Understanding Pinellas Foreclosures and Short Sales: A Glimpse into Murky Waters

There’s some great news for buyers looking for Palm Harbor foreclosures AND some promising news for Dunedin home owners in trouble – IF their loans happen to be backed by Fannie Mae.  This post will address the plans that are in play to simplify the Pinellas short sale approval process and hopefully modify or refinance some of the many troubled mortgages throughout Pinellas, Hillsborough and Pasco Counties. 

WARNING:  This post is just a snippet of the legal options available for troubled homeowners and for Tampa Bay investors looking for a new home.

The Pinellas Peach has compiled these Federal and Fannie Mae Resources for those facing Tampa Bay foreclosures, and our two cents worth on some.    

The Fannie Mae Loan Lookup can help you determine if Fannie Mae is the investor on your mortgage.  This Borrow FAQ is worth a read and explains why you may care.

Federal Financial Stability Plan includes press releases from the U.S. Treasury Department’s Financial Stability Plan, including press releases on the second lien program and foreclosure alternatives for short sales.  If you’re considering a Palm Harbor short sale, please note that much of this reads like an Infomercial and much of the good news bantered about has thus far failed to materialize for homeowners in any significant manner or number. 

The Making Home Affordable Program features Fannie Mae Affordable Refinance options and the Making Home Affordable Modification Program.   This month, a client friend of ours was actually able to make a Fannie Mae backed loan modification work – and he did it all by himself!  This is the ONLY instance we’ve heard of where a homeowner successfully modified his own mortgage without the help of a professional.  Maybe there is hope!  By the way, not all loan modiciation companies are the same – contact us for a referral.

There’s also a program to modify a 2nd mortgage if serviced by certain companies.  We’re skeptical, but if you’ve got a success story, please post a comment below.  We’d love to hear one. 

Short Sales Simplified?  Just announced Friday, Washington’s talking about solutions to streamline the short sale approval process.  BLAH, BLAH, BLAH.  The short sale approval process remains painfully slow and murky at best, and, whether buying or selling, can be a real headache if not represented by professionals like us.  Well .. honestly, they’ll still be a headache but we’ll be with you every step of the way and we handle most of the pain management for you!

Want to buy Palm Harbor foreclosures and Pinellas Short Sales?  Hit the subscribe button below so as to not miss the upcoming details about available incentives if buying Fannie Mae Pinellas foreclosures. 

If you can’t wait, give us a call at (727)366-0324.  Julia and Matt Fishel, Managing Agents at Suncoast Partners at Keller Williams Realty in Palm Harbor.