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Did you know that Personal Judgments can affect your Short Sale? June 7, 2013

Posted by orlandoshortsalefl in Bank of America short sale, FHA short sale, Florida Foreclosure, Foreclosure in Orlando, judgments and short sales, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, orlando realtor, Orlando Short Sale, Orlando short sale Realtor, short sale, Wells Fargo short sale.
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My husband Scott who is also a Realtor works very hard and very smart. Our specialty….Short Sales of course. 

Recently Scott has been working diligently on a Short Sale due to the Pending Foreclosure Sale date. As you know when that date is set, the clock it is a ticking. By the way Scott works diligently for all of his sellers. Well the title work came back and there are personal judgments against the seller. Can these personal Judgments prevent this Short Sale from closing? The answer is:  Yes they can.

Let me explain. A personal Judgment goes against the Seller and although it’s not attached to the Home it’s attached to the person trying to sell their home which can prevent the sale unless satisfied. So let’s talk about what types of personal judgments there are.  You can have a small claims case in which it didn’t go in your favor. You may have a criminal traffic ticket that hasn’t been paid or you were sent to collections court in the Clerk of court for that ticket. You may even have a credit card you stopped paying on years ago and just never did anything about it. These are just a few examples.

Now here is what you need to know. These types of challenges can ultimately hurt your chances of selling a home, but like any challenge there is always a solution. Here are a few steps you can take to correcting a situation like this. First off, when your listing your home in a Short Sale be up front with your Realtor/Broker, tell them about these outstanding items. Remember we are trained to handle these types of challenges. You can also pay them to get them recorded and satisfied. And if this is your personal residence you can file what’s called a “Notice of Homestead”, which then has to be sent to all creditors and there’s a 45 day response period before they are no longer active.

If we know about these Judgments upfront, we can give you the information you need to make this a Successful Short Sale.  

One more thing…. We understand it may be difficult to tell us this personal information that you may feel uncomfortable but just remember we ALL have bumps in this road we call life and in the end we ALL put our pants on the same way. One leg at a time.

Hope this helps those that are reading my Blog today.

Wendy Golding

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale and video testimonials from our clients. Email us direct at paganorealtor@gmail.com or assetonebroker@gmail.com

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Our Jerry Maguire moment as Realtors June 3, 2013

Posted by orlandoshortsalefl in Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, orlando realtor, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor.
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My husband Scott and I recently went on our annual week vacation; by the way Scott is also a Realtor. We prepared all of our clients, title agents and our fellow Realtors that we would be going on a Cruise and unable to be contacted. We were very diligent in thinking of every possible scenario that could become a challenge in our absence and we put in place steps for parties in the transactions to follow if they were to occur. We stepped on the ship and shut down our phones, put on our sunscreen and we were in Cruise mode.

As Realtors we all know how necessary vacations are. As Realtors we all fear something will go wrong with our Pending transactions while we’re on vacation. So how does this work, how can we enjoy our vacation that is overdue and needed to maintain our Family life? You just do!

It was when we were on our Cruise that both Scott and I had a Jerry Maguire moment. It was on this vacation that we both solidified we are doing things right. Not by making money right but Right meaning by people right. Let me explain.

The Cruise has an Art Auction which my Husband Scott had encouraged me to attend, having never attended an Art Auction and a lover of Art we attended. We had the best time; we enjoyed the Art, the stories behind the Artists and energy in the gallery. The auction lasted about an hour and a half, we had champagne and were given a auction paddle for bidding and bid we did. I have to admit we were caught up in the Art, the emotion of the artist’s stories and the energy from the auctioneer. Next thing you know we committed to $380.00 in Art, which we couldn’t have been more thrilled. After the auction a member of the Gallery comes to you and scheduled a time for you to come in and settle the payment. No problem we said they had 6pm available. When 6pm came we were there and the $380 turned into $2300 with framing and shipping. Still fine about it, we left about 7pm.

Fast forward to the last day of the Cruise and yet another Auction and another $5000 later, yes we bought more Art. We went back at 6pm to settle, then to the Customer Service desk to add another credit card then back to the fun. We went to dinner and gave our well wishes and tips to the dinner team and we were off to the Casino. We played penny slots and on our 3rd spin we won $983, I know right? We couldn’t believe it, we were so excited and our server was excited too and behind us was also our Gallery Rep who didn’t seem excited. We’re all smiles and he just tells us he had the ship service dept track us down by where we using our sign and sail cards last. We’re like HUH? He goes on to tell us the 2nd credit card could not be charged without removing the first credit card on the account and he had to balance the books. The gallery rep had a tone and insisted we go to Customer Service to handle this immediately. Scott said we have plans for the comedy show and it will have to wait until we return. The gallery rep once again insisted we take care of this now and again with the tone. We were both firm and said after the show.

So we went to the show, it was hilarious the comedian was new to the ship and we never laughed so hard. When the show was over we stand up to leave and who was behind us, you got it the Gallery Rep. Enough was enough, Scott and I looked at each other like are we being stalked? Again the Gallery Rep with his tone and insistence. This was enough, we told him to cancel the 2nd auction items and we’ll just take our 1st day pieces he would not take no for an answer and asked us to come to the Gallery with him. Keep in mind, the money at this point was not the issue. We did go back to the gallery, and it just went from bad to worse. We told him again, we’ll take the 1st day art and cancel the 2nd. The Gallery rep went on to tell us how he had to get up very early and had still to balance his books. At no point was the conversation about us, our love for the art, our last day of vacation and it being 2am. For a fourth time we told him to cancel the 2nd order and he made the fatal mistake of calling me “Sweetheart”. My husbands said don’t call her Sweetheart and I also said DO NOT call me Sweetheart. I gave him a lecture about how to treat clients and about what was right, what he did wrong and how his condescending words made me feel belittled. Ending my speech with Cancel everything! Scott and I exited the Gallery at 2:30am on our last night of our vacation feeling frustrated, angry and disappointed.

Sleeping was difficult; we just couldn’t understand this type of treatment from someone. We understand sales; we’re in sales we get it but like this. Never!

The next day, my Husband Scott and I talked about it some more. This is when we had our Jerry Maguire moment. We always knew we were doing things right by the families we worked with, but we never gave ourselves the credit we deserve. We put the money aside on every transaction and put the people first. The pay will follow once the family is taken care of and the job is done. We understand that when you’re Business Owners like we are the bottom line is important for the company to thrive and grow. We understand that a Company can’t stay in business unless it profits. We understand the economics of Business Development. But….. we also see how many families we help, with our competence and caring attitude. Scott and I are giving ourselves a big pat on the back because we are in it for the right reasons for our values, our families and our Clients.

It took Scott and I to be treated poorly to really understand what is most important to us as Business Owners and Realtors. It took our vacation our one week that we allow ourselves per year to finally get it and say to each another, “You’re doing it right!” “Good Job!” and “Keep up the good work”!

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale and video testimonials from our clients. Email us direct at paganorealtor@gmail.com or assetonebroker@gmail.com

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Florida second highest in Foreclosure rate May 14, 2013

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando Short Sale, Orlando short sales, short sale, short sale realtor, Stop foreclosure.
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The following information and chart is from realty trac.

Florida foreclosure starts dropped 27 percent from March to April, but for the second month in a row the state posted the nations’ second highest foreclosure rate: one in every 363 housing units with a foreclosure filing.

Although the state’s foreclosure starts decreased annually for the second straight month, scheduled foreclosure auctions in Florida increased 55 percent from a year ago in April — the fourth straight month with an annual increase in scheduled foreclosure auctions. Florida REOs in April increased 9 percent from a year ago, and the state has posted annual increases in REOs in 15 of the last 16 months.

Florida number 2 after Nevada for Underwater homeowners

Florida number 2 after Nevada for Underwater homeowners

Five Florida cities posted foreclosure rates in April that ranked among the nation’s top 10: Ocala at No. 2 (one in every 225 housing units with a foreclosure filing); Miami at No. 3 (one in every 269 housing units); Orlando at No. 4 (one in every 287); Jacksonville at No. 7 (one in every 345 housing units); and Tampa at No. 9 (one in every 384 housing units).

These stats are quite alarming as the rest of the nation seems to be recovering and we are still experiencing record foreclosures. So while the starts are decreasing the auctions are on the rise. I realize we need to get the foreclosures out of the way to recover, however the main stream media is not reporting these stats. With one in every 287 homes in Orlando being in Foreclosure.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale and video testimonials from our clients. Email us direct at paganorealtor@gmail.com or assetonebroker@gmail.com

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Short Sales on Investment Properties October 31, 2010

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale investment property, short sale investor, short sale realtor, Stop foreclosure.
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So here is the story, you have a rental property but you live out of state, out of country or just out of town. The Tenants stopped paying Rent so you had to go through the eviction process long distance. You finally get them evicted. However now after months of them not paying rent led to the financial strain on your Bank account. You’ve had to pay the mortgage and the HOA . Only to find out that the Tenants moved back in again. Brace yourself folks you have Squatters.

You’re asking yourself is this possible and the answer is “Oh it be Possible”. What happens is they leave a window or the garage door unlocked so they can get back in the home.
Here are some preventative measures you can take once the eviction process is complete.
1. Get the locks changed.
2. Call the utility companies to make sure the electric and water is turned off.
3. Contact your neighbors next to your investment property; ask them to keep an eye out for any activity.
4. Contact your Home Owners Association and let them know the Tenants have been evicted and the property is now vacant.

So let’s say the house is secure and squatter free, what are your options. The strain of no rental income has caused you financial hardship and it is becoming increasingly difficult to keep up with your own mortgage.
Here are some options to consider.
1. Find another Qualified Renter quick.
2. Loan Modification of your current mortgage or mortgages.
3. Sell as a Short sale.
4. Deed in Lieu of Foreclosure.
5. Foreclosure.

If you choose Short sale as your option, we would be happy to help you. There are no fees for our service all commissions are paid directly from your Lenders.
This is what you can expect from Asset One Realty, Inc.
1. We’ll help you get the locks changed and we’ll meet the locksmith out there or do it ourselves.
2. We’ll make contact with your neighbors to keep your property squatter free.
3. We’ll list and market your property to sell.
4. We’ll contact your lenders on your behalf and facilitate the Short sale. Our final goal is to complete the sale.

We have had this scenario on several of our listings. It’s very stressful when you have so much distance from you to your property. Let us help you.
When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at http://www.scottnwendy.com or paganorealtor@gmail.com

Wendy Golding/Asset One Realty, Inc. Licensed Real Estate Broker 407-299-1888

Short Sale and Divorce October 30, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, HAFA, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor, Stop foreclosure.
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Who gets what? Where will the kids stay? Will I have to have enough money to move? What about the house? These are all the questions that you’ll be asking yourself when going through a Divorce.
Short sales and Divorce can be trying times there is no way to sugar coat it. What may help you is to have an experienced Realtor handle the Short sale for both of you. My goal is to stay true to both parties and complete the task of the Short sale.
In my most recent Short sale the couple was going through an emotionally difficult divorce. It was very hard for them and I wanted to make sure that I handled as much as I was allowed during the process to release some of their burden.
In the beginning of our process there were late night calls of worry and unexpected twists and turns. I would find that one party would be reluctant to provide me with documentation or signatures while the other party was very anxious. After speaking with them both, I found that the reluctant party just needed to vent and the anxious party was just scared. I stayed true to each of them and just listened. Divorce is never easy for anyone, and then add the Short sale of your home into the mix and you have a lot of emotion.
As time went by the calls were fewer and my requests were filled quickly. This is when I realized they really did trust me and I would do everything I could to keep their trust and remain loyal to both of them.
When it came time to close it was seamless! No hic ups, no twists or turns, just complete cooperation from both parties.
I am happy to say that Mr. and Mrs. Are both moving on with their lives and have had a large portion of worry lifted from their shoulders due to their Short sale being completed.
Every situation is different and each person involved has needs that are different. If your in a similar situation but aren’t sure how to go about executing your Short sale while going through your divorce, call me. I’ll be happy to answer your questions and assist you during this tough time.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at http://www.scottnwendy.com or assetonebroker@gmail.com

scan to our web site

Sincerely,
Wendy Golding/Asset One Realty, Inc. Licensed Real Estate Broker 407-299-1888

Home Affordable Foreclosure Alternatives Program (HAFA) April 10, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, HAFA, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, short sale, short sale PMI, short sale realtor, Stop foreclosure.
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This is my take on the HAFA or Home affordable Foreclosure Alternatives Program. I have read the 45 page document and there have been some changes already since the December announcement. 

To qualify for HAFA the home must be your primary residence, not a second home or investment property. Also your first mortgage must be under $729,750 and you must be in default or be close to default. Also your monthly mortgage payment must exceed 31% of your income. Lastly the loan must have originated before January 2009. 

Now the big thing everyone is talking about is the banks have to approve the short sale in 10 days. Good luck with that. The banks have 10 days to accept or decline the offer that is reality. The banks will set a minimum offer they will take up front. I will guarantee this will be above Fair Market Value. Then they will go back and forth until they get the offer they want. This will take 30 to 60 days or more with all the counter offers. 

What do the banks get out of this. Well it is a voluntary program the banks do not have to do HAFA. The first lender can give up to 6% of the seconds loan balance or $6,000 total. The first lender will get $1,500 from the Government for doing HAFA and an additional 1$ for every 3$ they pay to the second lien. 

The homeowner gets $3,000 moving expenses and a full release from the first, second and PMI/MI companies. This means no deficiency judgement, no promissory note and no cash contribution. A full release of liability for the debt. Wow that sounds great, hunh? To the homeowner yes to the banks HELL NO. This means on a S200,000 mortgage lets say the short sale is $100,000. The bank is going to eat $100,000. Yea I’m sure the banks are going to line up for this. This is going to be the tough part of HAFA. 

Also don’t forget all lenders 1st, second and MI/PMI companies have to sign off on this. The bank can also require the homeowner to pay 31% of his or her income as a mortgage payment to the bank while the short sale is being negotiated. 

So I would like to know what you all think. Down here in Florida its Y’all think. Are the banks going to be able to handle this additional loss? Do you think they want to give up their right to a deficiency judgement? What about the PMI/MI company no more prom notes? It will be interesting to see how this plays out. 

One last thing if the banks won’t do HAFA don’t worry a short sale is still better for them than a foreclosure any day of the week. Just make sure when you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

SFR certified Realtor March 20, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor.
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OK so your thinking what the heck is an SFR REALTOR®.

Well there are many designations out there on the internet for people who are supposed to be certified to help distressed homeowners. The certified distressed property expert, the certified short sale specialist, the Awesome short sellers etc.

However none of these designations except for SFR is acknolwedged or accepted by the National association of Realtors (NAR).  SFR is a short sale and foreclosure specialist REALTOR®. Now first of all NAR does not just hand out this designation, you have to pass an online course on short sales and Bank owned properties. Once the process is complete it takes 2 weeks to process your application and certify you for SFR.

But why is this designation so important? Because to truly help people in this market you must be aware of all the new trends taking place in this industry. The banks make up new rules daily to suit themselves. The only way we can combat this is with an orginization as large as the National association of Realtors. NAR is on the side of the consumer and so am I.

I am very proud to be a SFR REALTOR® there are only 9,748 of us as of today throughout the USA. This is a small number out of the 100,000+ Realtors in the USA. The next time you speak to a REALTOR® about selling your home as a short sale ask them if they carry this elite designation of SFR.

  You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Regions Bank Mortgage Short Sale March 12, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sale taxes, Orlando short sales, Regions bank mortgage short sale, short sale, Stop foreclosure.
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I wanted to update everyone on my latest dealing with Regions Bank. They are awesome to work with. Regions and Wells Fargo should teach the rest of the industry how to do short sales effectively. 

First of all with Regions bank you must show you have a hardship. The hardship letter must be written and signed and we must send the bank the listing agreement, financials and authorization letter. This is the same for all lenders except for one thing. With Regions bank you get a real live person to speak to. The faxes are imaged within 24 hours. This blows away the rest of the banks by far. 

Next you will get a negotiator assigned in less than 30 days. This is my second time with Regions and the negotiator was assigned in less than 30 days. WOW! This is unheard of for a short sale. Regions has it down when it comes to getting the file closed. 

I also want to add the negotiator will actually answer their phone. This is also not a normal thing with these banks. If you have a Regions Mortgage consider yourself one of the lucky few. If you are in Florida we can list your house and get you started with this process. One last very important thing, do not wait until it is too late, because regions bank does foreclose if they have no other option. 

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Florida Foreclosure information March 10, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando Short Sale, short sale.
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Since I am on a roll with my blog, I wanted to give you some info on an article I just read in the Orlando Regional Realtor Association market statistics.

RealtyTrac’s® U.S. Foreclosure Market Report™ for January 2010, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.

The above is the nation as a whole and RealtyTrac’s® system is very good at this. California, Florida, and Arizona posted the three highest state totals in terms of properties receiving foreclosure filings in January, and together those states accounted for more than 44 percent of the national total.                 

For a closer look here at home again from RealtyTrac’s® system. Orlando-Kissimmee had the nation’s 10th highest foreclosure rate in January, with one foreclosure in every 143 homes (no increase from December 2009).

One home in every 143, Wow this problem is not going away any time soon. This is the time for all homeowners to exercise their right to a short sale on their property. The banks are willing to work with you. The first step is tough asking for help. I understand this, but the alternative to do nothing and get your home foreclosed on is not a solution.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Wells Fargo short sale March 9, 2010

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure, Wells Fargo short sale.
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I wanted to let everyone know of my most recent Wells Fargo short sale approval. The closing was smooth and the negotiator was professional. This is by far the best bank to work with next to Regions Bank. The process is still efficient however they have become slower assigning a negotiator. My clients are still able to send in their own financials, this is a plus for some.

The assignment of the negotiator can only be due to the high volume of short sales they are processing. Also I now have to call multiple times to request a BPO or appraisal to be done. In the past this was ordered without me calling.

If these are the only downsides to Wells Fargo, I will take it. I now have various contacts within the bank. This is always a plus when you are trying to negotiate the short sale. If you are in Florida and have a Wells Fargo loan, I can list your home and help you get the short sale approved.

When you hire an agent ask them to show you their approval letters or some of their closed short sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com 1-866-647-8425 EXT 104