If you’ve been struggling to make your payment and have maybe considered getting help with a loan modification or deed-in-lieu of foreclosure, then read this first!  There are many companies claiming to help but in the long run they take your money and get you no results.  The FTC has passed new rules to protect you, but you need to know what they are!  READ HERE

A new state program may help you pay your mortgage if you are unemployed or under-employed.  The Florida Hardest-Hit Program has $1 Billion to help homeowners pay their mortgage.  Yes, there are some rules and guidelines, but if you qualify, you may get assistance.

Here’s the Link:  https://www.flhardesthithelp.org/

Let me know if you are able to get help! I Love success stories

Or, if you’re interested in selling your home BEFORE it goes to foreclosure, Contact me right away for a free consultation!

Andy’s Foreclosure Interview Reunites a Family After Years & Years!

Wow, this is a story you probably don’t hear every day. Yesterday I was contacted by email by someone stating she was a relative of someone I had interviewed about losing her Seminole County home to foreclosure. Through some back searching I found the article she was referring to, and it wasn’t me that had interviewed the lady, I just happened to be interviewed in the same article. I never met her relative. In several emails back and forth though, I explained that I had never met her, but did a quick Google search and sent her a link with some local contact info including an email address and place of employment (all public records here… not disclosing any secret info!).

Well, today I just got this email:

Andy
You have just been used by God to help two sisters fine each other and to discover that there are two more sisters My daughter and her sister are so happy right now it is unbelievable. They are both Managers and have two children thanks thanks and more thanks
My The Lord bless your life and family
Pastor Nissi

Isn’t that unbelievable?

Out of the tragedy of losing her home, a single mom and her 2 kids are now reunited with their family because of the story that was written about her.

And I had the honor of bringing them all back together.

Wow.

That’s all I can say right now. Wow.

Don’t let it get this far… if you or a family member is having a problem paying their mortgage… call me right away! You do have options but the longer you wait the fewer options you’ll have.

Is it safe to buy a foreclosed home?

Right now that is what’s on most of America’s minds… Is it safe to buy a foreclosure home?  Several of the large lenders have frozen foreclosure proceedings because of possible mis-steps in the filing of the foreclosure case file.  Some people argue that the entire foreclosure might be invalid, even on some homes that have already been resold to a new homeowner!

Last week I was interviewed by the New York Times for an article on this very topic!  Writer Ron Lieber asked me what were some of the things that someone thinking of buying a home needs to be aware of when buying a bank owned home.  Here’s some things to watch out for:

£     Right now in Central Florida there are about 400 homes that were recently pulled and coded as “temporarily off the market” in our MLS system.  I can’t say they were all a part of the freeze, but it’s probably a good guess!  If the home you’re interested in was NOT pulled off the market, it’s most likely not one that is affected.

£     There is often a lot of damage to the homes, both from neglect and being vacant for so long and from vandalism and even sabotage.  Some people take their anger out on the house and you might be buying the result of their anger.  Make sure you hire a good home inspector to check the property out thoroughly before closing.

£     If you are getting a mortgage to buy a home, a bank owned home may have challenges in the condition of the house.  If it needs repairs it may not be financeable by a traditional loan and you may need an FHA 203K rehab loan that allows for the repair money to be included.

£     The seller, in this case the bank, has the right to dictate the terms under which they will sell you their house.  The banks are taking this to the extreme and will put numerous restrictions on you such as:

o       You can’t resell or refinance YOUR house within a certain time frame

o       They won’t pay certain closing costs that a seller normally pays.  This means you will pay more to buy the house

o       If you don’t close on time they will charge you $50-100/day for an extension

o       If you don’t close they can keep your deposit (which by the way THEIR attorney will be holding)

o       They won’t even give you a written contract… you will need to start your inspections and other costs based on a verbal acceptance… the written will follow in a week or two.

o       With your written acceptance, they will send you the “bank addendum” which changes all of the terms of the original offer.  These can be a few pages to over 20 pages long.  You must review this very carefully before signing.  Once you’ve signed it you’ve accepted it.

£     Often the properties are priced very low to drive competition and after you put in an offer you’ll be told that there are “multiple offers” and they are asking you to come back with your “highest and best” offer.  Often these properties will sell at or above the asking price, sometimes even 20-30% OVER asking price!

£     Make sure you buy title insurance to cover any possible mistakes in the title.

I don’t want these things to scare you from buying a foreclosed home.  Many of my clients AND myself have bought foreclosed homes and have had no problems with them.  It is intended to just make you aware of some of the things to watch out for before buying a bank owned home.

As you can see it is very important to have a Realtor® working for you that knows the ins and outs of buying a foreclosure home.  Ask them how many buyers they’ve worked with and how many years they’ve been buying foreclosures.

If you’re in the Central Florida area, I’d love to answer any questions you have about buying a bank owned home, either as a home to live in or as an investment property.  Call me at 407-260-8800 ext. 107 right now!

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

Andy Tolbert, The Blue Jeans Broker, has launched a new website to help homeowners make one of the most difficult decisions they’ve ever faced… what to do when you can’t afford your home any more!

When Andy sits down with a homeowner, she spends as much time as is needed to answer all of their questions about their situation.  To help more homeowners, she has recorded videos of the top questions and answers and has posted them on a website for you.

visit www.BeforeYouShortSale.com now for all of your answers!

I just read a great article about short sales in the Washington Post.  They may not be Seminole County Short Sales, but the same principles still apply here and in Orange County Florida.

I’m working on some video tips that will help you make this big decision… watch this site for an announcement in the next week or so.

Here’s the Link to the Article.