Do I Qualify for a Short Sale in Royal Palm Beach?

Do I Qualify for a Short Sale in Royal Palm Beach?

It’s a good thing that you are asking this question as a lot of homeowners are not even aware of the fact that Royal Palm Beach short sales are not for everyone.

To know whether you qualify or not, you need to do a little research.

How much is your property worth?

Let’s say you owe $500,000 on your home loan. Your property used to be worth $800,000 but is now worth only $500,000. In this case, you are ineligible for a short sale because your property can sell for enough money to settle your debt.

Short sales would only be possible if your loan balance is more than what your property is worth. Even if your home’s value today is less than what it was originally, that’s not the lender’s concern as long as it’s enough to settle your debt.

Can you keep up with your mortgage payments?

Many homeowners assume that the only way they can qualify for a short sale is when they have already gotten behind with their payments. That’s not necessarily true, though. In some cases, creditors allow homeowners to short sell their properties even when they are still able to pay their mortgage on time.

Usually, they do so when a homeowner – and his or her agent – has proven that money problems in the future are a strong possibility. If you’ve lost your job, was confined to the hospital for a serious injury, or had become involved in any kind of emergency that’s prevented you from earning enough money – all these are possible reasons for applying for a short sale.

What does the law have to say?

The laws can change pretty often when it comes to short sales. Unfortunately, these laws are not something frequently broadcasted. As such, you may have to do more than a bit of research to find out which laws apply to your case.

Do you have an agent working with you?

This is probably the most important qualification of all. If you want to qualify for a Royal Palm Beach short sale then it’s imperative that you get a great and experienced agent to represent you. Technical issues regarding short sales can be quite confusing, but you don’t have to worry about them as long as your agent is there to smooth everything out. Indeed, you can easily cut through all the steps above and reach the “finish line” in an instant with the help of a short sale agent. Just make sure that your agent is indeed experienced with short sales and not just with real estate transactions in general.

Contact your Royal Palm Beach short sale agents- Nestor Gasset and Katerina Gasset at 561- 753-0135 today for your Short Sale help. 

How Do I Write My Royal Palm Beach Hardship Letter?

How do I write my Royal Palm Beach hardship letter?

Your Royal Palm Beach hardship letter is one of the most crucial parts of your short sale package. Without this letter, your short sale package won’t be complete and thus unworthy of your lender’s attention. With so many short sale packages landing on the desks of creditors, you can’t really blame them for prioritizing those who have already done their homework and making it as easy as possible for creditors to process short sales.

Write your own Royal Palm Beach hardship letter!

With or without an agent, you need to write a Royal Palm Beach hardship letter on your own. This is very important as your letter is likely to sound more sincere and convincing if you tell your story with your own words.

There’s nothing wrong, however, with asking advice from your agent or any professional editor or writer you know. In fact, you can start getting helpful advice right here and now with the tips below. Hopefully, they will help you short sell your home quickly and for the best price possible.

Don’t ramble.

Rambling is often seen by lenders and bankers as a pure waste of their time. Even if the rest of your Royal Palm Beach short sale package is good, a poorly written hardship letter can still be more than enough reason to have your application junked.

The best way to avoid rambling is to prepare an outline and draft for your letter. Revise them as much as you can before finally composing a letter. Make sure you get your timeline right and keep everything simple and straightforward.

Support your statements with facts and figures.

Sure, saying that you are “stricken with poverty” can tug heartstrings, but you know what? Even if you have the most softhearted creditor, he probably won’t let his emotions rule his head at work. It would be disastrous if he did as he’d end up bankrupting the very company he’s working for by approving all loan and short sale applications.

In most cases, a creditor would look upon your hardship letter as a business proposal of sorts. If an individual who wants to put up a business needs to prove his financial capacity to do so, your hardship letter is usually about proving your financial incapacity to maintain your home or pay for its mortgage.

Even if you are not literally impoverished, it never hurts to emphasize your financial difficulties in your hardship letter. It help sets the wheels in motion and get your application for a Royal Palm Beach short sale approved more quickly.

Call your Royal Palm Beach short sale agents- Nestor Gasset or Katerina Gasset at 561-753-0135 today and get you short sale questions answered!

Should I Just Walk Away from My Royal Palm Beach Home?

Should I just walk away from my Royal Palm Beach home?

Leaving a home that you have grown to love – especially one you have also spent your childhood and most years of your life in – is a heart-wrenching thing to do. But if the threat of foreclosure looms, walking away from your Royal Palm Beach home may be the best solution all around.

Bad Credit

In fact, that’s saying it lightly. Depending on your pre-foreclosure credit score, you could end up getting a below average credit score that will practically cross you from every lender’s book. Worse, foreclosures are not the type of financial transaction that’s easy to wipe out from your record. It will remain there for years to come.

Loan Applications

A pre-foreclosure loan is hard enough to get as it is. Imagine how more difficult it would be if you ended up needing a loan after foreclosure.

You have to understand that foreclosures – no matter the circumstances – are a mark against you. They will not in any way endear you to any private lender or banker. If you do get a loan, rest assured that its interest rates and terms would be a lot more demanding than usual.

Tax Bills

Granted, you won’t pay a penny when your home is subjected to foreclosure proceedings. That’s your lender’s problem. Your problem starts when the next tax period comes along since the amount of debt which has been forgiven is taxable in the eyes of law.

Job Employment

If you do not walk away from your Royal Palm Beach home, then yes there’s a good chance that you will be able to enjoy living in your own home “rent-free”. But all good things come to an end, and your rent-free vacation will end once the court reaches a decision about your case. After that, you would have lost your home for good. With a foreclosure marked against you, it would be more difficult for you to apply successfully for a job.

If, however, you had chosen to walk away – such as by short selling your home – you would have just lost your home a little earlier than expected. On the other hand, you would have avoided having foreclosure marked against you and your job prospects would significantly improve.

When considering the consequences of foreclosure, it’s very important to look at it on the long-term. Don’t allow yourself to dwell too much and too long on what will happen on the short term. If you do, losing your Royal Palm Beach home will probably be the least of your worries.

To find out what your foreclosure options are, contact your Royal Palm Beach short sale agents- Nestor Gasset and Katerina Gasset at 561-753-0135 today.

What Are My Royal Palm Beach Foreclosure Options?

What are my Royal Palm Beach foreclosure options?

If there’s a will, there’s a way, and it’s important to remember that when you are facing the possibility of foreclosure for your home in Royal Palm Beach. Aside from the options you are already aware of having, you should also take the time to do some research as there are other options you may have been unaware of and could present a better solution to your problem.

Option #1: Allow your home in Royal Palm Beach to be foreclosed.

When confronting a problem, it’s always a good thing to have all the facts in the open. It also means acknowledging the worst possible scenario and the consequences that come with it. If you are facing possible foreclosure for your home in Royal Palm Beach, it would mean having your credit score adversely affected – and that kind of record usually takes a number of years to repair.

On the upside, you won’t really need to spend a dime on foreclosure proceedings. You may also be able to enjoy living “rent-free” in your home for months or even a year until the court formally grants your creditor the right to foreclose upon your property.

Option #2: Get a new loan to pay for your mortgage.

This is the best solution for various reasons. Firstly, you get to keep foreclosure agents off your property by paying your mortgage off. Secondly, you get to keep a roof over your head. 

Unfortunately, it’s an option that’s easier said than done. Considering the fact that you’re behind your payments, you will find few creditors willing to extend you a new loan. The only time they’d probably be willing to consider doing so is if you have another – unencumbered – asset to put up as collateral.

Option #3: Apply for a Royal Palm Beach short sale.

Ultimately, this may prove to be the best solution all around.

Read: A Royal Palm Beach Short Sale May Be Your Best Option

A short sale takes place when your home is sold at a price that is lower than the amount of money you have borrowed when mortgaging your home. 

To illustrate, let’s say that your home can be sold today at $500,000.

Unfortunately, your home is mortgaged at $700,000. This, by the way, is made possible by the fact that your home had an inflated value during the time of purchase.

You cannot insist on selling your home for $700,000 because no homeowner in his right mind would pay that price when he can get a similar property for much less. If you sell your home for $500,000, that would still leave you with a $200,000 debt.

With a Royal Palm Beach short sale, however, a creditor may be inclined to accept $500,000 as full payment for your mortgage. The remaining balance will be either waived or you may be given a chance to settle it at a future or indefinite date.

Contact Royal Palm Beach short sale agents- Nestor Gasset and Katerina Gasset at 561- 753-0135 today for your Short Sale help. 

Can I Sell My Home as a Royal Palm Beach Short Sale?

Can I sell my home as a Royal Palm Beach short sale?

A Royal Palm Beach short sale is not in the cards for every homeowner. You may have heard countless stories about short sales being able to save homeowners’ financial reputations from ruin. While such stories may be true, it cannot unfortunately apply to everyone.

There are various factors that have to be considered before you can successfully apply for a Royal Palm Beach short sale.

Mortgage

In most cases – but not always, mind you – homeowners have an easier time getting lender’s approval for short selling their home when they are already behind on their mortgage payments. Being late with their payments basically underscores the fact that they are no longer able to afford maintaining their home. Furthermore, short selling it may save the lender more money – and time – in the long run instead of having the property subject to court proceedings for foreclosure.

Current Market Value

The current market value of your home basically refers to the average price it would sell in today’s market. In most cases, the present market value of your home is far below than what you have borrowed against it. Even if you were to sell the house successfully, the proceeds still won’t be enough to cover your debt.

With short sales, you – or better yet, your agent – need to prove that the current market value of your home is less than what you owe. You also need to emphasize that it’s of no fault of yours that the market value of your property is currently what it is.

Finances

If you are not yet behind your payments, you may nevertheless be struggling very hard to keep up with it. You can use this as another reason for applying for a short sale. It would help if you can prove as well that your financial situation is dire and that it’s only a matter of time before you do fall behind with your payments.

What Happens When Your Application for a Royal Palm Beach Short Sale Is Approved?

Aside from resulting with much rejoicing and champagne corks flying in the air, the following also takes place once your lender gives the OK for short selling your home.

• Your lender and agent come to an agreement about the amount for your home’s short sale price.
• Your agent looks for a buyer.
• Your agent helps you close the deal.
• Proceeds go to the lender and your loan may be listed as partially or completely paid. Either way, the word “foreclosure” won’t appear in your credit report.

Call Nestor Gasset or Katerina Gasset at 561-753-0135 today and get your Royal Palm Beach short sale questions answered!

What is a Royal Palm Beach Short Sale?

What is a Royal Palm Beach Short Sale?

To cut a long story short, a Royal Palm Beach short sale may be the best solution for struggling homeowners facing possible foreclosure. Although Florida has more forgiving laws on short sales compared to those in California, it does not mean you can hide your head under the sand forever. There comes a time when you have to face reality and tackle your problem straight on if you don’t want to have your entire credit ruined alongside losing your home.

How Does a Royal Palm Beach Short Sale Work?

Homeowners sell their properties – with their lender’s approval – at a price below the amount of their loan balance. Sale proceeds are used as payment for their loan. The rest is either forgiven or may be settled with a new promissory note. Meanwhile, homeowners are able to avoid having foreclosure included in their records.

When Should You Consider a Royal Palm Beach Short Sale?

A Royal Palm Beach short sale is in the cards if the following holds true in your situation:

• You are having difficulties keeping up with mortgage payments and may already be behind
• You owe more money on your house than what it’s currently worth
• You would like to avoid having a foreclosure included in your credit report
• You would not mind selling your home as long as it means reducing – if not eliminating – your debt and saving your credit reputation

If all of these apply in your case, then it’s definitely time to consider short selling your home.

What Should You Do to Get a Royal Palm Beach Short Sale?

Homeowners who have full possession or ownership of their homes don’t need to consult anyone when they want to sell their properties. But if your property is encumbered or mortgaged, then you need to consult your creditor or lender first before making any move regarding the sale of your home.

For short sales, it is typically best to hire a real estate agent to negotiate with your lender on your behalf. Short sales are rather more complex than simple or straightforward sales of real estate properties. If you insist on working on your own, there is very little chance that your lender will give you the green light for short selling your property.

Ultimately, hiring a Royal Palm Beach short sale agent will help you save time, money, and effort.

• You don’t have to lift a finger to find the appropriate buyer for your home. Your agent will do all the marketing. You just have to do what you can to make your home appear sale-able and at its most attractive.
• You don’t need to research about the documents needed for your short sale package. Your agent will give you a list and, if necessary, help you obtain or create the said documents.

Your Royal Palm Beach short sale agent will be with you every step of the way and may act as your buffer against rude creditors and unscrupulous buyers.

Call Nestor Gasset or Katerina Gasset at 561-502-1577 today to get all your Royal Palm Beach short sales questions answered.

A Royal Palm Beach Short Sale May Be Your Best Option

A Royal Palm Beach short sale may be your best option.

In some of our previous articles, you have learned why foreclosure is your worst possible option – even if it means being able to live in your own home without “rent”. In today’s article, however, you are going to learn why short sales – on the other hand – are likely to be the best solution all around to your dilemma.

No Loose Ends

First and foremost, short sales for Royal Palm Beach homes have a way of tying all loose ends and keeping everything in their proper place.

Let’s say your home is worth $300,000 today but you also have a $400,000 mortgage taken out on it. If your home is subjected to foreclosure, you won’t have to pay the remaining balance of $100,000 (400,000 – 300,000) of your debt, but you will have to pay taxes for it. As far as the law’s concerned, the amount of forgiven debt is taxable income. So in the end, you will still owe money – this time to the government instead of a private creditor. It’s up to you to figure out how to pay it and immediately at that.

Things work a lot differently with short sales, though. Everything is first and foremost discussed within your short sale package. If the creditor approves your short sale package, then it goes without saying that he also approves the suggested selling or short sale price of your home. The proceeds would be used to pay all resulting taxes and fees because of the sale and what remains of it would be given to your creditor as payment of your debt.

So if you short sell your Royal Palm Beach home once again for $300,000 and you owe $400,000, you will be left with $100,000. In most cases, however, this amount can be settled with an unsecured promissory note and you are not usually expected to pay it immediately.

Employment Prospects

Foreclosure records never look pretty on credit reports, and they can cause employers to turn you down even if you are perfect for the job. As far as most people are concerned, foreclosures are a sign of irresponsibility – regardless of the circumstances – and no employer would want to hire someone irresponsible.

Short sales, however, are not seen in the same light. In many ways, they’re simply considered a strategic counter move to foreclosure and as such most employers would have no problem hiring you even if your home in Royal Palm Beach has been subjected to a short sale.

Need help with your Royal Palm Beach short sale? Call Nestor Gasset and Katerina Gasset at 561-753-0135 today!

How can you make the bank approve your Weston Short Sale?

How can you make the bank approve your Weston Short Sale?

This is the ultimate question that Weston short sale sellers have been seeking answers for, especially because of the high number of short sales that the banks are rejecting.

When the banks receive a short sale proposal or what is called a “short sale package”, their goal is to ensure that their losses will be minimal. They’ll do the math to see if they stand to lose more in a foreclosure than in a short sale, then they will come to a decision whether or not to approve or reject the short sale.

There are instances wherein a lender determines that they’d suffer less loss by foreclosing on the home and selling it through an auction versus doing a short sale.

Here are concrete steps you can take to make the bank approve your Weston short sale:

1. Follow their instructions and requests. If the bank needs you to send additional documents, make sure that you comply. There’s no use with trying to raise arguments with the bank during the process because ultimately, it is their approval that you need for the short sale property that you’re selling.
2. Submit documents right away. Ensure that you sign and submit all documents to your Weston short sale agent without any delays. Banks often revise forms such as the short sale contract addendum and the arms length affidavit. Coordinate with your Weston short sale agent to make sure that all the forms used are updated. This is important to do especially before the short sale is set to close. Outdated forms in the short sale package can cause unnecessary delays.
3. Make sure documents are complete before submitting them. The lender needs that each page of your short sale package is complete so that they can perform a thorough evaluation. Before submitting documents, double check that all items are complete. Don’t submit shortened versions of any documents. Sending an incomplete short sale package and requirements will not only cause your short sale to be delayed, it may even halt the process altogether. Make sure that you also indicate your loan number on each page of the short sale package.
4. The HUD must also state the seller’s and the buyer’s names. There are cases when the bank will ask for the names of the junior lien holders to be stated on the HUD. Also, your Weston short sale agent has to ensure that the buyer’s side of the HUD is correct and complete if the HUD includes credits from the seller to the buyer.
5. Include a Comparative Market Analysis (CMA). The CMA, which your Weston short sale agent has to prepare, will show the lender the proposed price of your home as justified by its current market value.
6. Submit your buyer’s offer with supporting documents. To assure the bank that your buyer is serious and is capable of purchasing the home, include copies of of the buyer’s pre-approval letter from his lender, his earnest money deposit, and also his bank statement.

By following these 6 steps, you immediately increase the odds of your Weston short sale getting approved by the bank ten-fold.

Call Nestor Gasset or Katerina Gasset at 561-753-0135 today and get you Weston short sale questions answered!

The Top 3 Port St. Lucie Short Sale Myths Debunked

The Top 3 Port St. Lucie Short Sale Myths Debunked

If you're contemplating on doing a Port St. Lucie short sale, but you're not entirely sure if it's your best option, you need to find out if these short sale myths might be holding you back from making an informed decision.

Is doing a short sale going to do more harm than good, or is it the only means that can help you avoid foreclosure? Read on to find out as we debunk the top 3 Port St. Lucie short sale myths.

1. Before the bank approves a short sale, the seller must be in default.
   Sellers in default will immediately catch the lenders' attention, but it's definitely not a requirement to be eligible for a short sale. As long as a seller submits a hardship letter, he or she can continue paying the monthly mortgage and still qualify for a short sale. There are situations that sellers, though they struggle with making the monthly mortgage payments, don't really fall behind.
2. Banks will never accept a discounted payoff.
   You might be thinking, "Well, my home is now only worth roughly 50% of the price back when I bought it. The bank will never approve a short sale for that price." But the fact is, banks research the current value of your home and perform their own appraisal. The price acceptable for your home is not based on the mortgage price but instead, it's based on the selling price of comparable homes that has been recently sold in your area. This means that banks will accept the current value of short sale homes and not their mortgage value.
3. A short sale can be done in a short period of time.
   The short sale process is one that is complex, much more so in comparison to traditional sales. Closing a short sale can take several weeks, and even months. The timeframe depends on several factors such as the short sale lender, how smooth the negotiation process will go, the ownership of the home, and the completion of required documents, among others.

Regarding the ownership of the home, the servicing bank might not be the lien holder. In this scenario, the investor's guidelines should be the one that must be followed. Since banks each have their own guidelines that they apply in the short sale process, this could be one particular cause of delay, most especially if there is more than one lien holder.

After debunking these Port St. Lucie short sale myths, we hope that we've enlightened you whether or not doing a short sale is your best option. If there are still some things that concern you when it comes to the short sale process, contact an experienced short sale agent in your area.

Call Nestor Gasset or Katerina Gasset at 561-753-0135 today and get your Port St. Lucie short sale questions answered!

Should I Short Sale My Coral Springs Home?

Should I Short Sale My Coral Springs Home?

This has got to be one of the most frequently asked questions and also the one that has the most judgmental responses. There are countless reasons why a Coral Springs homeowner would decide or should decide to short sale their home. Some may have been laid off and couldn’t keep up with the payments anymore and some could be worried with their savings – having used it all up through the loss of equity in their Coral Springs Fl home. In other words, these homeowners could no longer afford to continue to throw money down the drain. All of these are factors in making the decision of short selling your Coral Springs home.

The first thing you need to discuss with the family is your budget.  Are you currently unemployed or were you laid off from your job?  If that is the case, what jobs are you looking into?  Is it likely that you’ll be able to land one of those jobs? If you’re planning on starting a business, how probable is it that you’ll be able to start it? Is this income stream strong enough to support the amount needed to make the mortgage payments? Or if you’re late, will it allow you to catch up?

How far behind exactly are you on your payments? Were you declined for a loan medication by your lender? Where do you plan on moving if you do decide to go through with the short sale? We’ve helped a number of homeowners determine that renting a home will not only give them less space, but will actually cost them more compared to trying to find ways to keep their home. For situations like this, it’s not advisable for homeowners to do a short sale.

Do you have investment properties that are not producing enough profit to make the mortgage payments due to the real estate market crash?

Do you just want to walk away from your home or your property and leave the keys on the table?

These are the questions that continuously plague the mind of homeowners in Coral Springs Florida and other areas in Palm Beach County.

In most situations, doing a Coral Springs short sale is a better option than having a foreclosure case against you and the judgment that the banks are entitled to after the foreclosure.

There are also some programs that you can be approved for where your lender can give you $3000 to help you move and in some programs, the amount that the lenders gives can go up to $20,000.

Although we cannot guarantee that you’ll be approved for one of these incentive programs, we promise you that your call to us is completely confidential. Over the phone, we will perform a short sale intake evaluation with you and discuss what your foreclosure options are.

Call Nestor Gasset or Katerina Gasset at 561-753-0135 today and get your Coral Springs short sales questions answered!

8 Things You Shouldn’t Miss If You’re Thinking of Doing a Davie Short Sale

8 Things You Shouldn’t Miss If You’re Thinking of Doing a Davie Short Sale

The process that comes with doing a short sale can be very daunting but here are 8 useful tips that will surely benefit Davie short sale sellers as they go along:

Find an experienced Davie short sale agent. You have to make sure that your agent is a short sale specialist, is highly skilled in negotiations, and is very knowledgeable in providing Florida short sale services.

As soon as you recognize possible problems with paying your mortgage, contact your lender. Not only will it clarify the potential consequences, but it will also help you find out the amount you owe, and also put together a plan of action.

While going through a short sale, try your best to continue with your mortgage payments. This is advised to lower the amount of your debt and the possible deficiency from the short sale. Continue paying the HOA fees as well.

To get you out of the mortgage deficiency, negotiate a waiver with your lender. There isn’t a lender who will not be agreeable to undergo a settlement.

Make sure that your hardship letter is clear and concise. Be certain that you have all the necessary papers to back up your claim.

Assure that your Davie short sale agent will skillfully provide an accurate market analysis so that your home can be given a suitable price. Your agent should also have the entire documentation essential in the short sale process and should be able to advertise your home to the best and full extent.

Before signing anything, make sure you understand all the terms especially if it is concerning future obligations for unpaid debt.

Send required documents needed in the short sale process as soon as possible. If you cooperate through every step of the way, particularly with requirements, this will greatly help the short sale process move swiftly.

Short sales can be very beneficial. If not carried out properly, however, it can lead to grave consequences.  Allow us to guide you through the process, enlighten you with all the information you’ll need, and equip you with all the necessary tools with our Davie short sale services.

Call Nestor Gasset and Katerina Gasset at 561-753-0135 to get your Davie short sale questions answered today!