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Your
Shorts Sales and Foreclosures Specialist
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There
are 3 basic types of sales that can occur when a homeowner has
fallen behind in payments or no longer has the ability to
repay his mortgage. These reasons can vary from loss of
income, increase in property taxes and homeowners insurance to
refinancing beyond the homeowner ability to repay and even
divorce. These are just a few of
the reasons not all and anyone of them can cause allot of
distress for the homeowner. Loosing a home is not something I
would wish on anyone. If you know that this is something that
is going to happen and you cannot avoid you still have some
control on the out come and how it will affect your credit.
The best thing to do is to have a Short Sale. With that said
let me explain the 3 basic types of foreclosures. We will
start with the least painful for a homeowner and the one that
is least harmful to your credit.
1: The Short
Sale. The Short Sale is named such because the home
is being sold for less than what is owned the Bank or Banks
(there can be and often is more than one mortgage). A short
sale can be a long slow process, as it has to follow a
process. First the homeowner must agree to sell the home for
less than what is owed and next the bank must agree to accept
less than what is owed. Even if the homeowner lists the home
and a contract is accepted it is still contingent upon the
bank being willing to accept the short payment. If the
homeowner is successful with a short sale his credit is
usually hit with 100-point loss. This is bad but nowhere near
as bad as if the home was fully foreclosed. If done
correctly the loan will show satisfied and if the
homeowner is cautious with his credit afterward they can
usually recover and rise there credit score back up again and
one day may have the ability to purchase another home. If this
is a situation you are in you should contact a qualified
Realtor and ask them if they are familiar with a Short sale
and can help you sell. If you are in the Hillsborough or Pasco
county area I would be glad to assist you and my services to
you will be at no additional charge as the bank will pay my
commission which will be negotiated between myself and the
bank. This process should begin quickly, do not wait
until your home is scheduled to be foreclosed and you are
evicted.
2: A Foreclosure: This
will occur when the home owner is behind in payments and is
not willing to or can not catch up on payments and just lets
the bank proceed with the foreclosure. A notice is sent
stating that the owner is behind in payments, then another
notice stating that unless they catch up on payments or make
other arrangement a "Les Pendence" will be filled (the
Official notice that the bank is going to foreclosure) then
another notice of a court hearing then if found in default the
home will be foreclosed and the home owner evicted. This will
hit the homeowner credit with a loss of aprox. 250 point
(devastating) also it will show the home was foreclosed and
the debt not paid. (This is why a short sale is more
beneficial)
An average foreclosure can cost a bank $20,000,
$30,000 and even $40,000. This is another reason a bank
is willing to accept a Short Sale, as there loss will not be
as great.
3: R.E.O. This is short for
Real Estate Owned: This is real estate that has been
foreclosed and the bank now owns. No matter what you have been
told a bank does not like to own real estate through
foreclosure. They now have a bad loan on the books and have
bared the expense of all the legal fees and the time and cost
to foreclose on the
home. |
Call
(813)
514-8910 today to talk with Ron!
we make a donation in your name with
every closing
For the Children's Miracle Network
Hospital.
at RE/MAX we really do
care.
RE/MAX
Realty Associates
12000 North Dale Mabry,
#140, Tampa, FL 33618.
Direct Phone line
813-514-8910 toll
free 1-800-433-8893 fax#
813-968-7028
Ron Zemetres Realtor ®
G.R.I.
Cell #.
813-843-3474
email
Ron@Zemetres.com
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