Archive for the 'Foreclosures' Category
Understanding Deficiency Judgements-What Happens When You Let Your Home go to Foreclosure?
July 22nd, 2011 categories: Foreclosures, General RE Info, Tips for Sellers, Worth Sharing
Make an Informed Decision…
When we are approached by a Homeowner who is is considering stop or already stopped paying his mortgage we recommend them to talk to a foreclosure defense attorneys to get a good understanding of what they are getting into (Actually it would be better to meet 2 or 3 to get different points of view). A few years ago most attorneys offered a free first consultation but lately we have heard that most of them charge a basic fee for that first consultation; and I find it’s just fair! Even if you have to pay, it’s important to understand the possible consequences of a short sale, a foreclosure or any other option you may be considering. It is your opportunity to ask all the questions you may have.
In our Rotary Club Meeting this morning we had Roy Oppenheim as a guest speaker and he mentioned his Law Blog. We found in his site this great video that can’t explain better what a Deficiency Judgement is and how it can affect YOU.
If you are considering walking away from your home please call us at (954) 588-7260 or contact us and we can provide you with a few names of attorneys you may contact to set up that important meeting and to help you know how much your home is worth in Today’s market.
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The Ridges in Weston, Fl. Closed Sales 2010
January 30th, 2011 categories: Foreclosures, General RE Info, Market Update, The Ridges
This is a Comprehensive list of all the Homes Sold in The Ridges @ Weston, Fl during 2010.
For more information on any of the properties in this list or what’s available in The Ridges please call me at (954) 588-7260 or contact me.
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Are We Close to an End of the Mortgage Nightmare?
January 22nd, 2011 categories: Foreclosures, General RE Info, Market Update, Mortgage, Short Sales
By the First Quarter of 2012 the Large Wave of Mortgage Resets will be Over
In November of 2008 I posted a very simple article that contained the following graph and asked for the opinion of the financial experts. It is noticeable that on 2011 we will have the largest number of Option Adjustable Rate Mortgages that will reset. This means that many borrowers were qualified to pay the minimum payment based on the starting rate and once they reset the monthly payment may be 4 or 5 times what they were qualified for. When it was done everyone expected the prices would go up forever and that time they could sell the property and make money, needless to say things didn’t go according to plans.
Please do not forget this takes the data for all USA and every market has responds differently.
If you see in my Monthly Weston Market Updates*, even though based on this graph 2010 should have been a year with a large number of distressed properties (short sales and foreclosures) hitting the market, during 2009 and 2010 there was not a significant difference.We expect 2011 to keep the same trend…
*To find the Articles with Market Update Information: go to the bottom right of the page and search for the Category: Market Update.
To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in-box subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Fannie Mae Launches www.KnowYourOptions.com
January 18th, 2011 categories: Foreclosures, General RE Info, Short Sales, Tips for Sellers
A Comprehensive Site…with an explanation of every possible option to guide you through tough times; even a link to free housing councelors.
We all have heard of the many, but some times hard to get options, to stay in the home. With detailed explanations of the benefits, how does each option works, how to start the process and even videos of people facing similar situations.
Options to Stay in Your Home:
Refinance
Repayment Plan
Forbearance
Modification
Deed-for Lease
Options to Leave Your Home:
Short Sale
Deed-in-Lieu
It is very important to study your options before making a decision like letting go your home to foreclosure. As time goes by Short Sales with some banks are moving faster than in the past I also know a lot of people who have been able to refinance there home. The clue for any of the options is patience and preparation. Provide all the requested information and chances are you will find your best alternative. I have noticed that homeowners get easily discourage if they try to contact their bank and don’t get any feedback…you have to get educated and KEEP TRYING.
Good Luck!!!
If you want to know how much your home is worth and what you can expect if you decide to do a short sale contact me at 954-588-7260.
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What’s Going on With the Halt on Foreclosures?
October 12th, 2010 categories: Foreclosures, General RE Info, Market Update, Mortgage
An interesting article was posted today about what the foreclosure mess means to you. I think it says it all… depending on your particular situation it may benefit or harm you…but for the recovery of the housing market the only thing that’s certain is that it will create more uncertainty!
To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your inbox subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Weston Single Family Homes Sold: June 2010
July 21st, 2010 categories: Bonaventure, Country Isles, Emerald Estates, Foreclosures, Isles at Weston, Market Update, North Lakes, San Remo, San Sebastian, Savanna, Short Sales, The Falls, The Islands, The Lakes, The Landings, The Meadows, The Ridges, The Springs, Weston Hills Country Club, Windmill Ranch Estates, Windmill Reserve
99 Single Family Homes Closed on June 2010 in Weston
June has always been a very active month in Weston… It’s interesting to note the decrease in Cash Transactions compared with previous months. In February they represented over 40% of the closed sales.
Sales by Community:
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Short Sales vs. Strategic Defaults
July 11th, 2010 categories: Foreclosures, General RE Info, Short Sales, Tips for Sellers
The Financial Conundrum
I have been very concerned for the last couple of years with the long term effect of Short Sales and Strategic Defaults. Sometimes selling a property as a short sale is the only option but what about strategic defaults?
Each person’s circumstances are different and you should do what makes you feel more comfortable. I am an advocate to try a loan modification first even though in many cases they are just a way to push forward a financial problem. It may not be the wisest “financial decision” but I think it buys time to work out the problem when the waters have calmed down. Unless there is a reduction of principal the only way to work out the loans is to create a balloon payment; which means at the end of the loan period or upon selling the property a lump sum has to be paid. If someone stays in the property long enough there should be enough equity to pay for it. If it has to be sold anytime in the first years of the loan most likely it will become a short sale but the borrower’s financial situation and the lenders circumstances will be different and you can deal with it then. I am not a financial advisor and I don’t pretend to be one…I know it is a controversial opinion but I think in the long run it will benefit everyone.
I understand trends are important and many people feel that if everyone is doing it, it may be right. I wish I had a crystal ball and be able to see the future as of what will happen in 5-10 years to all the short sales and foreclosures deficiency judgments. For now just make sure you research and understand what you are getting into. Do your homework, talk to at least 3 attorneys and hear different points of view.
I am sharing an article from Current Matters that refers to this topic…
I recently had an email conversation with a well respected real estate professional about the difference between strategic defaults and short sales. We both agreed that we needed to share our conversation with the readers of this blog. Original Question: I have
via A Conversation on Short Sales vs. Strategic Defaults.
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Monkey See, Monkey Do? Strategic Mortgage Defaults…
March 31st, 2010 categories: Foreclosures, Short Sales, Tips for Sellers, Worth Sharing
There is a World of Difference Between a Real Distress Situation and a Strategic Default.
I don’t mean to be disrespectful but I am always scared of “Trends” when they involve financial decisions. Strategic Mortgage Defaults reminds me too much the times when everyone was an investor expecting to flip a property for a huge profit.
How many people did their due diligence?
How many people could afford the worst case scenario?
How many people did it because “everyone is doing it”?
I understand that a Strategic Default can be a preventive measure expecting to protect other assets a homeowner may have. Let’s say the Mortgage, Taxes and Insurance on a Property add up to $ 2,500.00 a month and the same property can be rented for $ 1,600.00 this means reducing annual expenses by $ 10,800 a year that are probably being taken out from the homeowners savings account. The worst is the uncertainty of when the property will recoup the lost value.
My main concern is the downward spiral it creates. As more properties hit the Market as Short Sales or Foreclosures prices may tend to decrease.
In reality this is one of those situations that are a catch 22…there is no wrong or right answer. The most important thing is to make an informed decision understanding the many consequences it may bring and that probably the unpaid balance will not disappear and the credit score will end taking a hit.
Some related articles:
Fed-Up Homeowners who can pay their mortgage, Don’t - RISMEDIA
Strategic Defaults lessons fromthe great depression – THE NEW YORK TIMES
Walking away from your mortgage has consequences – USA TODAY
What might happen if you walk away from your mortgage – MONEY
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