Serving all your real estate needs.. Jill Modell-Dion: Realtor
Call today 239-895-2050 or email @ jmodelldion@yahoo.com
You can also click onto these websites swflorida2own.com
dionteam.com and theseniorhousingexpert.com
Specializing in the following properties: Waterfront, Rehab,Foreclosures, Senior Housing & Prop. Management
Bank Owned /Foreclosures/ REO's /Short Sales
Short Sale in Real Estate
There are many people in today's economy that have lost their homes. Loss of income, medical bills, unable to find work are just some of the stresses everyday people face.
As a result, many folks find themselves facing foreclosure which destroys credit, can be embarrassing for the whole family and strips owners of their dignity. For owners who can no longer afford to keep mortgage payments current, there are some alternatives to bankruptcy or foreclosure proceedings.
One of those options is called a "short sale."
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due.
Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid.
How can we help you short sale your house.
I work with a group that specializes in working with Lenders to negotiate a lower payoff so your home can be priced to sell. There is no charge to the home owner and your house is aggressively marketed to sell.
Contact me today to get more information.
239-895-2050 or jmodelldion@yahoo.com
Real Estate Trends in Cape Coral
Tips on Buying Foreclosures
As a result, many folks find themselves facing foreclosure which destroys credit, can be embarrassing for the whole family and strips owners of their dignity. For owners who can no longer afford to keep mortgage payments current, there are some alternatives to bankruptcy or foreclosure proceedings.
One of those options is called a "short sale."
Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid.
How can we help you short sale your house.
I work with a group that specializes in working with Lenders to negotiate a lower payoff so your home can be priced to sell. There is no charge to the home owner and your house is aggressively marketed to sell.
Contact me today to get more information.
239-895-2050 or jmodelldion@yahoo.com
Real Estate Trends in Cape Coral Tips on Buying Foreclosures Foreclosure A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.
Stages of ForeclosureThe foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.
If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the
The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.
Foreclosure Auction At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.
When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.
