Category Archives for "Short Sales"
Jacksonville, Florida short sale information and tips.
March 10, 2020
- in Short Sales by Minna Reid
Florida Short Sales with VA – The VA Compromise Sale Process Explained!
The VA offers a lot of great benefits like the VA mortgage – a 100% loan program with low interest rates and fees. Unfortunately sometimes those with VA loans need to sell, and often there is just not a lot of equity in the home. If you have a VA loan and owe more than […]
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February 26, 2020
- in Short Sales by Minna Reid
What happens to the second mortgage in a short sale?
What if I have two mortgages and I need to short sell my home? Many of our short sellers have a second mortgage. In a short sale all mortgages and liens need to be settled in order to complete the sale. Here’s how it works:Mortgages get paid off in the order they have been recorded […]
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October 28, 2019
- in Short Sales by Minna Reid
TOP 5 BENEFITS OF A SHORT SALE VS. FORECLOSURE!
What do you have to gain by short selling your Florida home versus letting it foreclose? TOP 5 BENEFITS OF A SHORT SALE: 1. Avoid the stress of falling behind and losing your home to foreclosure. A foreclosure can be mentally and emotionally draining and publicly humiliating. A short sale will help you stop foreclosure, and […]
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July 23, 2019
- in Short Sales by Minna Reid
PROS AND CONS OF A FLORIDA SHORT SALE
Wanting to sell but owe more than your home is worth? A short sale may be an option…find out the pros and cons of a Florida short sale! PROS AND CONS OF A SHORT SALE: Pros Sell your home and settle the excess mortgage debt. Stop struggling with high mortgage payments. Stop foreclosure. Pay no […]
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June 26, 2019
- in Home Selling , Short Sales by Minna Reid
What is a HUD partial claim and how will it affect my Florida home sale?
You may have a HUD partial claim against your Florida home if you have a mortgage backed by FHA and you’ve ever had any type of loan workout – including a loan modification. What is a HUD partial claim?A partial claim is an interest-free loan from HUD to help make a loan modification possible, or […]
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May 8, 2019
- in Short Sales by Minna Reid
Should I make mortgage payments during my Florida short sale?
The most common question I get from sellers considering a short sale is whether they should (or have to) make mortgage payments during their short sale. There is generally not a requirement by the lender for a seller to be current or behind to pursue a short sale (a few exceptions apply).When deciding whether or not to […]
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March 20, 2019
- in Short Sales by Minna Reid
TOP 5 BENEFITS OF A FLORIDA SHORT SALE!
What do you have to gain by short selling? The top 5 benefits of a short sale over a foreclosure: Avoid the stress of falling behind and losing your home to foreclosure.A foreclosure can be mentally and emotionally draining and publicly humiliating. A short sale will help you stop FL foreclosure, and move on with your […]
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February 12, 2019
- in Short Sales by Minna Reid
Will you qualify for a short sale?
A financial hardship will be required to get your Jacksonville short sale approved. The most common hardships that are easily approved and widely accepted by lenders:UnemploymentEmployment or military relocationDivorce Death of a co-borrower/household wage earnerFacing foreclosureIncrease in expensesDecrease in incomeNatural disaster impacting property or employmentMedical issuesHowever there are many other reasons to short sell that […]
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January 31, 2019
- in Short Sales by Minna Reid
A guide to understanding deficiency judgments in Florida and how to avoid one.
Did you know that if your Florida home forecloses, the lender can be granted a deficiency judgement and pursue you for their losses?What is a Florida deficiency judgement?If you owed $400,000 on your Florida mortgage, and it foreclosed and sold for $350,000…the missing $50,000 would be the deficiency. Florida laws allow the lender a year […]
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January 23, 2019
- in Short Sales by Minna Reid
Should I modify my mortgage?
A lot of my short sale clients have either considered a mortgage modification or been turned down for one by the time they have made the decision to move forward with a short sale.WHAT IS A LOAN MODIFICATION?In a mortgage modification the lender makes permanent changes to the terms of your home loan resulting in […]
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