Wednesday, October 31, 2012

Should I Stop Paying My Destin FL Mortgage to do a Short Sale?


I just hung up the phone with an upcoming Destin Florida short sale seller. She told me she had a Bank of America mortgage. Her husband had lost his job, and that was making it difficult for them to keep up with their payments. She said they only had a few hundred dollars, and they were starting to incur credit card debt of several thousands of dollars to keep paying the mortgage. Since they could not refinance, they wanted to short sale.
At one point in the conversation, this Destin seller said she read she should stop making her mortgage payments to do a short sale. I acknowledged it must be hard for them to pay basic expenses without incurring more credit card debt. She immediately said “OK, that’s what I thought – I’ll stop making mortgage payments to Bank of America.” I corrected her – I did not tell her to stop making her payments. That is the seller's personal decision. Most, but not all, investors on a mortgage (Bank of America is likely just the servicer of the mortgage, not the investor) will allow a short sale if the seller is still current.  FHA HUD short sale guidelines state a homeowner must be behind. Fannie Mae and Freddie Mac short sale guidelines just changed so that a “current” borrower can do a short sale. There are other examples, but there are always exceptions and program changes.
The bottom line is the short sale seller must make the decision to make his mortgage payment or not. If your lender tells you to stop paying, or your attorney recommends it, then do so. But remember, every month that goes by with a late or missed mortgage payment may be derogatory to your credit score. The short sale itself can lower a credit score by 50-200 points. The important question is - can you provide food and shelter to your family and have funds for emergencies? Is paying your mortgage jeopardizing your family’s welfare? I ask my potential short sale sellers these questions. They make the final decision.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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Monday, October 29, 2012

Selling Short Sales in Destin Florida - Really Crazy or Really Good?


Destin short sale agent

Why do I do love helping Destin Florida short sale sellers? The letter I just received after a successful Miramar Beach short sale closing with two mortgages explains it all....
 
"Wendy,
 
Tim and I would like to express our sincerest gratitude in making a difficult situation of having to short sell our house as painless as it was.  You were so responsive, answering my questions almost immediately, holding my hand through panicky moments, and expecting the best of people like when you told me you chose to take people at their word when my lender (Green Tree) appeared to me to be dragging their feet.  We carry some guilt about doing a short sale, but it really was the only option, and you made the process easy.  When you listed the house, a Realtor in my office who had some very negative experiences with short sales said your Realtor is either crazy or really good.  You got her really good vote!  You made this process easy, actually up until now it was the easiest real estate closing we have had. 
 
I really just want to thank you again, you were such a great help.  Feel free to use us as a reference.  There is one issue I take exception to, I wanted a picture of It's Wendy, It's Sold on our sign at the house!  
 
Thank you!  
Bonnie Coakley"

My Miramar Beach, Florida, seller received waivers of deficiency from both Citi Mortgage and Green Tree. In addition, we convinced Citi to accept a price $25,000 lower than originally approved due to some inspection issues.

Do you have to be crazy to be "good" in short sales? No, but you have to love them! 

If you are thinking of short sale, be sure to explore all options with your lender, and contact an experienced Destin Florida short sale agent.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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Thursday, October 25, 2012

Le Soleil Short Sale Building Lot, Miramar Beach FL - Mediterranea


Le Soleil
Lovely short sale building lot in Le Soleil, Miramar Beach Florida. Lot 5 Surf Song is behind Mediterranea condos which are across from public Gulf of Mexico Beach.  The lot is located at end of brick-pavered cul-de-sac street. Extra parking at end of the street by this parcel will be very convenient. Walk only a few minutes to Scenic 98 to the beautiful Emerald Coast Beach, pavilion, and Pompano Joe's restaurant! Minimum home square footage 1800. We can help you with a Destin Florida builder.
Lot 5 Surf Song, Le Soleil, Miramar Beach Florida short sale - offered in mid 70's.
Le SoleilLe SoleilLe SoleilPompano Joe's RestaurantLe SoleilLe Soleil

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It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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Tuesday, October 16, 2012

Fannie Mae Short Sales Easier for Current Mortgages, Military PCS


I get many calls from sellers who need or want to short sale, but they are not behind on their mortgage payments. There are various reasons for this – they don’t want to affect their credit, their personal sense of responsibility, or sometimes they can still afford the payments although they are very "upside down". For those who are current on their payments, but cannot afford them, I’ve seen some sellers max out their credit cards,  wipe out their 401K and retirement savings, work three jobs, or put their entire financial future in jeopardy. But whatever the situation, many will now be helped by new short sale guidelines announced  by The Federal Housing Finance Agency (FHFA) that take affect November 1, 2012. The FHFA is setting new short sale standards for Fannie Mae and Freddie Mac that will not only help "current" borrowers facing short sale, but speed up the process in general and give special U.S. military member consideration.
Here are the situations where a borrower does not have to be behind in their mortgage payments for Freddie Mac or Fannie Mae loans to be approvable for short sale:
1.       Divorce
2.       Death or borrower, co-borrower or household contributor
3.       Disability
4.       Job loss
5.       Increased household expenses (like gas, taxes, homeowners insurance, new baby)
6.       Business failure
7.       Natural or man-made disaster (think B.P. oil spill)
8.       Relocation for new work or job transfer of more than 50 miles, including military PCS
One fabulous change is that U.S. military , such as Eglin Air Force Base or Hurlburt Field airmen, who must change bases, (called PCS or Permanent Change of Station), will not be required to contribute to the deficiency balance after a short sale, which is the difference between the sales proceeds and remainder on the note, if the property was purchased before June 30,2012. (Military homeowners often use VA home loans, so this may not apply to many of them. In those cases, see my VA Compromise Sale articles.) Others, however, may be required to make a cash contribution if they are current on their mortgage and show the ability to do so, in order to get a waiver of deficiency.
To expedite short sale approvals, here are a few more guideline changes that should save time:
1.       Fannie Mae and Freddie Mac will offer junior liens $6000 to allow the short sale, instead of looking at individual cases.
2.       Borrowers who are behind on their mortgage payments, have poor credit scores and a hardship will not be required to provide as much financial documentation as a regular short sale.
3.       Response time from the lender initially must be within 30 days, with weekly reports thereafter.
These Fannie Mae and Freddie Mac short sale changes go into effect on November 1. If you need to short sale, take action now. Need help? See the resources below:
Military PCS: call 1-877-MIL-4566 or 1-800- FREDDIE.
Freddie Mac and Fannie Mae loan look up:
http://www.FannieMae.com/loanlookup or call 1-800-7Fannie
Wendy Rulnick, Broker, itswendy@rulnickrealty.com Call or email me if you need to short sale in Florida in Destin, Sandestin, Crestview, Fort Walton Beach, Navarre, Miramar Beach, Niceville, Rosemary Beach, Santa Rosa Beach, Freeport and Vicinity.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

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Monday, October 15, 2012

4858 Hinote Rd., 13 Acres, Mossy Head FL - Short Sale Handyman Special


Mossy Head Acreage
Roll up your sleeves and bring your tool box and creativity to this Mossy Head, near Crestview, Florida pre-foreclosure short sale at 4858 Hinote Rd. The lot is fabulous, over 13 acres, but the house is not - yet. In fact, you'll need lots of paint and the ability to install a central air conditioning unit as well as flooring in some rooms! There are some interesting features ready for you to highlight - like wood ceilings and some wood floors. The lot, though, is a paradise with huge trees and grassy areas. See the photos? This Mossy Head location is easily accessible by Eglin Air Force Base, and a short commute to Niceville and Destin beaches.
4858 Hinote Rd., Mossy Head Florida - short sale offered for $75,000
Mossy Head AcreageMossy Head AcreageMossy Head AcreageMossy Head AcreageMossy Head AcreageMossy Head Acreage

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ex
t 204
Email Wendy: itswendy@rulnickrealty.com

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Friday, October 12, 2012

Cardinal Estates, Navarre FL - PHH Short Sale Approved


 Cardinal Estates, Navarre Short Sale
This investment property at 2137 Estates Ci., Cardinal Estates, Navarre Florida, was just approved by PHH for short sale closing.  Here are the details:
Mortgage: PHH Mortgage (handles mortgages for companies like Coldwell Banker, Century 21, E*Trade, First Trade Union Bank, Carver Federal Savings Bank, Suburban Bank & Trust , First Tennessee Bank, Bank of the Sierra, Comerica Bank, Citizens Republic Bancorp, UBS, Provident Bank, UMB, Bank Atlantic, Banco Popular, etc.
Balance: $168,000 appr
Current Market Value: $85,000 appr
Notes: This Cardinal Estates, Navarre Florida home was purchased as an investment property in 2006. It had one lien, PHH. Cartus Corporation handled the short sale process for PHH.  There was no request for seller contribution. The approval letter was issued with this terminology: 
This is to confirm that the mortgage loan investor has agreed to accept a short payoff on the above referenced loan. PHH Mortgage Services will execute a Satisfaction and Release of Mortgage upon receipt of funds as provided above and, if applicable, foreclosure activity will cease.
If you need to sell your Navarre Florida home as a short sale or VA Compromise Sale, contact an experienced Navarre Florida short sale specialist
Read more Navarre Florida short sale stories
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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Tuesday, October 9, 2012

inShare. Mary Esther FL - Chase, Compass, Eglin Federal Short Sale Approved


Mary Esther short sales
Do you have a  Mary Esther Florida home with multiple mortgages and liens that you need to short sale?  This synopsis of a recent short sale will give you an idea about possible outcomes.  An older home in Miramar Estates, Mary Esther, Florida was just approved for short sale, and had four liens.  It was a very difficult process,  but in the end - success!  Here are the details:
Senior Lien: Chase
Balance: $140,000 appr
Junior Lien: BBVA Compass
Balance:  $35,000 appr
Junior Lien: Eglin Federal Credit Union - two separate judgments
Balance: $40,000 for both liens
Current Market Value: $85,000 appr
Notes: When you list a short sale in Florida, one of the most important things you need to do is get a title search at the beginning of the listing.  That will reveal any outside liens or judgments the seller may not be aware of. In this case, there were two outstanding judgments for car loans and other credit from a local lender, Eglin Federal Credit Union. In Florida, these types of judgments or liens normally have to be released or settled in order to sell a property and transfer a clear title. They don't have to be related to the property itself, they automatically attach to any property sold in the State of Florida. There are some exceptions to paying judgments on Florida homestead properties with a short sale. This was not one of those cases. The seller was not aware of the judgments.  That is not uncommon. Many people think a creditor has dropped its case because they haven't been contacted in a while.  It can happen with credit cards, car loans, personal loans and  even utility bills.
Eglin Federal Credit Union was the most difficult part of this transaction. The senior lien, Chase, acted in their standard manner. The junior lien, BBVA Compass, did as well. But Eglin Federal would not budge on demanding almost 25% of its balance to settle its liens in full. They would not agree to simply "release" them for a smaller dollar amount to allow the closing.  Since the seller did not have the funds to pay them, the property had to be marketed with the stipulation that the buyer pay the settlement demand at closing.  We found a buyer who was willing to do this.  Chase agreed to pay BBVA Compass ten percent of its balance to release its lien.  The seller was satisfied with the results.  Many agents would have given up on this challenge.  It was not easy. but it was successful.
If you have multiple mortgages or other liens, and need to sell your Mary Esther Florida home as a short sale, contact an experienced Mary Esther Florida short sale specialist

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

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Monday, October 8, 2012

Kenwood, Fort Walton Beach FL - Bank of America Short Sale Approved


Kenwood Fort Walton Beach short sale
This home at 119 Mooney Rd., in the Kenwood area of Fort Walton Beach, Florida, was just approved for short sale.  Here are the details:
Senior Lien: Bank of America
Balance: $400,000 appr
Junior Lien: Coastal Bank and Trust (formerly Vanguard Bank)
Balance: Cross Collateral loan
Current Market Value: $283,000 appr
Cash Required from Seller: -0-
Short Sale Deficiency: none
This Kenwood area Bank of America short sale was approved in about two and a half months.  The investor on the loan was Fannie Mae. Bank of America agreed to pay the junior lien, Coastal Bank and Trust (formerly Vanguard Bank) $3000 to release its lien. The property was a primary residence. The seller was not asked to contribute to the loss by either a cash contribution or promissory note. The rights to a deficiency judgment for the senior lien were waived.
If you need to sell your Kenwood home to avoid foreclosure, consult an attorney and an experienced Fort Walton Beach short sale agent.
Read more Fort Walton Beach short sale success stories
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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Friday, October 5, 2012

755 Barrow St., Crestview FL - VA Compromise Sale


Crestview VA Compromise Sales
Northeast Crestview Florida VA Compromise short sale home at 755 Barrow St.,  sits on large fenced lot on cul-de-sac street. The home needs some work, but shows great promise. Just think what you could do with some new carpet, cosmetic fix-up and new decor! Tile in kitchen and bath. Wood laminate floor in living room. Big lot, about one-third acre, for fun with pets, children or gardening. Shed for tools or hobbies. This Crestview Florida VA Compromise Sale home is convenient for commuting to Eglin Air Force Base or Duke Field. 
755 Barrow St., Town of Crestview, Florida offered for $59,900
For Help with Crestview Florida VA Compromise Sale
Should You Do a VA Compromise Sale
VA Compromise Sale Q&A
Crestview VA Compromise SalesCrestview VA Compromise SalesCrestview VA Compromise SalesCrestview VA Compromise SalesCrestview VA Compromise SalesCrestview VA Compromise Sales
It's Wendy!
Wendy Rulnick, Broker,Rulnick Realty, Inc.Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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Wednesday, October 3, 2012

1083 Tallokas Rd., Kennedy Estates, Crestview FL - Home on 3 Acres


Crestview Horse property
Lake front home in Crestview's Florida's Kennedy Estates - on 3 acres! This home at 1083 Tallokas Rd. has a gorgeous setting on Indian Lake, with a gently sloping lot and magnificent trees. Inside, start with the beautiful kitchen with granite counters, brick accents, hearth and stainless steel appliances. The living room is sunken and open to the dining room. Master bedroom has walk-in closets. Master bathroom has stand-up shower and gorgeous heart- shaped jetted tub with a beautiful ligted stained glassed window. Additional bedrooms share a connected bathroom. There is a large tiled family room (once a garage). Large walk-in pantry/laudry room off kitchen. Covered back porch with view of lake. Current owner has horses, (check with county to see if you may, too). Two outbuildings, 139 SF and 100 SF sheds.  This Kennedy Estates, Crestview Florida home on three acres would be great for Eglin Air Force Base commuters.  With the new connector, it will only be a short drive to the beach, too.
1083 Tallokas Rd., Crestview Florida - offered for $219,900
Crestview Horse propertyCrestview Horse propertyCrestview Horse propertyCrestview Horse propertyCrestview Horse propertyCrestview Horse propertyCrestview Horse propertyCrestview Horse propertyCrestview Horse property

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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