Today Fannie Mae launched a new consumer education website on foreclosure options.

The way I found out about it was when I received a call from the Orlando CBS affiliate, Channel 6 News asking if they could interview me about the new site… www.KnowYourOptions.com

So while he was asking me questions about the ramifications of a foreclosure on your life (credit, jugdments, etc.) I pulled the site up quickly to take a peek!  It’s actually a pretty good site!

A lot of the information they are sharing is similar to the info I put on MY info site, www.BeforeYouShortSale.com which is for Orlando Short Sale Homeowners info.

They cover the options for when you want to keep your home, including something they call “Deed-for-Lease” which is where you deed your home to the lender (called a deed-in-lieu of foreclosure or dil) and then they will rent it back to you for a specific period of time for current market rent value.  The other options when you want to stay in your home are: refinance, repayment plan, forebearance, and modification and on the site they explain what each of these are and the benefits.  But remember… if you want to stay in the home you will need to be able to qualify for the payment, so if you are without income you will most likely not qualify to keep your home.

They also cover the options for when you can’t or don’t want to keep your home.  These include Deed-in-Lieu and Short Sale and cover the what’s, how’s, and benefits of these options for your family.

Within an hour of my “phone interview”, the reporter from Channel 6 was here in my office with his camera guy to do an interview and find out more about what options a homeowner has in Orlando if they are facing a challenge with their mortgage or facing short sale or pre-foreclosure.  The spot will run tonight on Channel 6 between 6-7pm and I’m figuring will be re-run on their website www.clickorlando.com

If you are a homeowner facing trouble with your mortgage, check out the site: www.KnowYourOptions.com it has some really good information that might make your decision easier.  And if you are in Seminole County or the Orlando area… give me a call!

UPDATE: Here’s the link to read the article and watch the video replay, CLICK HERE

In the first quarter of 2010 (January - March) there was a total of 1,210 sales in Seminole County Florida.  Of these,

23% were Short Sales (a short sale is when the seller owes more to the bank than what it’s worth and the bank lets them sell it anyway)

37% were REO which stands for Real Estate Owned (means the bank has already taken the home as a foreclosure and is now trying to sell it)

39% were “Regular” Sales, meaning neither a Short Sale or an REO

If you are thinking of buying or selling a home that potentially is a Short Sale or an REO, make sure your Realtor is experienced in these tricky transactions.

If you need more info on the possibility of selling YOUR home as a short sale, please visit http://www.BeforeYouShortSale.com

I like to report what’s going on in the Seminole County foreclosure market (which includes short sales and bank owned).  Whether you’re considering selling your home or you’re looking to buy a home (first homes AND investment properties) The knowledge our office has of the Seminole County market can help you meet YOUR goals!!!

In the first quarter of 2010, there have been 1,210 sales, of those, 282 were short sales (23%), 445 were bank owned (37%), and 483 were “regular” sales (39%).  Also, median home prices are broken down the same way: Median Home price in Orlando Area was $110,000, short sales were $115,000, bank owned was $74,000 and “regular” was $166,500.

Ready to see for yourself?  Here’s the link to see the 729 homes: Click Here

Today marks the first day of HAFA (Home Affordable Foreclosure Alternatives) which is the new program that is supposed to make short sales easier, faster, smoother, and may even PAY you to cooperate with your lender, but in reviewing some of the guidelines, I noticed a biggie that isn’t being talked about… YOU SHOULD STILL BE IN THE HOME!  If you move out into another house it might hurt your chances!  Here’s some basic guidelines: 

• Principal residence. The property may be vacant up to 90 days before the date of the Short Sale Agreement (SAA), Alternative Request for Approval of Short Sale, or DIL but only if the borrower documents they were required to relocate at least 100 miles from their home for purposes of employment and they have not purchased another property in the 90 day period.
• First lien originated before 2009
• Mortgage delinquent or default is reasonably foreseeable
• Unpaid principal balance no more than $729,750 (higher limits for two- to four-unit dwellings)
• Borrower’s total monthly payment exceeds 31% of gross income

If you are considering a short sale on your home, make sure you talk to a Realtor that is well versed and understands the ins and outs of doing a short sale, don’t be afraid to ask them!  HAFA just went into effect today, so they won’t know all of the kinks in the HAFA program, but they should have a thorough understanding of the short sale process and what it takes to get them closed!

Good Luck!

p.s.  If you’re in the Central Florida area, I would love to offer a free consultation on your situation.  And no matter WHERE you are, you can get some basice short sale tips at www.BeforeYouShortSale.com