Browsing Posts From: Short Sales

May 24, 2013 Posted by: TownsRealty

Buying a home in Orlando Florida is a most discussed topic these days, and it is debatable if the current real estate market trend will lead back up to its previously glory, but one thing is certain-  it is good time to buy a house in Orlando Florida. The current Real Estate is providing favorable opportunity to buy a good property. There are lots of options for first time buyers and investors alike.  Both find short sales to be a great opportunity because they sell for a little bit less […]

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Can I Short Sell if Current on Mortgage Payments?

September 28, 2012 Posted by: TownsRealty

Is it possible to go for a short sale without missing mortgage payments? Lately, there has been a very common question in the minds of all the struggling homeowners, which is whether or not they can opt for a short sale without missing a single payment on their mortgage loan. The answer is “may be” or “probably not”. Well, yes there is a myth among the homeowners that one can’t go for a short sale if he hasn’t missed his payments or rather you have to miss your mortgage payments […]

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September 6, 2012 Posted by: TownsRealty

The federal tax break called the Mortgage Forgiveness Debt Act Relief applies to debt forgiven in calendar years 2007 through 2012. The Mortgage Forgiveness Debt Relief Act is meant to save tens of thousands of dollars for homeowners that are selling their homes through a short sale or who are in foreclosure and allows taxpayers to exclude income from the discharge of debt on their principal residence. The Mortgage Forgiveness Debt Relief Act excludes that income from being taxed through Dec. 31, 2012. There are only 4 months or 116 […]

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August 31, 2012 Posted by: TownsRealty

Fannie Mae and Freddie Mac will implement new short sale guidelines starting November 1, 2012. These new guidelines are intended to make the short sale approval process easier for eligible borrowers. Here are some of the changes: Relief to those underwater borrowers who need to relocate more than 50 miles for a job. Borrowers who have a credit score lower than 620 and are 90 days or more delinquent will no longer be required to provide documentation for their hardship. The GSEs will also waive their right to pursue deficiency […]

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August 16, 2012 Posted by: TownsRealty

Not all Orlando homeowners can waiting out the recession in the comfort of their homes. Some Orlando homeowners can no longer afford their monthly mortgage payments and others are facing foreclosure. Some homeowners may even have to relocate to find or keep their existing employment. In the current real estate market many Orlando homeowners have the painful prospect of selling their home for less than they owe on it. The solution may be a short sale – negotiating a deal with your lender in which your lender will agree to […]

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June 28, 2012 Posted by: TownsRealty

Since 2007 Florida homeowners who struggled financially have saved a lot of money with the federal tax break called the Mortgage Forgiveness Debt Act Relief. Now the Act is almost at its end. The Mortgage Forgiveness Debt Relief Act is meant to save tens of thousands of dollars for homeowners that are selling their homes through a short sale or who are in foreclosure and have the unpaid balance of their loan forgiven by the bank. If so, that debt would be considered taxable income. The Mortgage Forgiveness Debt Relief […]

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June 21, 2012 Posted by: TownsRealty

Foreclosure proceedings against homeowners were up in May and that sets the stage for homes values to go down even more in coming months. Default mortgages or home auction notices saw an increase of 12% from April of 2012. May of 2012 was the first month since January of 2012 where such an increase was seen from month to month. Foreclosure activity slowed down sharply last year as banks were dealing with allegations that they had been processing home foreclosures without verification of the documents. In February of 2012 a […]

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June 5, 2012 Posted by: TownsRealty

To qualify for a short sale you have to show your lender that your financial situation does not allow you to be able to make your mortgage payments anymore. Your lender will not approve a short sale based on the fact that your home is worth less than what you owe and you don’t want to keep it anymore.  You have to demonstrate a financial hardship. The reason Towns Realty has closed so many short sales is that we make sure from the beginning that the sellers are qualified for […]

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April 26, 2012 Posted by: TownsRealty

If you have an investment property or a vacation home in Davenport, Kissimmee or Orlando, Florida and you need to short sale it due to financial hardship, Towns Realty can help! Foreclosure is not an option! Towns Realty have helped hundreds of homeowners short sale their homes and avoid foreclosure.  To name just a few lenders that we have worked with: Wells Fargo, Wachovia, Bank of America, Chase, Washington Mutual, EMC, Citi, GMAC, Indy Mac, Suntrust etc. We successfully close our short sale listings and we never give up. We […]

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