Short Sale Requirements Modified for Tampa and Area Home Owners

For many with a Tampa home that is behind on mortgage payments, there are some new rules in place through the Home Affordable Foreclosure Alternative program (HAFA). The modifications to existing rules have been instituted in response to feedback from many including real estate professional, servicers and housing counselors that felt short sales could be improved upon to provide increased efficiency and streamline the whole process. Tampa home owners can benefit from the new program as well by receiving incentives to move from the home.

HAFA no longer will require servicers to confirm borrower’s finances or verify that the borrower’s monthly payment is more than 31% of their debt-to-income ratio. In addition, they have decided not to require a second lien holder to accept the 6% of the unpaid balance on the Tampa home previously required. The cap is still $6000, but the servicer will decide who will be paid and how much they will receive.

They are also requiring those borrowers who are attempting a short sale to receive an answer or an agreement within 30 days, which will be advantageous. Since many homes that could have been sold using a short sale to benefit the homeowner as well as the lender did not go through due to the lender taking too long to make a decision, this could be quite beneficial. The Tampa home that is close to foreclosure can be sold and the lender will not have the expense of a foreclosure. The homeowner will have the chance to keep a foreclosure off their credit report.

HAFA had been recognized for making the short sale process more efficient, however a recent report said only $4.3 million had been spent by HAFA for 661 short sales. This was according to those who oversee the Troubled Asset Relief Program or TARP. Changing the process even more should result in the process becoming even more efficient.

Opponents of the new rules say lessening requirements may permit Tampa home owners who are not necessarily in a situation where they need to sell their home to benefit. Some may use the program to get out of a bad investment. If the borrower does not have to verify their financial situation, the ‘hardship’ affidavit could be manufactured.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

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Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Concerned about Foreclosing on your home in Tampa

If you are concerned about the mortgage company foreclosing your home in Tampa, there are some alternatives. Since loan modifications and other programs developed to help homeowners do not always work, The Home Affordable Foreclosure Alternative Program (HAFA) was developed by the Treasury Department. This program is for homeowners who cannot keep their home even with a home loan modification through the Home Affordable Modification Program (HAMP). If foreclosing (on) your home in Tampa is a concern, this is a way out for many.


The program allows a short sale of the property or the homeowner can transfer the title to the mortgage owner. This deed-in-lieu of foreclosure is also being used by Freddie Mac and Fannie Mae. For those worried about the mortgage company foreclosing your home in Tampa, the program would help them by providing an incentive of $3,000 for relocation. Fannie Mae and Freddie Mac, as government sponsored enterprises, would provide $2,200.

If you are a homeowner facing foreclosing your home in Tampa, the mortgage company would have to determine if you are eligible to participate in the program. There are certain requirements such as the home must be the primary residence of the homeowner. The first loan on the home must have originated before January 1, 2009. The mortgage payments must be delinquent or this must be foreseeable. The balance owed on the home cannot be more than $729,750. The homeowner must be paying more than 31% of their income on the mortgage payments.

The Fannie Mae and Freddie Mac programs are basically the same as the programs run by non-government sponsored enterprises with the following exceptions. If you are facing foreclosing your home in Tampa, you cannot have the ability to make the payments but are refusing to do so. You may not have cash on hand or assets that are equal to or more than three times the monthly mortgage payment.

You may not have a high income after your expenses are paid. In addition, you cannot be within 60 days of the foreclosure sale date without the express approval of Fannie Mae. The Freddie Mac program also requires homeowners to be more than 60 days in arrears when it comes to the mortgage payments.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

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Complete the required information on your home and you will receive a complimentary Computer Analysis, indicating your home's approximate present value on the market today. You will receive this information quickly, by email, and without having to speak to me!

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Thanks,

Nathan Bangs

Tampa Real Estate

Nathan Bangs & Associates - Seller Line 813.739.5965 / Buyer Line 813.739.5925

Most people tend to hang on to their hard earned money during a recession. As a result, consumer spending goes down and prices of commodities, properties and the likes also go down. As bankruptcy foreclosure rises, prices of homes across the country plummet. If you are planning to buy a new home, now is the best time for you to buy that dream home of yours. Most bank-owned foreclosure properties are up for sale at low prices at this point so you can save a lot of money on your new home. To help you find the best bank-owned foreclosure properties, here are some pointers for you.

Hire A Real Estate Agent

Although it is nice to go hunting for some bank owned foreclosure property on your own, it may take a long time for you to find the right properties. Remember that there are so many bank owned foreclosure properties out there that are not being advertised so it is often difficult for you to find these properties if you do not have access to the right database. Moreover, trying to find bank owned foreclosure property on your own can be quite tedious and time consuming. If you one a very busy person and you have a lot of other concerns to attend to, you may not have the time to really hunt for bank owned foreclosure properties. As a result, you may end up with a property that is not so good or too expensive. To make sure that you get the best bank owned foreclosure property for the right price, you need to hire a professional real estate agent.

Visit Different Bank Owned Foreclosure Properties

Buying a home is a big decision. You cannot just buy a home on a whim. To make sure that you will feel comfortable in your new home and new neighborhood, you need to visit different bank owned foreclosure properties before you decide which one to buy.

Tell us what you are looking for at www.HotBankBuys.com

Nathan Bangs & Associates - Seller Line 813.739.5965 / Buyer Line 813.739.5925

www.NathanBangs.com

Nathan Bangs & Associates, Keller Williams Realty
3502 Henderson Blvd., Tampa FL 33609 For Sellers: 813-739-5965


Visit http://www.nathanbangs.com

Florida Second Highest for Loan Modifications in the Nation

The number of Florida loan modifications are increasing as foreclosures increase. The third quarter saw a significant increase in foreclosure activity up to 187,000 or 14.7% more than in the previous quarter. This was an increase of 57.5% more than a year ago. However, home retentions which included shorter-term payment plans, trial period plans and loan modification number 470,321. Florida loan modifications are at 10.6% and California modifications are at 21.6% according to reports that are now being generated on a state-by-state basis. This is the first time for reports to include the state-by-state statistics.

Many of the Florida loan modifications are due to the Home Affordable Modification program (HAMP) that has been implemented by the federal government. 6,411 Florida loan modifications fell under this plan and 17,355 were “other” modifications. Although the number of loans that were behind in mortgage payments by 60 days or more fell to 6.4% during the third quarter compared to the second quarter, the number that fell behind from 30 to 59 day increased by 4.3%.

The number of foreclosures increased to 31.2 %, which was up by 3.7% from the previous year. 382,000 foreclosures were reported in the most recent quarter. These statistics are provided by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. In addition the foreclosures that were ‘in process’ saw an increase of 4.5% or 1.2 million compared to the previous quarter. This number is up 10.1% from a year ago.

Florida loan modification as well as those nationally accounted for 88% of the modifications that included a decrease in interest payments and monthly principal. Included in the modifications 54% resulted in a decrease in payments by 20% and more. The average reduction seen by those who received a loan modification for the third quarter was $396. The modifications through HAMP reduced payments by $585 on average and other modifications show an average of $332.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

PLAYING FOLLOW THE FOLLOWER?

Every morning a telephone operator in a small town received a phone call in which she was asked the time of day. One day, the operator asked her mysterious caller why he called every day to ask the correct time.

His answer? "I'm responsible for blowing the town whistle every day at noon, and just want to be sure I'm right on the second when I do it." With a chuckle, the operator replied, "Here at the telephone exchange, we set our watches and clocks by the town whistle!"

Watch children in a schoolyard and you'll notice the same thing. Children watch the child they perceive to be the leader, and then mimic his or her actions. They never realize that the other child is following the lead of still another.

So how will your day play out? Have you made original choices for the day, or will you be playing follow the follower? Either way, by bedtime tonight you will have been awake for about 16 hours and involved in some activity. Why not end the day with thanks - knowing that whatever you accomplished was by choice - not chance?

It is very easy to lose your Tampa Bay home in this time of financial crisis. A lot of people who have lost their Florida jobs are unable to pay the monthly amortization on their homes which give left banks and financial institutions with no other choice but to foreclose these properties. Fortunately, there are ways of stopping foreclosure. If you are one of those people who are about to lose their homes, here are some simple ways for you to delay or stop bank foreclosure.

Sell Your Home For A Profit

Foreclosure is an ugly thing and you stand to lose a lot of things when your home gets foreclosed. To avoid foreclosure, you may need to sell your home. Selling your home may sound painful to you but when things really get rough, it is better to sell your home and earn some money out of the sale than let the bank foreclose your property. To get the most out of the sale of your home, find out how much is the current market value of your home. If you home is located in a prime location, its value may have increased considerably in the past few years.

To get a fair assessment of the market value of your Tampa Bay home, interview some real estate agents. You may also hire the services of a professional broker to sell your home. The good thing about hiring a professional broker to sell your home is that you will no longer have to go to all the troubles of finding a buyer and then doing the paperwork once the buyer decides to buy your home. What's the catch? The catch here is that you need to pay a commission to the broker after the sale of the home. However, considering the kind of service that you get from the broker, it is only fitting that you compensate your broker well. Remember that there is no such thing as free service these days.

Consider A Short Sale

The Tampa Bay housing market is in a bad shape and many properties across the country are worth considerably less than their original price. If your Florida property has been badly affected by the housing crisis, you may have to sell your home for a lesser price. Yes, a short sale is not very appealing but compared to foreclosure, a short sale is better. To stave off foreclosure and still be able to get a fair price on your property, you need to put your property up for sale as early as possible.

Thanks,

Nathan Bangs

www.NathanBangs.com