BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1)


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1. Know your options

And, would any new lender ever want to take a chance on you again after you failed your last lender, ending up in foreclosure or short-sale? From January through December , short sales, foreclosure starts, and deeds-in-lieu of foreclosure totaled approximately 86,, according to Daren Blomquist, vice president of Irvine-based RealtyTrac.

A whopping Over time they refinanced and pulled cash out, eventually owing 1. Being self-employed, business was off during the Great Recession. After doing research on the Internet and asking people in the mortgage business, they set their goal on homeownership again. Bette went out and found a job. Their family business improved. Foreclosure with extenuating circumstances is a three-year waiting period.

Foreclosure requires a seven-year timeout. So when should you start a short sale? It's time to rip the bandaid off and get started right now! All short sale consultations are completed over the phone and take about minutes. We will need to schedule that phone call directly with Brad. Qualifying for a short sale has gotten much easier in The banks have finally started agreeing that people need out of these heavily underwater mortgages in Florida.

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These tend to be the only true qualifications for a short sale:. The following is a non-exclusive list of hardships that a Lender or Lien holder may take into account when deciding whether to accept a short sale:. The bank needs the above items to verify your position of needing relief.

As it turns out, it is harder to get out of a mortgage than it was to get into one! Don't get frustrated, just remember there is a good amount of paperwork push involved and the attorneys office can help you with this. What is a Deficiency Judgment? This is the legal ability of a bank to seek a judgment against you for the difference of what is owed and what the home is sold for. In Florida they have 1 year after the closing to seek the deficiency balance from you. This is a very - very good reason to use competent parties on your behalf, i.

With the right help, you can be sure to get the best representation both selling the house and best representation with negotiating with the bank. MOST of our clients get this potential deficiency balance waived! How to choose the right real estate agent for your short sale? Don't choose your best buddy, don't choose your mom's friend, don't choose anyone unless they have a TEAM of professionals that can complete the process and the sale.

Most haven't done a short sale and have no idea how to go about it other than what they have "heard" from their office mates.

Meet Tim Murphy of C & F Mortgage - Bouncing Back from Bankruptcy, Foreclosure or Short Sale Event

From my experience, it takes time, persistence, and a large amount of specialized knowledge to make it all work. I did my first short sale in and have since put together a short sale team including a local attorney's office who works on your behalf to negotiate with the bank.


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We keep up with the ever changing world of Short Sales and keep perfecting our processes to better complete each sale. This cost you nothing and should give you ultimate peace of mind knowing you have a competent and professional team working on your behalf. That's a lot of purchase power in just 1 years time. The key is having a documented temporary hardship that caused the need to short sale.

It's a little fuzzy, but yes the mortgage companies will give you a loan after a short sale and almost always after your 2 year anniversary of the short sale and SOME may even do it after that 1st year anniversary still a little fuzzy. Are you there already? If you are, cruise over to the Homes For Sale and have a look at what's on the market! There are more houses than ever available for rent in Jacksonville and the surrounding areas. Many are vacant and never lived in. Many people I have worked with in the past end up in nicer houses that the ones they sold Keep your budget in check and don't be scared to negotiate the right rental terms.

Save some cash, keep paying your bills on time, pay down any other debts, and get ready to buy a home in 1 year. Will your credit be affected by a Short Sale? Yes, absolutely. You can't get out that easy.

About the Author:

No way around it, but if you are reading this, you probably could care less at this point. The good news, your credit will bounce back if you keep paying all your other bills and debts on time. And it bounces back FAST. It's one of the worst real estate markets since the Great Depression, and the buyers in the market aren't getting a deal when buying your house The buyers know this, and their real estate agent knows this. Your house must stand out in the crowd of homes on the market. Follow this items below and it's a good first step:. Almost impossible to keep it hidden as anyone with a brain can figure it out.

Realistically, many of your neighbors are most likely considering doing the same if they are upside down in the value of their homes.

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Lose your job, keep your home

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Schedule a Short Sale Consultation All short sale consultations are completed over the phone and take about minutes. Many of our short sale clients attempted a modification first, but were denied due to the mortgage being too high compared with the current value of the home, having too little income, having too much income, etc. It's a very frustrating process which usually leaves the home owners months behind on a mortgage and still owing much more than the home is worth. That's not a good deal!

We also highly recommend you have legal counsel, we work with several local short sale attorneys in Jacksonville and Ponte Vedra that will provide you short sale services, but you can use any attorney that you please. Most often your bank will require you to attempt a Short Sale for some period of time before they will entertain a Deed in Lieu.

Good luck getting a deed in lieu completed

BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1) BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1)
BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1) BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1)
BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1) BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1)
BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1) BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1)
BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1) BounceBack Today From Short Sale Or Foreclosure! (Bouncing Back! Book 1)

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