FL couple threatens Bank of America with foreclosure

ST. PETERSBURG, Fla. – June 7, 2011 – Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle.

So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff’s deputies who had a judge’s permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88.

“The branch manager was visibly shaken,” attorney Todd Allen said Monday, recalling the visit to the bank last week. “At that point I was willing to take the desk and the chair he was sitting in.”

Short Sale vs Foreclosure

 

 

Short Sale vs Foreclosure

Buying a short sale has its pros and cons, and so does buying a foreclosure. Not knowing the short sale process and how it affects you as a buyer, OR not understanding the way foreclosures are sold can lead to lost time, money, and headache. Take a moment to familiarize yourself with the processes for each, or suffer the consequences!

Which one is a better buy for today’s home buyers? 

Government Bailout Money coming to FL!

I’m not a huge fan of bailouts, but looks like this little bailout might help FL to some degree. Probably not too much, but check it out…

Dustin

Obama administration: $208.4M to stabilize Fla. neighborhoods

TAMPA, Fla. – Sept. 10, 2010 – The U.S. Department of Housing and Urban Development (HUD) awarded an additional $208,437,144 in funding to Florida communities struggling to reverse the effects of the foreclosure crisis, the third round of funding through HUD’s Neighborhood Stabilization Program (NSP).

To kick off the Florida funding – part of a $1 billion package for all states – HUD Deputy Secretary Ron Sims joined Congresswoman Kathy Castor yesterday in Tampa, which will receive $4.7 million for local foreclosure efforts.

New Tax Rules for Short Sales – Foreclosures

Suzy explains the past tax consequenses of a short sale and how the new “Mortgage Forgiveness Debt Relief Act of 2007 HR 3648″ helps people trying to complete a short sale More information at: sccrealestateuncensored.com/2007/mortgage-forgiveness-debt-relief-act-2007/ micasamidinero.com/2007/mortgage-forgiveness-debt-relief-act-2007/
Video Rating: 4 / 5

Loan Modification/ Short Sale info for Top Lenders

Here’s a list of Top Lender’s websites where their Loan Modification and/or short sale information and forms can be filled in or downloaded. If you don’t see your lender here email or call me and I’ll be glad to help you find what you need. Please also keep in mind that some lenders don’t have company specific forms and generic forms can be used. Contact me and I could also supply those if you need…

Wells Fargo- Payment Help, Phone   (800) 678-7986

Wachovia- Loan Assistance, Phone (866) 975-1814 or (866) 642-9405

Bank of America/Countrywide – Home owner Assistance, Phone (866) 880-1232

Chase/WAMU-  Mortgage Help, Phone (866) 550-7505

Citi Mortgage- Home Help, Phone (866) 520-5499

Suntrust Mortgage- Home owner Help, (800) 443-1032

FL condos hit hard spell pain and opportunity

After showing, selling, evaluating, and previewing hundreds of properties (either in person or online) I’ve witnessed FL condos take a HUGE loss in value over the past few years. That spells good news AND bad news depending on who you are. If you own a FL condo and bought it prior to 2009 then it’s probably bad news, but if you are looking to pick these properties up for a significant discount then this is definitely good news. There’s a few things that both sellers/condo owners, and buyers need to keep in mind…

Buying Short sales vs. Bank Owned Properties (REOs)


With the majority of sales being Short Sales and Foreclosures in our current market I thought I’d explain a little about each one and some of the pros and cons.

There are upsides and downsides to each, for example:

Buying a Foreclosed home- (Bank owned, REO, etc)

When you are buying a foreclosure there are usually bank required addenda/contracts that will be utilized when buying which sometimes scare would be home buyers. They are not to be feared if you understand what is required of you, and the terms they contain, but if you are fearful it’s always good to have your attorney review them BEFORE you sign.

Are Foreclosures Really Good Investments?

The answer is…it depends…

First, you need to identify what makes a deal good to you? Good price? Good Condition? Good Terms? Some combination of the three? Knowing what makes sense for your goals and finances is the key knowing if the property you’re looking at is a deal.

First things First…..

When thinking about buying a foreclosure, or any home for that matter, make sure you know what your goals are for the property BEFORE you make the offer!!!

Just remember, “if you fail to plan you plan to fail”, at least most of the time anyway. When it comes to my clients, I let them know upfront that if they like a property that needs $30K in rehab costs, and a lot of out of pocket expenses, but they don’t have much money to put into the deal readily available, that they need to be careful.

Why all the Foreclosures- What’s the Deal?

No one with a pulse could miss the all news about the “Foreclosure Crisis” we are facing as a nation, and particularly here in S. Florida.  I’m sure the gurus of late night tv who teach you “how to make millions in foreclosures”, or whatever the spin, will be really raking in the cash thanks to all the publicity.

One question I seem to get every now and then is the reason behind so many people are facing foreclosure right now. Who’s to blame? Is it the government? The banks? Those mean ‘ol real estate investors?I thought I’d take a minute to quickly address what I’m seeing in my daily life as a Realtor here in Broward County FL.

Save my Home!

Contact me to request information on your current situation. If you’re not able to make your monthly mortgage payments or are seriously struggling to do so YOU HAVE OPTIONS!

Everyone’s situation is different and waiting until things get worse only means you’ll have less options than you would if you take action now. Get educated and understand what you need to do to either keep your home, or get out of it without seriously regretting the consequences you could face.

You owe it to yourself and your family to take a few minutes and find out what you can do. I’ll be glad to give you sound advice and do my best to lead you in the right direction in this difficult time.

. Coral Shores Realty's Dustin Miller 6876 West Sample Road, Coral Springs, FL 33067-4283 (954) 907-4773 Realtors Coral Springs Locations Real Estate Directory