Nate's Bright Ideas: August 2011

Tuesday, August 9, 2011

Is It A Law Or A Lender Policy?

I’m working on a Short Sale in the Sandy Ridge Community in Davenport Florida right now. We have been negotiating with the lender as well as the Home Owner’s Association trying to make the deal come together. After a couple of months of negotiating, the buyer raised their price and we have a short sale approval from the lender which gives them their required net payoff.

All is well in Short Sale Land right? Wait a minute, not so fast. We also just found out that the lender (Seterus) just scheduled a foreclosure sale date. Really Seterus? Really??? The first thing I did was get in touch with the negotiator and ask her to have the auction sale postponed so that we can get the short sale closed since we have an approval. She agreed and I figured we were all set.

Then I received another email from her stating that Florida Law states that all foreclosure sales postponement requests must be made at least 14 days from the scheduled sale date. Well that’s news to me I thought. Off I went to do some research and make some phone calls. And look what Broker Bryant found for me:

Title XL
REAL AND PERSONAL PROPERTY

Chapter 702
FORECLOSURE OF MORTGAGES, AGREEMENTS FOR DEEDS, AND STATUTORY LIENS

View Entire Chapter

702.07 Power of courts and judges to set aside foreclosure decrees at any time before sale.--The circuit courts of this state, and the judges thereof at chambers, shall have jurisdiction, power, and authority to rescind, vacate, and set aside a decree of foreclosure of a mortgage of property at any time before the sale thereof has been actually made pursuant to the terms of such decree, and to dismiss the foreclosure proceeding upon the payment of all court costs.

I sent this right on over to the negotiator and her next email was something to the effect of “I may have made a mistake in calling it a law, but this is the policy we operate under”. “Oh, I see. So it’s a lender policy rather than a state law. Let me speak to your supervisor please”.

This situation just goes to show you that you really need to do your research and arm yourself with all the knowledge you can if you are selling a Davenport Florida Short Sale.

Call me if you need help!

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Posted via email from nathantutas's posterous

Monday, August 8, 2011

I Thought All Davenport Short Sales Were In Pre-Forclosure...

I Thought All Davenport Short Sales Were In Pre-Forclosure...

No Sir, that’s not the case at all. It can be, but certainly not always. Short sales are a symptom of property values in Davenport being lower than what they were when the home was mortgaged, nothing more.

Let’s say your employer transfers you to a different state. You move your family and all your possessions to your new home and now you are covering two mortgages, or one mortgage and one rent payment. There may not have been a hardship before you moved, but there certainly may be now. If this is putting you in a financial hardship then the property would need to be sold as a short sale without being in foreclosure.

You may not be behind on payments yet, but if it’s eating into your savings, then it could be a hardship at some point and you might miss payments then. That doesn’t mean you are in pre-forclosure, it means you are stuck with a home that is putting a strain on you and your family.

This is an example of a short sale that is not in pre-foreclosure. Don’t let the rumor mill guide you in a vitally important decision. Do your own research and get professional help when it’s needed. Happy selling folks.

Image courtesy of katietegtmeyer at Flickr