February, 2011

Realty — No Comments
3
Feb 11

Florida Short Sale Secrets

Retired Real Estate Investor/Broker/ Short Sale Expert …
Exposes Underground Trade-Industry Secrets –
One Simple Answer To A Complex Banking Problem
& How To Capitalize On The Crisis & Come Out A Winner!

…. Even In This Market!

A very Simple Answer to a Complex Banking Problem.

The Banks are facing a cataclysmic crisis situation and the government just made it even worse.

You’ve seen the headlines. FORECLOSURE-GATE

The foreclosure business is imploding from the “Foreclosure” signing scandal.

The biggest banks in the country have been forced to stop foreclosures and thereby creating a bottleneck like nothing America has ever seen.

From Insult to Injury …
First Toxic Loans – Now Toxic Foreclosures!

Give a whole new meaning to garbage in, garbage out doesn’t it?

Remember Rom Emanuel said “never let a good crisis go to waste.”
Well dear reader, he said it, and this is a lot worse than a crisis – this has all the fixins’ to become a catastrophe!

* Congress is holding investigative hearings
* Attorney Generals in every state are investigating illegal servicing and foreclosure practices.
* What a mess
* This has all the fixins’ of a real catastrophe.

This stunning debacle has spread throughout the country faster than a bat outa hell!

This mess is not just going to affect foreclosures, but all kind of defaults, especially short sales and REO’s (Real Estate Owned by banks).

REO’s – forget it. They will most likely be tied up for months if not years in the process of getting clear and marketable titles.

It’s hard to say exactly what will happen, but I know more than a few REO experts and they all believe the banks may be in for a blood bath like nothing we have ever seen.

They will need to sell the properties, but without clear title they will be stuck except for those people who have cash, can purchase the property and go through the tedious process of getting clear title. The time it takes to get clear title in Florida is 3 years.

Can you say “the gates are down,
the lights are on, but the trains not coming?”

What will happen to short sales?

…Glad you asked … Let’s take a look at the situation.

If the banks are going to get stuck with the property of years, short sales will most likely be their only option.

The banks need to get the loans off their books, the title to the property has to be clean, and the only way both can now happen is if the seller agrees to sell, and signs the deed of conveyance.

This puts the seller in a pretty unique position because now the banks have a real motivation to work with the seller. Otherwise, they will get stuck with a property in which they can’t sell for a long, long time.
The short sale market should experience a huge boom as lenders and realtors combine efforts to get homes off the books!

Having an Education In Short Sales Is No Longer an Option –
It Has Just Become a Necessity

YOU NEED to be educated in Short Sales if you plan on succeeding in the Real Estate Business over the next few years.

There has never been a better time to capitalize on Short Sales.
Now you will really be doing your part and helping not only the homeowner but the bank as well.

Not for nothing, but the more short sales you can do, the better off the entire country will be! The more Foreclosures you can stop, the more people you could help and the more real estate properties you can buy or sell.

Realty — No Comments
1
Feb 11

Psychology of Foreclosure

Foreclosure; that’s right I said it. A lot of people treat it like a dirty little word they whisper behind their hand. With the economy tanking and job losses, foreclosure has become a reality for a lot of Americans. Some are people who bought too much house. Others decided to get an interest only mortgage or an adjustable rate mortgage and can no longer afford the payment. For some, medical bills and other emergencies have drained all their resources.

What is foreclosure? Foreclosure is when you are no longer able to make your mortgage payments. The bank will begin proceedings to take the house in lieu of payment. It will mar your credit score for years to come. You could be slapped with a deficiency judgment. This is the difference between what you owe and what the bank is able to sell the property for.

Now there are a lot of people out there who like foreclosure. It provides cheap homes that they can potentially flip. For most though, foreclosure can be a devastating loss. People will hang on to their homes long after they realize it just isn’t a feasible option anymore. Why do people do this?

The people who have the easiest time with foreclosure are those who look at it as an investment choice. For some reason, their investment in the building is no longer working out so they cut their losses and move on. For others though, the house is a part of their family. It has tick marks and growth charts on the wall. It has memories.

Before you go through the process of foreclosure, educate yourself. There are a lot of aspects you will need to be familiar with.

Find out how it will impact your credit. Foreclosure will drastically reduce your credit score. That being said, if you are behind on payments for your mortgage or other bills, have collection agencies calling and cars repossessed, your credit is already going to be trashed. You can live without credit.

Find out the tax implications. They sell the house for less than what its worth, then the government could consider this income. Find out what you will need to report on your tax return.

Research what it will mean for any future home ownership. There have been new regulations regarding this topic. It can be several years before you legally could qualify for another mortgage.

Lastly, try every option you have before going through it. Some banks will work with you with loan modification and payment deferment. It’s important to communicate with your mortgage holder.

Society has put a stigma on foreclosure. If you foreclose on your house, that means you are a deadbeat loser who won’t pay their bills. Society has turned what is in essence a business and financial decision into a black mark against the character of the person themselves. It is important to understand that having a foreclosure is not an indication of your character as a person. Life can happen. Medical bills and emergencies arise. Step back from the emotional aspect and look at the situation from a business perspective. No one wants to foreclose on their house. Sometimes, it is unavoidable.

Credit can be rebuilt. Another home can be bought in the future. There is life after foreclosure.