Orlando Area Real Estate News

Orlando FL – Have you heard the following myths about short sales?

Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.

Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no money down.

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

Myth #3: Lenders will accept any short sale offer even if it is for only 50% of what the home is worth. After all, they don’t want a foreclosure on their books.

These myths are just not true. Lenders are willing to foreclosure on properties. They have entire departments handle the sale of properties that they have foreclosed on.

Another foreclosure is nothing to fear. At the same time, they do prefer short sales. Short Sales are known to reduce a lender’s loss compared to a short sale.

They have high paid actuaries who have run the numbers and proved that to be the case. That means they take a pragmatic approach on short sales.

They want to make sure that he short sale offer isn’t lower than what the home would sell if they foreclosed on it. That is why they order an appraisal before accepting the offer.

They won’t agree to a sale if the offer is for substantially less than the appraised value. If the offer is 5% lower than the appraisal, then they might accept it.

If it is substantially less, then they will ask the buyer to raise their offer to the appraised value.

Another thing lenders check before approving a short sale is that they aren’t approving a short sale for someone that is able to afford their home.

They don’t want to lose money on a short sale when they can make money when the person repays 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: Are Lenders So Desperate They Will Accept Any Offer? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.

The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?

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

Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses.

We have had many buyers get angry that a home owner would not accept their lowball offer. “You have to submit my offer to the lender. If you don’t then that would be fraud”, they tell the home owner.

You, the home owner are in charge. That means that you can make the following decisions.

You are allowed to pick the buyer’s offer that you think the lender will be most likely to accept.

You are allowed to turn down offers that you don’t like for whatever reason. (Maybe the buyers are too picky about the home and want you to make repairs.)

You are allowed to turn down offers if the buyer is not pre-approved for a loan. In addition, you can ask the buyer to inspect the property before they write a contract.

You are allowed to ask for an earnest money deposit to make sure the buyer is serious about the house.

It is your right to do these things for as long as you own the property. Don’t let anyone tell you otherwise. 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: Who is in charge during a short sale? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications. Here is an excerpt from the article:

“Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills.

Thousands now face a stark choice: Go deeper into debt, or foreclosure.

Lenders routinely approved short-term “trial” loan modifications that reduced payments for desperate borrowers under the umbrella of the Obama administration’s Home Affordable Modification Program. But lenders continued to count the mortgages as delinquent or in default.

Now instead of granting permanent modifications, lenders often are reinstating the original loan terms and demanding big back payments.

Carl Christensen, a Minneapolis real estate attorney, said he is getting 15 telephone calls a week from shocked borrowers.

“The banks put out their hand and say, ‘We’re going to help you,’ and then stab people right in the back,” Christensen said.

Patti, 51, and Scott Weddle, 57, of Harris, Minn., were ecstatic when J.P. Morgan Chase offered in November 2009 to cut their monthly mortgage payments by about 20 percent under a trial modification. Patti was out of work with a neck and back injury, and the Weddles were having difficulty making ends meet.

Nearly a year later, the Weddles were told that their application for a permanent modification was denied and that they would have to pay $24,228 to bring their mortgage current and avoid foreclosure.

The Weddles insist the demand came as a shock, because they had made all their payments on time under the trial modification. “We did everything that was asked of us, and it only pushed us deeper in the hole,” Patti Weddle said.

A growing number of critics contend the loan modification program, known within the industry as HAMP, may be doing more harm than good. Many homeowners are draining their savings and incurring new loans to make the temporary payments only to end up in foreclosure anyway when they can’t afford the large, lump-sum payments demanded at the end of the process.

When the Weddles got turned down for permanent relief under HAMP, they decided to stop making their monthly payments. They expect to receive foreclosure papers any day and most of their belongings are packed. “If we had $24,000 lying around, then we wouldn’t have sought help to begin with,” Patti Weddle said.

A spokesman for J.P. Morgan Chase said the risks were disclosed to the Weddles. Under the trial modification signed by the couple, J.P. Morgan reserved the right to terminate the plan at any point and begin foreclosure. The bank also reserved the right to determine the final amounts of unpaid interest and any other delinquent amounts.

“We work with customers to try to keep them in the home whenever possible,” said Thomas Kelly, a bank spokesman. “And the HAMP documents clearly explain the steps along the way.”

Paula Viehman, 60, recalls the day she was approved for a trial modification in June 2009. After a 30-minute conversation, a CitiMortgage representative agreed to cut her monthly payment by half to $929. “It was the answer to my prayers,” said Viehman, a state employee who lives in Minneapolis.

Fifteen months later, CitiMortgage sent two letters claiming she was in default on her mortgage and owed $13,569 in back payments, late fees and other charges. When Viehman called to complain, she learned that CitiMortgage had denied her application for permanent relief under HAMP, though the bank had never notified her.

Viehman refuses to make the lump-sum payment, largely on principle, because that would mean accepting Citi-Mortgage’s claim that she’s in default. Though she continues to make monthly mortgage payments, she suspects the bank will eventually foreclose on the house where she’s lived for 25 years.

“The longer I go through this, the madder I get,” she said. “I did everything they asked and more.”

Citigroup, CitiMortgage’s parent company, declined to comment about Viehman’s complaints because of privacy concerns. However, in a written statement, the bank said the original terms of a mortgage remain in place during a trial modification. Borrowers only receive relief from delinquent payments if they get permanent modifications.

Many borrowers say they never would have signed up for HAMP had they known the risks.

Lynda Devine, 49, of Faribault, said she had not even heard of HAMP until she called her mortgage servicer, Aurora Loan Services of Colorado, about a routine matter. While on hold, she found herself listening to a recorded message that said she might qualify for HAMP. She checked it out and learned it was a program sponsored by the Obama administration. “It all seemed very legit,” she said.

Aurora agreed to cut her monthly payment to $1,400 from $2,000 under a trial modification. But Devine, a children’s mental health social worker and waitress, soon found herself mired in a bureaucratic nightmare. As she sought permanent relief, Aurora kept asking for the same documents — including bank and tax statements. Devine estimates she has faxed documents to Aurora more than 60 times.

Nonetheless, she received notice in July that she was in default. Soon after, she got a letter from Aurora’s law firm saying she would have to come up with $13,496 or face foreclosure. Devine couldn’t stomach the idea of losing her 1920s-era farmhouse and her 35 acres, where she keeps three beloved horses.

Aurora did not return repeated calls seeking comment.

Devine borrowed against her truck and horse trailer to pay the $13,496, but she’s considering suing Aurora to get the money back.”

I think that what these banks are doing is pathetic. In my opinion, half the reason that loan mods aren’t approved is because the lenders are too lazy to process the files.

In fact, the article continues and tells us how the lenders are actually rewarded for not processing loan modifications. Here is what it says.

“Incentives favor foreclosure. It would seem to be in a mortgage company’s interest to modify a mortgage, because lenders often recover only a small fraction of a loan after a foreclosure. But only 12 percent of all delinquent mortgage borrowers are receiving permanent relief under HAMP.

Last month, a congressional panel predicted it would prevent just 700,000 to 800,000 foreclosures — far fewer than the Obama administration’s original goal of 3 million to 4 million.

Some lending experts argue that the root of the problem lies in the complicated way in which mortgages are bought and sold. Most end up with institutions or investment trusts that hire servicers to collect monthly payments.

Servicers, unlike lenders, don’t generally lose money on a foreclosure. In fact, servicers actually can collect more in fees on a foreclosure than from modifying a mortgage, according to a 2009 study by the National Consumer Law Center.”

I think the entire system is flawed. The only people that get relief are people that fight for it. If you feel like you have been turned down for a loan modification, then I would recommend that you protest in front of the lender’s local branch.

Nothing is going to change until people know about what is happening. 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: Loan Modifications can be a recipe for disaster is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – If you are selling your home, then ask the buyer to write a letter about why they want to purchase the home. If you are a buyer, then write that letter.

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

The listing agent will submit that letter along with the short sale paperwork. With a little luck that letter will help “grease the wheels” and cause the short sale to be approved faster.

Short Sale negotiators are human beings. They have emotions that can be touched by a good story.

These letters might sound like a joke, but they can make a huge difference. I’ve even seen home owners lose money on their sale because the liked a certain buyer over another one.

In that case, the seller sold their home for several thousand dollars less to a buyer that they liked. The other buyer had been rude and the seller didn’t like them.

If that made a difference when the seller was losing their own money, then think about the difference it will make to a short sale negotiator who isn’t losing their own money.

Put a good story in your letter. Here are a few examples.

You might say something like this: “We are a first time home buyer looking for our first home. We just want to move out of our cramped apartment and are looking forward to our first home where we can plant a garden.”

Or, maybe it would be like this: “We have looked for a while and finally found this home on Elm Street that we love. We are selling our current home so we can buy a house with a yard.

Our two boys, Tim and Julian, have been begging us for a swing set. We never had room in our old condo.

If you approve our short sale offer, then we will finally be able to give them the large, fenced backyard they’ve always wanted with a swing set.

We’ve already picked out the swing set plan and Tim and Julian are so excited about it. So, don’t approve the short sale offer for us, approve it for them.”

See how I’m pulling the negotiator’s heartstrings. Unless your short sale negotiator is absolutely heartless, it will make a difference for you. 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. 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 Benchmark Real Estate Group, Inc..

This information on Another tip to improve the odds of your short sale offer being approved is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – We often get asked if a short sale is even worth the effort. “Do I need to have my short sale “Approved” by my lender before I put my home on the market?” one seller asked us.

“When I called my lender they wouldn’t talk to me about my short sale. I am concerned that they might do that when I finally sell the property and I’ll never get the short sale approved.”

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

Here was our answer. Most lenders will not talk to you about a short sale until you have several things in place.

They want a solid offer from a pre-qualified home buyer along with all the necessary financial documents. Why do they do this?

Because they only want to process short sales that will sell and close. Now, I think it’s a stupid way to do things. Instead of refusing to negotiate short sales until there is an offer on the table, they should instead pre-approve short sales.

It would make the process so much easier. A home could be placed on the market at a set price. Buyers would be more interested in the property because they know they can get an answer in 2-3 days versus 2-3 months.

We have brought this up with Matt Vernon, the Vice President of Bank of America’s Short Sale Department. He knows there is stuff to improve.

But, it’s hard to change the course of a huge company with so many different parties involved. Despite all this, experienced short sale agents are getting short sales approved every day.

The Short Sale Process is getting better and easier to navigate. More and more lenders are moving towards “Approved” Short Sales.

You just need to find a good short sale realtor that can navigate their way thru the crazy short sale process. 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 Does My Orlando Short Sale Have To Be Approved Before I Put It Up For Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high.

The last record was set in 2005. That record was set because bankruptcy laws were being tightened up and people wanted to file before the laws changed.

(The big banks had convinced congress to make it harder for debtors to get relief.)

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

The number of bankruptcies filed in 2010 reached 1,530,078. That was an increase of 8.7% over 2009. Even though the economy is starting to show signs of a recovery, people still need relief from debt.

“The [2005] law was supposed to reduce filings, but we are very close to levels we were at then,” said Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute. “The laws of economic gravity are more powerful than the laws passed by Congress.”

I can’t agree with him more. Here are a few tips if you are considering bankruptcy.

Tip #1: Sometimes not filing bankruptcy at all is preferred to a Chapter 13 Bankruptcy filing. Let me explain why.

A Chapter 13 is basically a repayment plan. Very few debts are wiped out. In addition, your whole financial life is placed in the hands of a bankruptcy trustee.

They oversee all your finances so you can attempt to repay everyone. Contrast this with a Chapter 7 Bankruptcy where you can erase debts you can’t afford.

Tip #2: When you interview bankruptcy lawyers, ask about their ratio between Chapter 7 filings and Chapter 13 filings. A good bankruptcy lawyer will be able to help you file Chapter 7 and avoid a Chapter 13 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.

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. Winter Park Short Sale Realtor Short Sale Realtor. Winter Park FL Short Sales. Winter Park 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 US Bankruptcies just reached a 5 year high is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – We often get asked that question. Some people think that since they are walking away from a large upside down mortgage, then the bank won’t approve it.

That usually isn’t true. I wanted to put together a few examples of people the Stop Foreclosure Institute has helped with a short sale.

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

That way you can get a good idea of exactly how much debt you can erase with a short sale. Check out some of the examples below.

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 [phone]

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.. 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. Winter Park Short Sale Realtor Short Sale Realtor. Winter Park FL Short Sales. Winter Park 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 Debt Can I Erase With An Orlando Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – This is a continuation of a former article about short sales. We often get asked if a short sale is even worth the effort.

“Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.”

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

Short sales are worth the extra effort. They enable you to buy another home much faster than you would have to wait if you experience a foreclosure.

And they cost you nothing. All the costs are covered by your lender. Now, I’m sure you’re thinking, “I might have to pay my agent to sell the house. That sounds risky.”

That is a legitimate concern. Here is why the lenders are willing to pay your agent. If they foreclose on the home, they will have to hire an agent to sell it.

So why not just pay the short sale agent. Extensive studies have been done on the advantages of a short sale versus a foreclosure.

The study results showed that a lender will make more on a short sale than a foreclosure. Oftentimes the difference is huge.

I have seen some lenders lose hundreds of thousands of dollars. They turned down a short sale thinking the home would sell for more as a foreclosure.

The home ended up selling for much less. That is why lenders like short sales and are willing to pay all of the 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. Winter Park Short Sale Realtor Short Sale Realtor. Winter Park FL Short Sales. Winter Park 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: Why Should I Short Sale? It Costs You Nothing is provided as a courtesy to our viewers to help them make informed decisions.

Orlando FL – We often get asked if a short sale is even worth the effort. “Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.”

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

When you are having a tough time financially, it may seem like you will never get back on your feet. But, most people do get back on their feet.

They find another job and start making money again. Their credit will usually be back to normal in 2-3 years.

Why not buy a new home at that time? If you short sale, then you will be eligible to do that. Fannie Mae will consider you for a new loan 2 years after a short sale.

You would have to meet all of their credit guidelines and other lending criteria. Most derogatory credit items such as late payments or collections won’t have as much of an impact when they are 2 years old.

In addition, there are many ways to get derogatory items removed from your credit. The other great option is an FHA loan. FHA allows you to buy a home with only 3.5% down.

Current FHA guidelines will loan to you 3 years after a short sale. Contrast that with the 5-7 year wait required if the home is foreclosed on by the lender.

That is the number one benefit of a short sale. You can get back on your feet and buy another home a lot faster than if the lender forecloses on your home. Thinking about a short sale?

I can help you short sale your property and you may 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. Winter Park Short Sale Realtor Short Sale Realtor. Winter Park FL Short Sales. Winter Park 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: Why Should I 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 Luis. Here is Luis’s Question.

“I am working on a loan modification on my home. I just don’t want to be upside down and want a fair interest rate. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn’t make sense.

How can I get a loan mod with a fair interest rate where I am repaying what my home is worth today? Thank for your help, Luis.”

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

Here was our answer. You are asking for something that most lenders don’t like to do. Lenders don’t like principal reductions. Here is why.

Principal reductions usually have to be written down right away on their financial books. If you owe them $300,000 and they reduce your loan principal to $150,000, then they immediately have to reduce the company’s earnings by $150,000 for the year.

If they do that on enough loans, then it hurts the CEO’s ability to get a bonus. He may even risk losing his job. I don’t offer much sympathy to CEOs, but that’s how it works.

Here is what lenders like to do instead. They will reduce your interest rate to 2% for 5 years. After that, the interest rate will go back to the original level.

That way the write off will be much smaller than $150,000. It might be a $30,000 write off. That makes a much smaller difference on the CEO’s bonus for the year.

It’s also one of the reasons that most loan mod programs don’t work. The banks aren’t willing to be realistic.

It’s also why I think a short sale is the best principal reduction plan. You get to erase the bad debt. Rent a home for 2-3 years and then buy a new one at today’s market level.

That way you guarantee your principal reduction and don’t waste time arguing for a principal reduction with someone who isn’t allowed to give it to you. 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. 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. Winter Park Short Sale Realtor Short Sale Realtor. Winter Park FL Short Sales. Winter Park 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..

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