Lake Worth Agent .com

Upside down? Short Sale Specialist - Buyers, Sellers, Tenants and Landlords


Notes, Stories and Articles

Ready to buy?
What can a Realtor® do for you?

> get you pre-qualified so you’ll know the price range that works for you
> e-mail you listings of only the homes that fit your criteria
> perform a market analysis of the areas you’re interested in so you’ll
know if the asking price of each home is realistic and on target
> provide information on the neighborhood, school district and more
> suggest home inspectors
> suggest real estate attorneys
> guide you through the entire closing process
Once your offer has been accepted, your Realtor® will:
> suggest possible lenders
> work with the title company or closing attorney
> ensure all documents have been executed
> account for good faith deposits
> coordinate the appraisal and survey with the mortgage company
> manage the entire process through the closing
Hire a Realtor®
When it comes to buying a home,
there’s no smarter way to do business.
© 2006 Florida association of Realtors®

Other Helpful links and information:
The National Association of Realtors® (NAR) launched HouseLogic, a new consumer website that covers all aspects of homeownership. HouseLogic was created to help homeowners make smart decisions and take responsible actions to maintain, protect and increase the value of their homes.
The free website helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.
Users who choose to register can save information, create to-do lists and set project reminders. The website can also be customized for individual homeowners depending on how handy or ambitious they are regarding home projects; how much money they want to spend or save; where they live; and their priorities, such as increasing the value of their home or improving their neighborhood.
HouseLogic also helps homeowners who want to get actively engaged in neighborhood and homeownership issues. The site provides users with the tools and know-how to affect change, like establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.
Visit HouseLogic at



Microsoft Corp. has a website aimed at helping people monitor their home energy use and pinpoint ways to cut costs. The site, called Microsoft Hohm. People can enter details about their home, such as when it was built and what kind of heating system it has. Microsoft recently added real estate data to its calculations and assigned a Hohm score to most houses in the U.S., so people can compare their own home to their neighbors’ or scout one they’re thinking of buying. The scale goes from one (think of running the heat full blast with the windows open, for starters) to 100 (the equivalent of energy-efficient sainthood).
check it out at:


‘Mortgage cops' target strategic defaulters

WASHINGTON - Sept. 18, 2012 - The Office of the Inspector General (OIG) at the Federal Housing Finance Agency

is trying to find strategic defaulters and collect on what they still owe. Strategic defaulters are often underwater

homeowners who walked away from their mortgages even though they still had the means to pay.

Experian estimates that 20 percent of all foreclosures are from strategic defaulters. The OIG estimates that strategic

defaulters owe more than $1 billion to Fannie Mae and Freddie Mac, and they're ready to start collecting.

The OIG is reportedly working with Fannie Mae and Freddie Mac to develop a mechanism for identifying strategic defaulters.

"Debts that haven't been repaid don't just go away," an unnamed Treasury Department official told The Chicago

Tribune. "It doesn't matter whether it's on your credit report or not."

The OIG has an even harsher warning for strategic defaulters who have failed to disclose that they walked away from a

previous loan on any new loan applications. The OIG says such walkaways have constituted mortgage fraud, and the

OIG plans to refer them for criminal prosecution.

"We're not just going to demand repayment," says Heather Wolfe, OIG assistant inspector general for audits. "We're

going to lock (people) up."

Source: "Mortgage Cops Taking Tough Stance," The Chicago Tribune (Sept. 16, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688


Should I Short Sale My Home?

Facing foreclosure?
Know Your Options. Get The Help You Need.
Avoid foreclosure
Homeowners who are struggling with their mortgage payments are facing tough choices
—do you stay in a home you may no longer be able to afford or should you try to leave?
While it may be difficult to think about leaving your home and making this decision, it may
be the best option if other solutions to keep you in your home are no longer viable.
Don’t just walk away from your home.
There are better options. The most important thing is
to avoid foreclosure—and options may be available to assist you if you are ready to leave your
home. Some options may even offer cash incentives to help you move and transition into
different housing. Now’s the time to take action before it’s too late.

alternatives, including short sales and deeds-in-lieu for homeowners who recognize that they
can no longer afford their mortgages, but want to avoid a foreclosure on their credit history
options to leave your home...........
Short Sale Option
If you are facing foreclosure and can no longer afford your home, you may qualify for a
Short Sale—even if you don’t think you can (or haven’t been able to) sell your home.
What is a Short Sale?
A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less
than the balance remaining on your mortgage. If your mortgage company agrees to a
short sale, you can sell your home and pay off all (or a portion of) your mortgage balance
with the proceeds. You may also be eligible for the government’s Home Affordable Foreclosure
Alternatives Program (HAFA) which offers short sale and DIL options.
A short sale is an alternative to foreclosure and may be an option if:
¦You are ineligible to refinance or modify your mortgage
¦You are facing a long-term hardship
¦You are behind on your mortgage payments
¦You owe more on your home than it’s worth
¦You have not been able to sell your home at a price that covers what you still owe
on your mortgage
¦You can no longer afford your home and are ready or need to leave
What are the benefits of a Short Sale?
¦Eliminate or reduce your mortgage debt
¦Avoid the negative impact of a foreclosure
¦Start repairing your credit sooner than if you went through a foreclosure
¦May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as
2 years) than if you went through foreclosure (at least 7 years)
How does it work???
What is the process for a Short Sale?
If you qualify for this option, the process is similar to a normal real estate sales transaction.
You will work with a real estate agent to market and sell your home. However, your mortgage
company will also be working with you and your real estate agent every step of the way to:
¦set the sale price (based on current market value),
¦collect financial information and negotiate with other lien holders (i.e., your second mortgage
company) if applicable,
¦review acceptable offers,
¦agree to the terms of the sale once a buyer is in place, and
¦work with the buyer’s real estate agent and mortgage lender to finalize the sale.
In some cases, you may be eligible to receive relocation assistance to use toward your moving
expenses and to make the transition to new housing easier.
A Short Sale may take up to 120 days, but this could be shorter or longer depending upon your
specific situation. If you are unable to sell your home, you may be able to transfer the ownership
of your property to the owner of your mortgage (also called a Deed-in-Lieu of Foreclosure).
Take action!!!!
Your mortgage company wants to help you avoid foreclosure and, in most cases, will be willing to
work with you. The biggest mistake you can make is to wait any longer to take action.
options to stay in your home........
A new loan—with new terms, interest rates and monthly payments—that completely replaces your
current mortgage. Even if your home value has decreased or you owe more than your home is worth,
you may be able to refinance your loan as part of the government’s Home Affordable Refinance Program (HARP).
¦Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
¦Creates no negative activity or event on your credit history
¦Stay in your home and avoid foreclosure
repayment plan...
An agreement between you and your mortgage company that lets you pay the past due amount—added
on to your current mortgage payments—over a specified time period to bring your mortgage current.
¦Resolve your delinquency
¦Catch up on your past due payments over an extended period of time
¦Less damaging to your credit score than a foreclosure
¦Stay in your home and avoid foreclosure
An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments
for a specified period of time.
¦Have time to improve your financial situation and get back on your feet
¦Less damaging to your credit score than a foreclosure
¦Stay in your home and avoid foreclosure
An agreement between you and your mortgage company to change the original terms of your mortgage
—such as payment amount, length of loan, interest rate, etc. You may also be eligible for the government’s
Home Affordable Modification Program (HAMP) created to help struggling homeowners.
¦May reduce your monthly mortgage payments to a more affordable amount
¦Less damaging to your credit score than a foreclosure
¦Stay in your home and avoid foreclosure
deed-for-lease TM
A program that allows you to temporarily lease your home. You first transfer the ownership of your home
to the mortgage company (called a Deed-in-Lieu of Foreclosure) in exchange for a release from your
mortgage loan and payments. You can then rent the property back—at an affordable rate—and remain
in the home as a tenant.
¦Resolve your delinquency and avoid foreclosure
¦Stay in your home and neighborhood—no need to move or relocate
¦Lease at current market rate rent for up to 12 months with a possible option to extend the term
¦Pay no security deposit
¦Assistance for relocation may be available at the end of your lease
¦Start repairing your credit sooner than if you went through a foreclosure
¦Get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through
foreclosure (at least 7 years)

Beware Of Foreclosure Scams — Help Is Free
Scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief
from foreclosure, or demanding cash for counseling services when HUD-approved counseling agencies
provide the same services for FREE. If you receive an offer, information or advice that sounds too good
to be true, it probably is. Don't let them take advantage of you, your situation, your house or your money.
To determine if you are a possible victim of a scam, ask yourself these two questions:
1.Were you told you had to pay a fee to obtain counseling services?
2.Were you guaranteed a loan modification or asked to do any of the following:
?Sign over title to your property
?Redirect mortgage payments
?Stop making loan payments
If the answer to any question is “Yes,” then report the possible scam.
Call 1-888-995-HOPE
Aug.2010 – Fannie Mae launched a new website to help consumers understand their options when facing
foreclosure and the possible loss of their home. Called, it outlines the choices available
to homeowners struggling to make mortgage payments, and provides guidance on how they can contact and
work with their mortgage company to find a back-up plan.