owner to sign a $10 option contract, giving them the OPTION to purchase the home for an extended period of time. Once the option is recorded, it is basically another lien on the property! The investor considers this to be "ownership interest" and "equitable title" to the property. Once the home owner is out of the property, the goal of the investor is to basically manipulate the situation in ANY way to get the home approved as a short sale by the home owners lenders as cheaply as possible. Once approved, the investor tries to find a buyer to flip the home to PRIOR to purchasing, then ONLY buys the home (using cash/hard money funding) if they can put the deal together and flip it to a REAL buyer by buying and selling at the same time.

Here is why the $10 option contract is not only unethical, but illegal:

1.) These investors do NOT buy homes like they say they do! They are really "transaction coordinators", not a "short sale home buyer", right?? I mean after all, they ONLY buy the house if they can find somebody to flip it to right away. If they can't find a REAL buyer to buy it, the property goes into foreclosure, destroying the borrowers credit (could still be liable for money owed!). The investor is out a whopping $10. I have talked to MANY sellers who were under the impression that the investor/con artist was the person actually buying their home!

2.) The law has determined that "token consideration" ($10) doesn't constitute a valid contract, period. This means you can't legally say you own a home, and can't make decisions like an owner could when offering token consideration.

3.) What if the lender asks that the short sale deficiency be repaid by the home owner?? This is a very common occurrence. What if, the investor tries to manipulate the lender and steal a home for $150K, instead of the $180K it may fetch if sold in a legitimate transaction. What if, because the home sells for less, the lender asks that the home owner repay $40,000, instead of say $20,000 or nothing if the home had sold for a higher price. Who's best interest is that in? What about agents who agree to hide offers that come from legitimate buyers from the sellers lender, only to present to an investor who is not the REAL seller? Also what about agents who misrepresent the value of the property? I challenge ANY agent who claims to have ethics or values to tell me why they should be allowed to have a real estate license if they approve of this.

I'll save some other reasons for anybody who cares to debate with me!!

Because of my involvement in the short sale industry, I am constantly bombarded by these con artists trying to recruit me into their gangs of schemers. It is people like this in my opinion who are the epitome of "American Greed", and are the reason half the world despises our country. When approached by these people, the first thing they ALWAYS go after with me is, "You'll make 6% on the buying side, and 3% or 6% on the selling side". They come at me very hard, and its always ALL about money with them. Probably heard that statement 100 times. They are an extremely aggressive and manipulative bunch.

I'm not for sale, sorry to disappoint.

Realtors, we must stand for something, or we will fall for anything! Don't let one of these investors talk you into selling your values.

Sellers!! If you are in financial hardship and considering a short sale on your home, beware of short sale scams out there! The $10 option contract is just one method these guys use to tie up properties, rob your lender, and play games with home owners credit and financial future. There are MANY others!

ONLY use an agent who will look out for YOUR best interests, NOT their own! Common sense would likely say that it is impossible for anybody to look out for your best interests, while trying to profit from your misfortune as much as possible!

If you are looking for a good short sale specialist in your area who is pre screened, very experienced, and must agree to the strictest ethical standards and practices, visit www.short-sale-specialists.com.

Mike Linkenauger

First Coast Realty Associates

(904)733-4911

Find Jacksonville FL Real Estate on our local website, or subscribe to my blog at http://activerain.com/blogs/mikelinkenauger

First Coast Realty Associates

Mike Linkenauger

(904)733-4911

Jacksonville FL First Time Home Buyers Don't miss the $8,000 tax credit!!

Loss Mitigation Department Contact Numbers

I've seen a few of these lists, but I think mine is the best!! You be the judge! You can access this list ANYTIME by going to www.bankphonenumber.com. Below you will find contact numbers for all major financial institutions around the country

If you find any bank and loss mitigation department phone numbers that are incorrect, or have any that are NOT already on this list that we can add, PLEASE fill out the form at the bottom, or email them to ethanfcre@yahoo.com

This is copyrighted content, please don't steal it!

REMEMBER! Find this list anytime by going to www.BankPhoneNumber.com

KEY: LM = Loss Mitigation, Auth = 3rd party Authorization form

ABM AMRO Mortgage

(800) 783-8900

Accredited Home Lenders

(877) 683-4466

AHMSI - American Home Mortgage Corp.

General Info: 877-304-3100
Fax: 877-452-6490
Fax: 866-452-1837

AMC Mortgage Services

(800) 211-6926
(Also handles loans originated by Ameriquest and Argent)

Ameriquest Mortgage

(Debt collection--see AMC Mortgage Services) (800) 211-6926

AmTrust Bank (aka Ohio Savings Bank)

(888) 696-4444

Aurora Loan Services (Debt Collection) (800) 550-0508

General info: 800-550-0508
Fax: 303-728-7648
Short Sale Fax: 866-581-4503

Avelo Mortgage LLC

Now serviced by Litton Loan Services, Inc
(866) 992-8356*

Bank of America (800) 846-2222

General Info: 800-285-6000
Fax: 716-635-7255
LM Dept: 800-846-2222
Heloc Dept: 800-633-4510
Heloc Fax: 704-208-1350

BB&T Mortgage

(800) 827-3722*

Beneficial

(800) 333-5848

Central Pacific Bank

(800) 342-8422*

Charter One

(800) 234-6002

Chase

(800) 548-7912
Loss Mitigation (877) 838-1882 ext 52195
The Number you will be directed to after you give your loan number: (866) 665-7629

Chase Home Finance

(800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)
General Info: 614-422-0376
General Fax: 614-422-7259
Loss Mitigation Dept: 800-446-8939
Loss Mitigation Fax: 888-874-2664
Collections: 800-848-9380
Regular package fax: 614-422-7259
Authorization Fax: 614-422-7912
Authorization Fax2: 614-422-7575
Authorization fax 3: 866-282-5682
Foreclosure Dept: 800-981-3792
Short Sale Dept: 877-419-6490

Chase Home Finance-New Jersey

(800) 446-8939*

Chase Manhattan Mortgage
(800) 446-8939 (Ohio Servicing Center)
(800) 526-0072 (Florida Servicing Center)
(800) 527-3040 x533 (Florida Servicing Center)

Chevy Chase Bank

(800) 933-9100

Citi Financial Mortgage

(800) 753-3673
General Info: 866-704-8050
Hmoe Equity Dept: 800-685-0935 & 800-283-7918
1st lien Short Sale Dept: 866-713-4785
1st lien fax: 301-696-4473
2nd lien Short Sale Dept: 866-520-5499
Short Sale Dept fax: 866-675-5772
2nd Mortgage Division: 866-520-5499
Collections Dept: 800-788-4517

Citimortgage (800) 283-7918

Countrywide

(800) 262-4218
Loss Mitigation Dept: 866-880-1232
Short Sale Department Fax: 888-491-4947
Authorization Fax: 805-520-5019
Authorization Fax2: 800-658-0395

Community First Credit Union

General info: 800-342-8416
LM Dept: 904-371-7964 x 1
Fax: 904-371-7938

Ditech (GMAC) (800) 852-0656 (800) 449-8582

Downey Financial Corp. (800) 824-6902, ext. 6696

EMC

(800) 723-3004

General Info: 800-723-3004

Fax: 917-849-2677

EverBank (800) 669-7724 ext. 4730

Everhome Mortgage

General info: 800-669-7724

Fax: 904-281-2337

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

First Franklin

Customer Service: 800-346-6437
Loan Services: 800-745-1787
Auth fax: 724-957-9032
LM Fax: 412-499-3400
Payoff Fax: 412-918-7327
Resolution Dept: 800-622-5035

Fifth Third Bank

(800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Florida Telco

Mortgage Dept: 904-720-1759
Mortgage Dept. Fax: 904-722-6658

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage

(800) 850-4622
General info: 866-725-0782
Fax: 866-709-4744
LM Dept: 800-850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 850-4622*

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

General Info: 866-822-1471

Fax: 866-577-1227

Fax Auth: 866-574-0832

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441

General info: 800-338-6441

Fax: 866-657-6621

LM Dept: 888-648-3129

LM Fax: 732-352-7519

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556

General Info: 877-736-5556
Fax: 269-353-2474
Fax auth: 626-535-4084
LM Fax: 626-583-1370

Irwin Mortgage (888) 218-1988

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900

Litton Loan Servicing

(800) 999-8501 or (800) 548-8665
Fax (713) 966-8820
General Info: 800-999-8501
Fax: 972-653-6322
Fax2: 972-653-3333

Midland Mortgage (800) 552-3000 or (800) 654-4566

Mortgage Lenders Network (800) 691-0129

Mortgage Electronic Registration Systems (MERS) (888) 679-6377

National City (800) 367-9305, Ext. 53221 or (800) 523-8654

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

General Info: 888-850-9398 x 3828

Fax: 214-488-1877

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904;

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560

LM Dept: 800-746-2936
LM Dept: 866-355-6034
LM Fax: 407-737-5693

Ocwen Financial Corporation, Phone: 877-226-2936

Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648

PHH Mortgage (Formerly Cendant) (800) 257-0460
(800) 750-2518

Regions Bank

General info: 800-734-4667
Loss Mitigation Dept: 205-560-5421
Loss Mitigation Dept 2: 866-298-1113
Mortgage Dept: 800-986-2462
2nd Mortgage Dept: 800-231-7493
Loss Mitigation Fax: 205-560-5421

ResMae Mortgage Corp. (877) 473-7623, ext. 5944

Saxon

(800) 665-7367
General info: 888-325-3502
Authorization Fax: 817-665-7970
Authorization Fax 2: 817-665-8181
Loss Mitigation Fax: 888-240-1885

Select Portfolio Servicing (888) 818-6032
Fax: (801) 293-3936

SkyBank (800) 290-3359

Sun Trust Mortgage

(800) 634-7928
General info: 800-443-1032
LM Dept: 800-634-7928 option 5 then x 58791
Auth Fax: 804-291-0134
LM Fax: 804-675-7399

Third Federal Savings (888) 844-7333

USAA

LM Dept: 866-899-5308
LM Fax: 866-355-6034
Auth Fax: 866-501-1610

US Bank (800) 365-7900

General Info: 800-240-7890
LM Dept: 800-337-1193
Fax: 216-475-7340

Wachovia

(866) 642-8608
General Info: 866-642-9405
Fax: 866-260-3962
LM Dept: 866-642-8606

Washington Mutual

(866) 926-8937
(888) 453-3102
(800) 478-0036
(800) 254-3677

Waterfirld Mortgage (800) 957-7245
Fax: (260) 459-5390

Wells Fargo

(877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986
General Info: 866-234-8271
Fax: 866-359-1975
LM Dept: 866-903-1053
LM Fax: 866-837-9108
LM Fax: 866-590-8910

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022

General Info: 866-234-8271
Fax: 866-359-1975
Loss Mitigation Dept: 800-850-4622

Wilshire Credit Corporation (888) 502-0100

This list will be updated regularly at www.BankPhoneNumber.com.

Hope you have found our list of Loss Mitigation Department Phone Numbers helpful! Please contact us if you find an errors or have others to add!

Copyright 2009 - First Coast Realty Associates

Please do not copy this content!

Have you found this list helpful???

Jacksonville Florida Short Sales - We are Jacksonville Short Sale Specialist Realtors, we offer free short sale help to home owners in financial hardship free of charge.

Contact Mike Linkenauger at (904)733-4911 if you are in need of Free Jacksonville Short Sale Help

Obama Administration Announces Financial Incentives and Uniform Process for Short Sales. This is excellent news for home owners across the country, and will help many home owners avoid home foreclosure across the country by working a short sale and streamlining the process.

National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics

Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure.

• Borrowers (Homeowners).

Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don't qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

• Incentives.

Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).

• Standardized Documents.

The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

• Property Valuation by Appraisal or BPO.

Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.

• Timeline.

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood, or short sale specialist. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

• Commissions.

The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.

• No Borrower Fees.

Servicers may not charge fees to borrowers/homeowners for participating in the FAP.

• Program Expiration.

The program is in effect through 2012.

DIL Option.

Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

This should help the Jacksonville Florida Short Sale Process. We are Jacksonville Short Sale Expert Realtors, and offer Free Short Sales Help and process guidance for property owners in hardship.

Contact Mike Linkenauger to help get your home

We also have a network of Short Sale Specialists around the country. Our agents can help with Short Sales in West Palm Beach, Maricopa County AZ Short Sales, or anywhere in the US.

Looking for condominiums for sale in Jacksonville Florida? We are the number one source for Jacksonville FL Condos, St. Augustine and Ponte Vedra Florida Condominiums for Sale

Please note that some price ranges listed on THIS page are slightly out of date. Click the links for ALL the new listings updated daily you are interested in!

This is section two of our available communities - See section 1 for more condos, including Baymeadows area, Intracoastal Jacksonville, Jacksonville Beaches and MANY others! Click Here for those areas.

Questions? Contact the Mike Linkenauger Team with First Coast Realty Associates at (904)733-4911, or visit www.JacksonvilleFloridaCondominiums.com, your #1 resource for Condos for Sale in Jacksonville and Northeast Florida! Not working with a Realtor? Representation is FREE for condo buyers in Northeast Florida!

PONTE VEDRA
Condominium Name:	Address:	Price Range:

Beach House Condos

4553 Eden Bay Dr

$204,000 - $642,900

Belleza At Ponte Vedra

705 Boardwalk Dr

$115,000 - $258,000

Bermuda Bay

200Bermuda Bay

$228,900 - $399,000

Deer Run Villas

Deer Run Villas

$395,000 - $445,900

Grand Cay Villas

140 Veracruz Dr

$145,000 - $243,500

Grand Cay Villas

Grand Cy Villas

$145,000 - $243,500

Hallmark

1102 Spinnakers

$230,000 - $1,899,999

Little Bay Harbour

2 Little Bay Harbor

$469,000 - $469,000

Marsh Cove

102 Marsh Cove

$169,900 - $198,000

Mediterra

Mediterra

$769,900 - $789,900

Ocean Grande

310 South Ocean Grande

$395,000 - $3,200,000

Ocean Grove

3 Arbor club Dr

$109,900 - $239,000

Ocean Links

400 Sandiron

$159,900 - $257,000

Old Ponte Vedra

Old Ponte Vedra

$620,000 - $2,500,000

Players Club Villa

4 Players Club Villa

$162,000 - $1,500,000

Portofino

Portofino

$440,000 - $440,000

Sea Hawk

2091 Sandpiper

$144,500 - $210,000

Serenata Beach Club

A1A South Ponte Vedra

$995,000 - $1,795,000

Summerhouse

Summerhouse

$154,900 - $199,000

The Fountains

The Fountains

$189,900 - $237,900

The Palms At Marsh Landing

1701 The Greens Way

$116,900 - $229,900

The Retreat

The Retreat

$789,000 - $789,000

Tidewater At Nocatee

Tidewater At Nocatee

N/A

Vilano Beach

Tidewater

N/A

Villa Del Mar

Villa Del Mar

$169,000 - $234,900

Windermere

Windermere

N/A

SOUTHSIDE
Condominium Name:	Address:	Price Range:

Acquilus Waterfront Harbour

14535 Beach Blvd

$920,184 - $2,477,350

Alexandria

Alexandria

$240,000 - $749,900

Clifton Village

Clifton Village

$190,000 - $190,000

Grand Reserve Condo

13810 Sutton Park Dr N.

$69,900 - $146,500

Hillwood Condos

Branch Wood Ln

$118,500 - $210,000

Lakecrest Condos

Belle Rive Blvd

$114,900 - $214,900

Los Prados

Las palmas Dr

$124,900 - $165,000

Miravista

13846

$89,900 - $1,250,000

Monterey Condos

12171 Beach Blvd

$84,000 - $179,900

Old San Jose

Old San Jose

$491,900 - $729,900

Pottsburg Crossing

6700 Bowden Rd

$159,900 - $179,500

San Jose Harbor

San Jose Harbor

N/A

San Marco Place

1478 Riverplace Blvd

$250,000 - $1,500,000

San Marco Place

San Marco Place

$250,000 - $1,500,000

Southern Grove

8601 Beach Blvd

$113,900 - $172,900

Stonebridge

7990 Baymeadows Rd

$134,000 - $188,000

The Colony at San Jose

The Colony at San Jose

$99,900 - $1,000,000

The Moorings

14750 Beach Blvd

$299,900 - $399,900

The Peninsula

1403 Riverplace Blvd

$359,900 - $1,599,000

The Reserve at Wynnfield Lakes

12316 Hollow Glade Ct

N/A

Vizcaya

Vizcaya

N/A

Windsor Pointe

13715 N Richmond Park Dr

$105,000 - $187,900

ST. AUGUSTINE
Condominium Name:	Address:	Price Range:

Aberdeen

Aberdeen

$119,900 - $297,900

Florida Club

Florida Club

$129,900 - $193,000

Las Palmas

1070 Bella Vista Blvd

$69,900 - $274,900

Laterra

955 Registry Blvd

$159,900 - $524,900

Lofts at Sebastian Cove

None

N/A

Old Town Villages

SR 16

$119,000 - $209,900

Summer House

Summer House

$109,900 - $569,000

The Estuaries

140 Pantano Cay

$419,900 - $699,000

The Legends

The Legends

$750 - $269,900

Villa San Marco

Villa San Marco

N/A

WESTSIDE
Condominium Name:	Address:	Price Range:

1661 Riverside

1661 Riverside

$324,900 - $485,000

Cottages At Argyle

Cottages At Argyle

$142,000 - $169,000

Natures Hideaway

6106 Maggies Circle

$82,800 - $136,500

Ortega Condominiums

Ortega Condominiums

$169,500 - $299,500

The Venetian

5375 Ortega Farms RD

$65,000 - $395,000

Timber Run

5200 Playplen

$80,000 - $129,000

Villariva

Villariva

$915,000 - $2,375,000

Want more information about Jacksonville Florida Condos for Sale? Visit www.JacksonvilleFloridaCondominiums.com, the #1 Resource for Jacksonville FL Condos for Sale!

We also have a network of Short Sale Specialists around the country. Our agents can help with Short Sales in West Palm Beach, Maricopa County AZ Short Sales, or anywhere in the US.