Archive for the 'Stop Tampa Bay Foreclosure' Category
Palm Harbor Short Sales and The Cat Who Wouldn’t Give Up
September 30th, 2008 categories: Stop Tampa Bay Foreclosure
We have to put our 16-year old cat, Moe, to sleep today. It’s gut-wrenching.
I feel like his murderer - and his savior. It hit me last night that it’s not much different than helping someone through a Palm Harbor short sale when the Pinellas foreclosure date is near.
My logical mind says I know we’re putting Moe out of his misery. It’s something we have to do - we’ve explored all of our other options, expensive tests, psychoanalyzed every possible impending (yet imaginary) miracle to death, and yet, we realized we hit the point where the rubber just has to meet the road.
We hired the best professional available - the vets at Westlake Animal Hospital in Tarpon Springs. We are following their guidance and we are sending Moe the Cat packing with a sardine last-meal, a scratch and a kiss, and we’ll be there at the end when he pounces up to kitty heaven. And get a grip Julia … I tell myself, he’s just a cat. I’m tell myself I’m not going get too emotionally involved. But hey, we’ve been friends for 16 years and have been through a lot together.
There are lovely people all over Pinellas County struggling with their upside down houses and the loss of a job, ballooning interest payments, and medical bills who need help navigating their way out. Thousands of options are thrown at them when they are already in a state of disarray financially and emotionally.
The lucky ones find professionals to help them navigate their way out. Through the sea of attorneys, foreclosure notices and extensions, daily nasty phone calls and letters from the banks, upset children that are losing their home and not sure where they are going yet, and often times tears and the family fights that can ensue.
With the help of a caring professional, this gut-wrenching drama can actually turn into a well-thought out and carefully executed short sale plan of action to avoid foreclosure. Credit can be saved, at least in part, and in a rare instances, sometimes without even as much as a 30-day late on a FICO report. Despair turns to Read the rest of this entry »
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Relief for Palm Harbor Home Owners and Buyers is Here. HR 3221 - Passed into Law Today
July 30th, 2008 categories: Market Updates, Stop Tampa Bay Foreclosure
We’ve got breaking news for Pinellas home owners. Today, as reported by Reuters and just a handful of others, President Bush signed into law HR 3221 - The Housing and Economic Recovery Act of 2008, and it’s got a little something for a huge number of Tampa Bay home owners, including refinancing options, help for seniors and veterans, and a huge break for first-time buyers of Pinellas real estate.
You’ve probably heard a lot of debate about this housing bailout bill because it’s partially designed to help troubled homeowners - and some people that aren’t having trouble making the payments on their Dunedin homes feel like this is an unfair handout. So, all judgement and debate aside, I am just going to stick to the facts.
What’s In it For Me? The Lowdown on HR 3221
Renegotiate My Mortgage: Some Palm Harbor home owners will be able to cancel their existing mortgages and get new fixed-rate 30-year loans! The loan would be no more than 90% of what their property is worth today. You’re eligible if you obtained your loan before January 1, 2008, if it’s for your primary residence, you are able to verify your income, and, as of March 1, 2008, your total monthly housing payment must be at least 31% of your total household income. By the way, if you need help determining what your home is worth today, give us a call at 727-366-0324 or contact us here and we’d be glad to assist.
A couple of caveats: 1) Just because you ‘qualify’ with the restrictions above, your lender doesn’t have to agree to renegotiate. Talking to a professional Realtor experienced in negotiating Pinellas foreclosures and short sales is a great first step. 2) You will have to pay a 1.5% annual fee on the balance when you pay your annual taxes and you’ll only be able to keep 50% of the equity at best when you sell. Nonetheless, this is the best option you probably have if you’re facing a Pinellas foreclosure.
I’m a would-be First Time Pinellas Homebuyer: You’re eligible for up to a $7,500 tax credit! Hallelujah, there is such a thing as FREE money! Contact us for details or check out the scoop by Ron Lieber of the NY times. Although the story was posted before the bill passed - it covers all of the bases.
I’m a Veteran and/or a Senior: Lenders will have to wait 9 months instead of 3 to begin foreclosure proceedings on returning veterans from active duty, and seniors seeking Read the rest of this entry »
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Great News: After a Pinellas Short Sale You’ll be Able To Buy a New Home in Only 2 Years. Don’t Let the Bank Foreclose!
July 5th, 2008 categories: Stop Tampa Bay Foreclosure
As Pinellas Short Sale experts, we are regularly flooded with inquiries from people wanting to know why they should bother doing a short sale. Many have given up hope and seem resigned to the fact that it doesn’t matter a hill of beans if the bank forecloses on their Dunedin home.
We’ve been spreading the word that a foreclosure is much more damaging to your credit report than a short sale or even a Chapter 7 bankruptcy . If you are able to do a short sale and avoid BK altogether, then you’re in a fantastic position to get on with your life. Of course, one should always consult with an attorney and a CPA for advice specific to their situation.
That being said, Fannie Mae in their Announcement 8-16 last week came out with the proof in the pudding.
Effective August 1st, Pinellas homeowners will be able to qualify for new loans only 2 years after a short sale! The waiting period is 4 years after a discharge date on a Chapter 7 bankruptcy. On a foreclosure there’s a whopping 5 to 7 year waiting period, with the added mandate that the person must have a minimum of 10% down and will be permitted no cash-out refinancing.
If you or someone you know is having trouble making their Palm Harbor home payments, please urge them to contact Julia at 727-366-0324 or Matt at 727-366-0325 for a confidential assessment of their situation.
By the way, having a certified short sale company with specially qualified Pinellas real estate professionals managing your short sale is FREE - it costs the homeowner nothing.
There are other ramifications in this bill that will effect investors - more on that soon.
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