Blog Archives

350 M Mortgage Aid

350 M Mortgage Aid

On Wednesday September 25, 2013 the Florida Housing Finance Corporation began accepting online applications for mortgage assistance. The FHFC anticipates it will receive thousands of applications from Florida homeowners who own more on their homes than what they are worth. The website to apply is www.principalreductionflhhf.org. Read the rest of this entry

Short Sales and Chapter 13 Bankruptcy

Short Sales and Chapter 13 Bankruptcy

Chapter 13 bankruptcies are much different than a Chapter 7, and a professional will need to obtain approval from the court if they want to perform work for the bankruptcy estate. In a Chapter 13, normally debtors are surrendering underwater homes. Read the rest of this entry

Foreclosures and Short Sales

Foreclosures and Short Sales

Unfortunately, foreclosures and short sales go hand in hand. Very rarely will the mortgage companies not file the foreclosure suit when the mortgage is six or seven months past due (completing the foreclosure in another matter entirely). Read the rest of this entry

Short Sales and Chapter 7 Bankruptcy

Short Sales and Chapter 7 Bankruptcy

Let’s face it bankruptcy complicates everything, Right?

Well, not really. Let’s say you list a home for a short sale. Many times, the homeowner has other financial problems besides the mortgage on his or her home. The homeowner may decide to file for bankruptcy. That’s OK. Your chance to complete the sale is not dead, but it is on hold. Read the rest of this entry

Can my mortgage company foreclose during my short sale?

Can my mortgage company foreclose during my short sale?

The answer is yes, they can start foreclosure, but why would they do it?  This is normally a situation where one hand doesn’t know what the other is doing. The bank/ mortgage company/mortgage servicer can start a foreclosure proceeding at any time once the homeowner goes into default.  Normally, a homeowner starts the short sale process once they have already defaulted, so the foreclosure process can begin at any time.   Read the rest of this entry