The Federal Housing Administration (FHA) is giving struggling borrowers an opportunity to deed their property over to the lender in exchange for up to $2,000.
Under the Cash for Keys program, borrowers with FHA-backed loans who agree to a deed-in-lieu-of-foreclosure do not have to repay the mortgage.
To qualify, owners must face long-term financial hardship, put the house on the market at a fair price for at least 90 days, face no additional claims or liens other than the first mortgage on the house, and leave the property clean and in good condition. This is one possibility for homeowners behind in payments.
I really believe it is really hard for homeowners to make this decision. If a homeowner can ride out and keep making payments on their home and not fall behind in payments, many would say that would be the moral and right thing to do. Please don't just stop making payments because you feel like you have a bad mortgage product or are frustrated about falling housing values. It is a frustrating feeling, to be sure. A home buyer who is falling behind in payments and considering selling their home by shortsale, please pray through your decision, and do what you think is right. You may want to consider consulting with an attorney or accountant.
Please let me know if there is anything I can do for you if you are looking to sell your home. Be sure, I will treat you with respect and dignity. I will work hard to negotiate your shortsale. My commission is paid by your bank is a part of the negotiation process.
Warmly,
Stephanie LeFew
Tampa Home Buy Realty
Pre-Foreclosure experience since 2001
Tampa Bay Florida Realtor specializing in Shortsale Listings and Sales
813-624-3332 cell
Tax break
A 2007 law exempts from tax up to $2 million of debt forgiven in a foreclosure or similar proceeding for a primary residence, according to the Internal Revenue Service. The tax break extends to 2012.
The lender's willingness to negotiate varies and depends on the loan balance, condition of the property, location and resale opportunities.
Short sales or deeds-in-lieu of foreclosures are apparently considered the same as a foreclosure on your credit score.
A foreclosure remains on a credit report for seven years. Credit scores can begin to rebound in as little as 2 years if bills are paid on time, according to FICO.
Please let me know if there is anything that I can answer for you in regards to shortsales that you may need to sell, or would like to buy.
Experience in shortsales since 2001.
Warmly,
Stephanie LeFew
Tampa Realtor
Tampa Home Buy Realty
813-624-3332 cell
I just started my new company, Tampa Home Buy Realty, LLC
I am very excited!! Selling homes since 2002, I felt a strong desire to start up my new company and continue assisting New Home Buyers, Veterans, people relocating to Tampa Bay Florida and investors in purchasing homes at terrific prices. Bank owned homes, shortsales, Builder Inventory are all terrific ways to get a home at a wonderful price.
It's a terrific time to be a buyer!! The Congress and The Senate approved an extension of the up to $8,000 tax credit for new home buyers. Just this morning President Obama signed H.R. 3548, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home's cost to $800,000. A purchase must be under contract by April 30, 2010. A purchase must be under contract by April 30 must close no later than June 30, 2010.
I also offer Buyer Incentives to all of my Exclusive Buyers!!
When I list and sell a home that is in a Preforeclosure status and a Shortsale occurs, the seller does not pay my commission directly. My commission is actually paid out of the negotiations with the Bank.
Please let me know if there is any way that I can assist you in either a home purchase or the sale of your real estate.
Looking forward to hearing from you.
Warmly,
Stephanie LeFew
Broker, Tampa Home Buy Realty
813-624-3332 cellular
I have been experiencing the Banks getting somewhat tougher to deal with in regards to negotiating shortsales, especially Bank of America. In order to get things done, I have had the negotiator insist on reducing commission to 4% as well as having the seller come to the table with $5000 dollars, pushing for $10,000, but accepting $5,000. Also time on the file to be even looked at is extremely long. Every time I called the seller, she was so irate about Bank of America, often driven to tears. She felt disrespected by Bank of America and of had quite a few descriptive words to say about them. The sale however was completed, and everyone breathed a real sigh of relief.
GTE has been easier to deal with however. One of my sellers told me from the beginning that the bank could forget about completing the shortsale if they insisted on a deficiency judgment. The home was their primary residence. I went forward with the shortsale negotiations believing for the best. The shortsale was negotiated, however the shortsale approval letter stated that the seller understood that the bank may consider a deficiency judgement. The seller by that time was just about over it. I called the bank once I received the expected approval letter and let them know that the seller said they could not agree to that. I was told that was standard and it would have to remain. I asked her what would have to happen in order to get that removed. I was told that the mortgage insurance company would have to sign off on the request to remove the verbiage and also a manager at GTE would have to sign the letter once she received it. I said, "Well could you try to get that done so we can get the deal done?" -- the mitigator said "sure". After about 5 days, I received the letter with that contingency removed. My seller was soooo excited and relieved. The sale went thru with buyer, seller, and realtors very happy. The buyers were expecting their first child. The Sellers could move into a home in the same area and were very excited to put everything behind them. God was with us.
Please let me know if you have any questions about selling a house behind in payments in Tampa Bay, selling homes in 4 counties - Hillsborough, Pasco, Pinellas & Hernando Counties.
Warmly,
Stephanie LeFew
Broker, Tampa Home Buy Realty
Tampa Real Estate for Sale at Incredible Reduced Prices
813-624-3332 cell
stephanie@tampahomebuy.com / www.TampaHomeBuy.com
When a buyer considers buying a home where there is a person selling their home to the new buyer, the seller is required to fill out a Seller's Disclosure noting all that they know about the home. There is disclosure.
When a buyer is considering a Bank Owned Home or REO, there is no seller disclosure. The Bank says I don't know; I never lived there. I don't know.
The person that lost the home to the bank in a foreclosure may have been really mad and could have done something to the home that is not easily observable - flush cement down the pluming, flood the house and turn the heat up as high as they can and laugh about the moisture issues the bank will now have to deal with. It is really criminal what some disgruntled home owners have done.
So...as the new potential home buyer, it is ALWAYS a good idea to get a thorough home inspection with a reputable home inspection company with the water and electricity turned on. The Bank should turn the utilities on for the home inspection, however occassionally the buyer will have to fit this bill.
You have to exhibit a lot of wisdom in buying a home.
Sometimes a great deal is not such a great deal for the new buyer, but a great deal for the seller. Protect yourself, please, by paying for a home inspection. This is a buyer's expense. With a termite inspection the cost of a home inspection should be $425 approximately, depending on the square footage of the house.
Please let me know if there are any questions I can answer for you.
Looking forward to hearing from you.
Warmly,
Stephanie LeFew
Tampa Real Estate done Right
www.TampaHomeBuy.com
Tampa Home Buy Realty
813-991-1355 office
813-624-3332 cellular
stephanie@tampahomebuy.com
Stephanie LeFew & TampaHomeBuy.com here to serve 1st time home buyers,home buyers,investors,sellers,& sellers who need to sell quickly. I am here to offer my knowledge to you in this changing market.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
