Lakeland Florida Short Sale Specialist
Short Sale is an option to avoid foreclosure
Lakeland Florida real estate may be on the right track, however, the economy is still tough right now. Homeowners are still struggling finding a job or keeping afloat, living from paycheck to paycheck. Things are still difficult in the economy right now.
In Polk County, foreclosure filings were up by 26% in January from the year before, according to RealtyTrac. Local foreclosure filings nearly doubled in 2012 as Polk County ranks 5th in the nation for foreclosure property sales in 2013. One in every 300 Florida homes received a foreclosure filing in January 2013.
How long will Short Sale last?
It is estimated that 2.4 million additional borrowers are 30-60 days late. It The year 2012 an estimated 440,000 homes were short sales, it is also expected that there will be 1,000,000 short sales in 2013, according to Daren Blomquist of RealtyTrac. Certainly if you can relate to this situation, I am here to assist you. As a short sale specialist who is well experienced in getting homeowners out of this situation, I am here to inform you about all of the options at hand for you and offer you assistance at no cost. With my help, you can save your credit, avoid foreclosure and be off to a new start with your family, thereby relieving the stress that comes with such a burden.
What exactly is a “short sale” in Lakeland FL Real Estate?
First of all you the property owner, the most important thing you must know and understand that you the property owner and seller of your home still own your home, you still hold the title to your property, and more importantly you still make the decision of what offers will be accepted or not. Your bank/lender does not own your property.
For example, a short sale occurs when your mortgage balance plus any costs in connection with selling your home exceeds the sales price of the home. The lender(s) would have to approve the short sale thereby release the lien, forgive all or part of the shortfall of deficiency.
Short Sale for 123 Short Sale Drive
Mortgage Balance $150,000
Sales Price $80,000
Closing Costs -$10,000
Net proceeds to lender $70,000
A short sale is a transaction that happens when a lender decides to take a lower pay off amount on a loan than what is owed to the borrowers property. In this process, the borrower will owe more on their loans and liens than what their property is worth. Also, in order for the lender to agree to a short sale, the borrower must provide evidence that they are in some type of hardship situation.
How do I qualify for a short sale in Lakeland?
Generally, there are three things to qualify you for a short sale; No other major assets, the proceeds of the sale of the property are less than the amount you currently owed on the home, and financial hardship.
Examples of hardships are:
- Loss of employment or income,
- Divorce or separation,
- Relocation or job transfer,
- Major sickness and medical expenses,
- Death of a family member,
- Vacant rental properties, etc.
Do I get any money back from a short sale?
HAFA is short for Home Affordable Foreclosure Alternatives Program. This program was created by the Treasury Department in 2009 to streamline short sales by being more efficient and less time consuming. HAFA became effective on April 5, 2010 and it will sunset on December 31, 2013. HAFA is available for mortgages if your lender participates in the Home Affordable Modification Program (HAMP).
The Home Affordable Foreclosure Alternative program offers homeowners $3,000 cash back to help with relocation expenses. This money is additional to any other relocation assistance and incentives specific to your lender.
What happens with the money that is forgiven by my lender?
In most cases, difference on your mortgage will be written off as a loss by your lender. Although the Mortgage Debt Relief Act of 2007 states that you will not be held responsible for paying taxes on the money you owe if you did a short sale on your primary residence before. It is not quite that simple. It is best you consult with appropriate representation in all tax and legal matters.
Who will pay the commission to the Lakeland FL short sale agent?
The lender will personally handle all fees associated with the Lakeland short sale process this also means that your short sale specialist will do so as well.
Can my current short sale Realtor® help me?
Short Sale Specialists in Lakeland Florida examine a question like this carefully. Short sales are specifically designed to be handled by experienced Lakeland short sale Realtor® who have many short sales completed under their belt and the evidence to show it. As you are seeking for a short sale specialist, make sure you have a list of questions you would like them to answer and have them address any of your concerns, also be sure you can feel completely comfortable with them. I am a short sale specialist, handling short sales in Lakeland Florida and the surrounding cities, such as Bartow, Mulberry, Winter Haven, Plant City, Davenport, Auburndale and can offer you no cost assistance to guide you with the short sale process of your home.
Contact us today for more information about the Lakeland Florida short sale process.