In these tough economic times, it’s hard to know where to turn to get sound advice on what to do when your income isn’t keeping up with your expenses. Adjustable rate mortgages, rising insurance costs, increasing tax bills, gas prices, job loss – it can be overwhelming!
The options are many, and bankruptcy or foreclosure can often be avoided and should only be a last resort.
Talk with Nancy, a trained specialist, and let her help you determine the best course of action for your circumstances.
Contact Nancy today!
(813) 789-7836
nancycross@crossteamrealty.com
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Contact Nancy
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To obtain more information about pre-foreclosure, short sale, and REO real estate, please enter your information in the fields below.
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The PANDA Team has the Foreclosure Rescue Program and it could help you!
 The British Police introduced The Panda Car in the 1960s, and it still uses the "Panda" designation on it's vehicles today...
This was a "Ford Anglia", and was used for all kinds of rescue...
We're ready to jump into high gear to save you from foreclosure!
But first some information...
There are several terms you need to be familiar with when dealing with a possible foreclosure, and you should probably be aware of how the process normally progresses.
The Lender can decide how many months of non-payment they will accept before starting the process, but figure on 3 to 6 at the outside. After that they will send a Notice of Default, outlining the amount you owe, how late you are, and what you can do to become current again. At the same time, or soon afterwards, they may file a Lis Pendens in the County Court, which states their intention to sue. Once the Court has assembled the documentation, a Notice of Action will be published, and then finally you will be informed through a Final Judgement that a Foreclosure is imminent. Foreclosure itself is handled through an auction. We strongly recommend that you consult an attorney if you find yourself in this situation. Of course we would be happy to assist in you finding a well-qualified attorney too.
During the "pre-foreclosure" period, while the lender and court are going through the process above, you may be able to arrange a "short-sale" of your home. Most Lenders insist that your home be listed for sale by a licensed professional, and it is usually a good idea to have a "short-sale" qualified licensed professional manage the short-sale process for you too, since it can be somewhat complex. |
What is a Short Sale?
A short sale is when a Lender agrees to accept less than the amount owed to pay off a mortgage. In our current market in Florida, this often occurs because the value of the home has dropped below the amount owed on the mortgage.
Why would the Lender accept a Short Sale?
Well to begin with, the Lender is in the financing business NOT the Real Estate business, and certainly would prefer NOT to own your property. Accepting less than the full payoff for the loan now, may help the Lender avoid an even lower payoff later, since there are costs associated with every stage of the foreclosure process. If the Lender has to take possession of the property, they incur property management costs as well as still having to sell at market price or below.
What if I have an equity loan or second mortgage too?
Normally the primary loan holder will be the entity to file for foreclosure, since they have "1st position", and will receive the funds (or the property) at foreclosure. Second or subsequent liens are paid from any funds left over after the 1st position lienholder has foreclosed. In a short sale situation, there are NO funds left, so lenders in 2nd or subsequent positions will receive nothing if a foreclosure occurs. For this reason they may be willing to accept a much reduced payoff, which will be negotiated as part of the short sale process.
How long does a Short Sale take?
The normal process calls for a Licensed Real Estate Agent to list the property for sale, using all normal means to create a sale. Once a Buyer makes an offer on the house, the agent will submit this to the Lender and the Short Sale process begins. From this point it can take 3-5 months, while the Lender assigns a loss mitigator and or "investor" to the process, and requests a wide range of information from the Seller, Seller's agent and Buyer's agent. So, since the house has to be marketed first, then still needs 3-5 months to close, it can easily take 6 - 8 months! Not many Buyers want to wait this long...
Can I buy a home again in the future?
We recommend you seek advice on this question, but one source we use is the Fannie Mae Selling Guide. You will see that a person who has foreclosed, used "deed in lieu of foreclosure", or declared bankruptcy must wait at least 4 years before seeking new financing, whereas a person who has used the short-sale process need wait only 2 years.
Why use the PANDA Team's Foreclosure Rescue Program?
1. We buy your house
2. We are qualified short sale professionals
3. We reduce the time a short sale takes
4. We handle ALL aspects of a short sale for you
a. Assemble the documents required by the Lender
b. Negotiate with the Lender
c. Find the new Buyer
d. Manage the Closing
TO LEARN MORE ABOUT THE FORECLOSURE RESCUE PROGRAM ENTER YOUR NAME, PHONE, AND EMAIL ADDRESS IN THE BOXES TO THE LEFT.
The PANDA Team will respond quickly and setup a time to explain the Foreclosure Rescue Program in detail. |
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| If you're a Real Estate Agent, and would like to learn more about our Foreclosure Rescue Plan and the benefits for you, please click Realtor Information to learn more, or call Nancy at 813-789-7836. |
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