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Orlando Foreclosures Hit July Record |
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Thursday, 20 August 2009 20:46 |
Orlando Foreclosures hit another record for foreclosures in July
The number of properties subjected to foreclosure-related filings grew 7 percent from June to July, with one in 355 homes being hit with an initial default notice, notice of foreclosure sale, or foreclosed on and repurchased by a bank, data aggregator RealtyTrac reported today.
The 367,198 foreclosure-related filings tallied by RealtyTrac in July represented a 32 percent increase from a year ago, and the third record in five months.
“Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions,” RealtyTrac Chief Executive Officer James Saccacio said in a press release. |
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Should I Short Sell my Orlando Home |
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Thursday, 20 August 2009 20:46 |
Should I Short Sell my Orlando Home
We get numerous questions weekly in regards to whether or not to Short Sell a property in the Orlando area. So, I want to post the latest question I just received and the response that I sent. Perhaps that will help when you are considering short selling your Orlando area property. Question:
Our hardship is that my husband and I wanted to sell the house and we can’t due to the drop in price. Our mortgage is for $242,000 and our house is currently value at about a third or a fourth of the mortgage we owe. I am still making payments on the house but we do not need the house anymore as we are not living in Florida. Due to the drop in price, we are unable to sell it, but since we do not want to ruin our credit, we are still making payment on the house. Is there a way I could short sale the house, without stop making payments on the house?
We are current in our payments. We pay about $1700 a month, but my loan is 5/1 ARM Interest only. We have had the mortgage for 3 years (Since 7/2006), so until 7/2011, it will be interest only and I do not want to imagine what will happen, once the mortgage changes to a variable rate.
Financially speaking, we can afford the monthly payments for now, but within the next year or so, we will be buying a house in NY and we wont be able to pay 2 houses.
Answer:
One of the main considerations for a short sale is the fact that you can’t afford it. If your monthly debt’s outweigh your monthly income then you should qualify. If they aren’t then they’ll probably say no to it. You did not indicate the lender. You’ll probably want to call them and ask them their advise. Every lender that |
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Orlando Short Sales, Do I owe money after the short sale? |
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Thursday, 30 April 2009 12:54 |
• Will I owe the bank money after the short sale is accepted?
• If you are able to negotiate a price and buy it for less then I owe, will the bank come after me for the difference?
When the lender or bank accepts a short sale on the property for less than what was owed, then a deficiency exists with the loan. The deficiency is the difference between what the homeowner owed and the amount the property sold for.
For example, Mr. Jones owes $300,000 on her home and the lender accepts a short sale for $200,000. There is a deficiency of $100,000 for which the lender can then sue |
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Considering a Short Sale on your Orlando Home? |
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Thursday, 30 April 2009 12:54 |
The easiest way to explain a short sale is to describe what happens when a short sale occurs. A short sale takes place anytime a property is sold for less than what is owed on the mortgage and the lenders who own the underlying mortgages accept less than full payoff as a settlement. This has become common in today’s real estate market.
This allows the property to transfer to the buyer even though the lenders did not receive the full amount that they were owed.
Short sales usually take place during the foreclosure process when a buyer is trying to buy a property and the purchase price will not cover the payoff of the mortgages in full. Most often these properties are bought and sold after the foreclosure process has started but before the process is completed through a sheriff’s or trustee’s auction sale. This stage is called the pre-foreclosure stage.
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Shopping for an Orlando house? Now is THE Best Time! |
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Thursday, 30 April 2009 12:53 |
OK, I’m going out on a limb here!
After more than a year of free-falling sales and prices, Orlando’s battered housing market is getting support from both first-time home buyers and investors taking advantage of record foreclosures and distress sales across the region.Sales and how they work.Orlando area sales.Orlando market, and bankers are saying yes more often to short sales, which spare them the expense of a full-blown foreclosure.
With mortgage-interest rates at record lows and an $8,000 tax credit for buyers who haven’t owned a home for at least the past three years, existing-home sales |
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