Orlando Area Real Estate News

Orlando FL – According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to “file a foreclosure action against Wells Fargo.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan modification in order to keep your home.

But, no one at the lender seems to care. It seems the big lenders are able to live in a protective bubble. They can foreclose on paid off homes and face no consequences.

If they average American did that, they would probably face jail time. So, it’s nice to finally see someone turn the tables on a lender.

Here is the story according to the Philadelphia Inquirer.

It’s not clear how this story will turn out, but right now Patrick Rodgers is living a pay-back fantasy probably shared by millions of struggling U.S. homeowners.

Frustrated by a dispute with Wells Fargo Home Mortgage and by his inability to get answers to questions, the West Philadelphia homeowner took the mortgage company to court last fall.

When Wells Fargo still didn’t respond, Rodgers got a $1,000 default judgment against it for failing to answer his formal questions, as required by a federal law called the Real Estate Settlement Procedures Act.

And when the mortgage company didn’t pay – does something sound familiar? – Rodgers turned to Philadelphia’s sheriff.

The result: At least for the moment, the contents of Wells Fargo Home Mortgage, 1341 N. Delaware Ave., are scheduled for sheriff’s sale on March 4 to satisfy the judgment and pay about $200 for court and sheriff’s costs.

Rodgers has even written his own headline: “Philadelphia homeowner ‘forecloses’ on Wells Fargo.”

Has he really? Not quite. But Rodgers, who lives in the city’s Wynnefield Heights section, won at least a momentary upper hand in a fight with Wells Fargo that began nearly two years ago.

Before you leap to conclusions, let’s get a few things straight.

Rodgers isn’t unemployed, or a deadbeat. He’s a music promoter who owns Dancing Ferret Concerts – if industrial, electronic, or goth is your sound, maybe you’ve been to one of his gigs. He says he’s paid all he owes under the terms of his seven-year-old mortgage.

And there’s no reason to think that Rodgers’ house is “underwater” – worth less than he owes, in banker jargon that has sadly entered Americans’ everyday lexicon.

Actually, it was the value of Rodgers’ home that apparently sparked the dispute – not what he paid, or what it would fetch if he wanted to move, but what it would cost to fully restore the house if, say, it was struck by a meteorite and burned to the ground.

Rodgers owns a three-story, six-bedroom Tudor on a beautiful street not far from City Avenue. He paid about $180,000 for it in 2002, and for years handled his mortgage without dispute.

But in mid-2009, his insurer delivered troubling news: His homeowners premium would more than double, because Wells Fargo was insisting that he insure the home’s full replacement value – about $1 million worth of coverage, the insurer told him.

Rodgers loves his home, neighborhood, and adopted city – he moved here about 17 years ago, after growing up as a child of American parents in the Bahamas.

But he knew that he paid a fraction of what his home would command elsewhere, such as across City Avenue in Bala Cynwyd. That’s one advantage of living, as he says, “a short clip away from the wrong side of the tracks.”

In such situations, most lenders require a homeowner to insure for a total approximating a home’s market value – a good thing for large swaths of Philadelphia, where a home’s market value may have little relation to what it would cost to rebuild stone by stone or feature by feature.

All in all, I think it’s a great story. I’m sure a lot of homeowners fantasize about doing the same thing. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

References

1. http://articles.philly.com/2011-02-15/business/28536236_1_mortgage-fees-full-replacement-value-default-judgment

This information on Orlando Short Sales: Homeowner Takes On Lender And Wins! is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn’t made a payment in 492 days. What’s even crazier is that those homes are still in the foreclosure process.

That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.

If you are facing foreclosure, then I am sure that is good news. But, I’m sure you are wondering why it is so long. Let me explain.

The entire foreclosure system is backed up. There are several parts that make up the “foreclosure system.” The first part is the bank’s foreclosure departments

These departments coordinate everything in the foreclosure process. The second part that is backed up are the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.

The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged is the courts.

The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.

This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.

Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Gainesville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on Orlando Short Sales: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)

Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.

It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic.

Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.

Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars.

Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?

If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years.

That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything.

I just want to lay out the benefits and leave the decision up to them. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on Orlando Short Sales: If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – Have you ever attempted to get a loan modification? If you have, then you probably get bugged when you hear banks talk about how they suposedly care about their customers.

Somehow these banks think we will believe it. They must think that, or they wouldn’t be running ads that say: “Come to ABC Bank. We answer you by your first name. You’re not a number. We care about you.”

What a bunch of garbage. Anyone who has attempted to negotiate a loan modification feels like they just went thru the meat grinder.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

“Sir, we can’t approve your loan modification until you send us the APG form”, the person at the bank tells you. “But, I already faxed that to you five different times over the last month”, you reply.

“Sir, that doesn’t matter. I don’t see if in the system and until I see it in the system, I can’t look at your loan modification application”, they reply to you.

Aarrgghh!!! Is that frustrating or what. So, here’s a little message to the advertising departments at America’s Banks.

Don’t run ads saying you care about us, until you actually do. People that apply for loan modification just want to keep their home.

In many cases, a loan modification will reduce a lender’s losses. Why can’t you just make the loan modification process a little easier.

Maybe then you can run ads where you claim to care about your customers and we might actually believe them then. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at [brokagename]. Orlando Short Sales Realtor:

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor , Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of [brokagename].

This information on Orlando Short Sales: Why Do Lenders Pretend To Care About Their Customers? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.

“I just received a full price offer on my house. My main concern is that I don’t get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer’s loan is also with Chase.

How can I work this out so that I can walk away from this without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? John.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to John’s Question: John, you need to read thru the short sale approval letter. See if is contains any language like “Payoff”, “Forgiven”, or “agrees to release the debt.”

Have an attorney read it over to make sure that it says the debt will be released. If it doesn’t say the debt will be released, then here is how you can re-negotiate for them to issue a complete release.

1. Request that the deficiency be waived. Tell the lender you will not short sale the property unless they give you a complete release.

2. Show proof that you cannot afford the deficiency payment. A debt from an absolutely broke person is worthless.

3. Show proof that the lender will net more money from the short sale compared to a foreclosure. This is your agent’s job to do. They will put together a calculation showing how much the lender is netting from the short sale, and project what they would net from a foreclosure.

If you cannot prove that you income doesn’t cover your bills, then you may need to look into other avenues. You can look into getting a forensic loan audit to see if the lender broke any lending laws on the loan. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on Orlando Short Sales: How To Get A Short Sale Lender To Waive Deficiency Clause is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul’s Question.

“I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Paul’s Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.

That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason.

This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know that the taxes are a big bill that only comes once a year.

Not everyone can afford that big bill. Because your lender knows they will still have to pay the taxes after a foreclosure, they are willing to pay them during a short sale.

A foreclosure is a liquidation of the property to simply get what they can and move on. A short sale has been proven to net them more money than a foreclosure.

So if they are liquidating the property, why net more money from the sale with a short sale and avoid a foreclosure? That’s why they will pay the taxes when you short sale.

Every short sale the Stop Foreclosure Institute has sold resulted in the lender paying the property taxes that were owed. In some cases they paid 2-3 years of property taxes. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on Will I Still Have To Pay Property Taxes If I Do A Orlando Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – The Stop Foreclosure Institute recently received a question from Max. Here is Max’s Question.

“If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Max.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Max’s Question: Yes, the Mortgage Insurance should pay your lender for any loss. So that reduces the amount that your lender will lose on the short sale.

There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They can’t pay on their claims.

In this situation your lender may or may not pursue you for the loss.

(I’ve written extensively on deficiencies on other blog posts. In 60-75% of all short sales, you won’t owe a deficiency. E-mail me at info@benchmarkrealtygroup.net and I can research your specific situation.)

The other problem is that many Mortgage Insurance Companies have terms written into the mortgage that they can pursue you for the loss.

They are more aggressive with trying to be repaid. In the few short sales we have negotiated and the lender asked for a promissory note, the person requesting it usually was the Mortgage Insurance Company.

But, they only ask for a promissory note about half the time. In addition, the promissory notes are usually for an amount lower than the loss.

For example on one short sale, the loss was around $59,000. The seller agreed to a promissory note of $10,000 to be repaid over the next 10 years with Zero Interest. Their Monthly Payment was $83.33.

We won’t know if they will ask for a promissory note until the short sale is in progress. If you know you have Mortgage Insurance, then you need to find and aggressive short sale agent.

They will work to get an promissory note or deficiency waived. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on Orlando Short Sales: I Have Mortgage Insurance. Won’t That Cover The Deficiency? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – The Stop Foreclosure Institute recently received a question from Tawny. Here is Tawny’s Question.

“I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much live paycheck to paycheck. Tawny.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Tawny’s Question: A Short Sale doesn’t cost the homeowner any money. All of the costs are paid for by the homeowner’s lender.

Now, I’m sure you are asking, “The bank is losing money on the short sale. They wouldn’t want to have to pay to sell the property.”

Many people also think this. After all, it makes sense logically. But, it’s actually not the case.

Banks have been lending money for centuries. They have learned from past experience that a short sale is a good way to cut their losses.

In fact, a recent study by the Boston Consulting Group actually showed that a short sale reduced a lender’s losses by 20%, compared to a foreclosure.

After a lender forecloses on a property they put it up for sale. They have to hire and pay a real estate agent and all the other related costs.

Why not pay those costs on a short sale and cut their losses by 20%? It’s a good business decision. And that’s why a short sale doesn’t cost the homeowner anything.

Your lender covers all the cost including the real estate agent, title fees, and other closing costs. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on How Much Do You Charge For A Short Sale in Orlando? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – Here are a few things you should not be surprised to see crop up during the short sale process.

Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.

The most common unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don’t have any other way to collect from you.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

They can’t come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them.

For example, there are Federal Laws that regulate what they can do or say. They aren’t allowed to threaten to sue you, but then not follow through and actually file suit.

To get around this rule, they will use language that sounds legal, but isn’t. In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm.

They would then leave messages on people’s answering machines. They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042.

If you didn’t know any better, you would think the case number was for an actual lawsuit against you. That is scary. Don’t you agree?

Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages.

A lot of judgments expire without getting paid. But, a lot of them get paid off when a person’s income increases, or that person sells a valuable asset such as a house.

It might seem like the process takes a long time. Some short sales only take a few months. Before you know it you are moving out of your house and onto the next place.

However, some short sales will take a lot longer. We have some files that we have been working on for a year or even longer.

It’s not the end of the world. Just stay put and keep on saving the money you would be using for rent. In most cases the short sale will eventually be approved and you can move on with your life.

Your lender may attempt to collect money from you when they aren’t legally entitled to do so. We have heard several stories of some lenders asking for a promissory note when the state the property was in did not allow the lender to pursue the homeowner after a short sale.

The stories in question were for short sales of properties in California and Washington. Don’t sign a promissory note a lender sends you after a short sale when you are in a non-recourse state.

Talk to a lawyer to see if you are obligated to repay the debt. You could probably get out of repaying it if you tried. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

Experience Driven Results

View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on What you can expect during and after the Orlando Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – Some lenders are very stubborn about collecting what they feel they are “rightfully owed.”

These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank.

Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

They negotiate hard and say they will not approve a short sale without a promissory. However, that is not always the case.

You can often convince them to waive the deficiency if you do the following.

1. Prove to them that you don’t have any assets or any extra monthly income.

2. Prove that your home is worth what the buyer is offering on the short sale. This is your agent’s job to do. Your agent will put together an agent’s version of an appraisal.

This will include comparable sales and what your property is worth, based on those comparable sales. Your agent will show them that they are better off accepting the short sale.

If you have presented your case well and the lender buys it, then they will usually waive the deficiency or promissory note and accept what they can get. After all, something is better than nothing. Make sense?

Another option is to hire a good lawyer to negotiate for you. Look for a lawyer with experience in bankruptcy.

They can use the threat of bankruptcy to convince the lender to approve the short sale with the deficiency waived. Bankruptcy is very bad for creditors.

If you declare bankruptcy, then it could take 12-18 months before the lender can sell the house. Their right to collect from you would be wiped out in bankruptcy.

A short sale where they get their money today is a much better option. That’s why they’ll usually take that option when threatened with bankruptcy. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@benchmarkrealtygroup.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (321) 422-4729

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Torey Eisenman.

Torey is a Real Estate Agent at Benchmark Real Estate Group, Inc..

Phone: (321) 422-4729. info@benchmarkrealtygroup.net.

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View My homes for sale at www.benchmarkrealtygroup.net.

Torey Eisenman specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Torey Eisenman’s personal views and do not reflect the views of Benchmark Real Estate Group, Inc..

This information on Orlando Short Sales: How To Convince A Lender To Waive A Promissory Note is provided as a courtesy to our viewers to help them make informed decisions.