Gainesville Real Estate News

FTC and CFPB sent warning letters regarding Mortgage Ads Some Gainesville short sale agents, real estate agents, and homebuilders have received a letter from federal regulators advising them that their mortgage advertisements found on websites, social media networking sites, direct mailers, and written papers like magazines and newspapers may be misleading. Federal Trade Commission(FTC) mentioned that they mailed letters to an almost 2 dozen companies in coordination with the Consumer Financial Protection Bureau(CFPB) which also sent warning letters to other companies.

From extensive sources all over the media, about 800 ads were reviewed and have revealed that could mislead consumers because of its disturbing claims. The ads reviewed have pose violations of the Mortgage Acts and Practices Advertising Rule and the FTC Act.

First, advertisements that proposed a minimal fixed mortgage amount without discussing noteworthy loan terms. Second, advertisements containing statements, photos, logos and abbreviations implying that an advertiser is associated with a government group. Lastly, advertisements promising approval and suggesting low monthly payments lacking discussion regarding conditions on the offers.

CFPB mentioned that some promoters will use your military or veteran status as a reason to approach you and offer special deals or suggesting VA approval, some will lure you to “no payment” mortgage to confuse older Americans that are frantic to find a solution to still live in their houses when they can no longer be able to afford paying the mortgage payments.

The “Mortgage Acts and Practices Advertising Rule” took effect last year of August. It prohibits misrepresentations in advertising marketing and promotions or other profitable areas regarding customer mortgages. It has been tagged as Regulation N because the authority to make rules was transferred from FTC to CFPB.

FTC and CFPB have a portion of authority over non-bank mortgage promoter such as loan lenders, real estate brokers, loan servicers, and advertising institutions. Those who violate the rule may be obligated to pay civil penalties.

Other Articles to Read: Why it is Important to Understand the Short Sale Process 3 mistakes to avoid when short selling your Gainesville home Gainesville Short Sale Agents Rent To Buy Scheme Military homeowners to get short sale assistance

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options. Please seek legal advice. This information is for informational purposes only. Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Fannie Mae and Freddie Mac delegation agreement starts this month

Stephanie Anson (Anson Properties LLC) — Mon, 12 Nov 2012 01:43:05 -0800

Fannie and Freddie Mac delegation agreement starts this month Just last November 1, Fannie Mae and Freddie Macgave a go signal to nine private loan servicers for them to grant short sales without having to get another review for troubled borrowers. This is done because it has a huge possibility to lessen costs, interruptions, and doubt. This allocation agreement will allow loan insurers to grant any short sale

It has been known that these nine loan insurers to have agreed to advance short sales are as follow: • United Guaranty Corp • Genworth Mortgage Insurance Corp., • CMG Mortgage Insurance Co. • Triad Guaranty Insurance Corp. • PMI Mortgage Insurance Co. • Radian Guaranty Inc. • Essent Guaranty Inc. • Republic Mortgage Insurance Co. • Mortgage Guaranty Insurance Corp.

For borrowers who were able to make only less than 20 percent down payments of the value of the home they are bankrolling, Fannie Mae and Freddie Mac pass on a prerequisite for borrowers to remove mortgage insurance. With this new agreement, the process of which nine mortgage insurers agree will benefit the people because it’ll be reliable and orderly for both insurers and borrowers.

Tracy Mooney, senior vice president for loan servicing and REO at Freddie Mac, said that they are very happy that the nation’s mortgage insurers are very cooperative to work with alone with the servicers. This will really boost borrowers to acquire short sales and several foreclosure substitutes. Since the borrowers will benefit with this agreement, many will be able to avoid foreclosure. It clearly shows that it supports housing recovery and aids the reduction of taxpayer damages.

Other Articles to Read:

736K self-insured Florida residents to get rebate

Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Efficient Short-sale Guidelines kept Gainesville Short Sale Agents Happy

Stephanie Anson (Anson Properties LLC) — Tue, 06 Nov 2012 06:39:38 -0800

Efficient Short-sale Guidelines kept Gainesville Short Sale Agents Happy Short sales are rising this year and it will eventually rise because of federal regulators who manage Fannie Mac and Freddie Mac that made paperwork more efficient and offered an option to second-lien holders up to $6,000 to accelerate the process of short sale as announced by Federal Housing Finance Agency months ago. Fannie Mae and Freddie Macwill not even require records from borrowers who have missed paying loans; have small credit scores, or those who are struggling financially.

Of course, there are borrowers who pay up-to-date. These people will be given more time to process their short sale and also those who are facing difficulties like divorce, employment layoff, death in the family, disability, and others.

People from the military are quite lucky because they are automatically entitled for short sales even if they have existing mortgages, and they will be excused from insufficiency of payments if ever.

Homeowners who have enough income are invited to contribute funds to cover a fraction or all the part or the entire deficit among the outstanding loan balance and the home prices.

Days ago, the new guidelines set by National Association of Realtors have taken effect. It is connected to the guidelines that FHFA, Fannie Mae, and Freddie Machave set.

Guy Cedala, publisher of the trade publication Inside Mortgage Finance, told the Wall Street Journal that the $6,000 given to second-lien holders is not enough to halt a short sale. However, NAR added that with this it will allow families to avoid foreclosure. Short sale will also help the real estate market by alleviate the home values and keeping the neighborhoods busy while recovering.

Other Articles to Read: Possible Outcomes If your Short Sale Approved ="_blank">Preparing for a Gainesville Short Sale Amount of Home Loans Increased as Rates Slides Downward Gainesville Short Sale Cost

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

IRS gives leeway to Taxpayers victimized by Hurricane Sandy

Stephanie Anson (Anson Properties LLC) — Tue, 06 Nov 2012 06:30:55 -0800

IRS gives leeway to Taxpayers victimized by Hurricane Sandy Hurricane Sandy left a lot of work for American households. The last thing that you want to worry is being able to file IRS taxand make payments ahead of deadline. Good news is that IRS understands what most of the people from the East Coast are going through and they are willing to help.

For federally declared disaster, IRSmay reschedule various tax deadlines for taxpayers who are living near the affected area by as much as one year.

This applies to: A. an individual whose primary residence is situated in the disaster area; B. any business entity wherein the location of the business place is a covered disaster area; C. taxpayers who are not in the disaster area but will have to meet an IRS deadline in the area; D. a relief worker helping in a covered disaster area; E. a husband or wife of the taxpayer for intentionally filing a joint tax return; F. any person who was visiting the covered disaster area and was killed or injured as a result of the calamity.

The benefits mentioned above are automatic. Taxpayersare not required for anything except that they belong to one or more categories. IRS will terminate any interest, late payments, and late-filing penalty.

The deadline for hurricane Sandy victims are already moved. IRS already moved the date to Nov. 7 instead of Oct. 31 for taxpayers and tax preparers to file returns and tax payments.

Furthermore, IRS is on the course of postponing other tax deadlines for those taxpayers that were affected by Hurricane Sandy. Any announcement to make in the future will be posted in Tax Relief In Disaster Situations Web Page.

In the Federal Emergency Management Agency (FEMA)website, one can easily locate a county if it is included in a federal disaster area.

If you live in the Sandy disaster area and receive a penalty notice from the IRS, it is advisable to call the telephone number on the notification to have IRS lessen or terminate the interest and any late-filing or penalties that would be due.

Other Articles to Read: Wells Fargo got the Case, Mortgage brokers are to be blame ="_blank">Increase in prices saved millions of Homeowners across America Amount of Home Loans Increased as Rates Slides Downward When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Discrimination against African-American homeowners brought suits to Morgan Stanley Morgan Stanley

Stephanie Anson (Anson Properties LLC) — Tue, 06 Nov 2012 06:27:07 -0800

Discrimination against African-American homeowners brought suits to Morgan Stanley Morgan Stanley, an investment bank, received a lawsuit from American Civil Liberties Union(ACLU)regarding the discrimination it had done against African-American borrowers by offering incentives to lenders so that mortgages proves costly and risky but profit from buying and guaranteeing loans.

According to ACLU, the complaint against Morgan Stanley is first class-action lawsuit in order to associate discrimination to the securitization of mortgage-backed assurances. It’s just ironic because the suit is against Morgan Stanleynot against the subprime lenders wherein the loan originates. Since it is class-action status, it stands for 6,000 African-American homeowners in Detroit urban area.

On behalf of 5 Detroit inhabitants and a nonprofit legal aid group Michigan Legal Services, there are four groups that filed a complaint in the U.S District Court of New York. These are ACLU, ACLU of Michigan, the National Consumer Law Center, and Lieff Cabraser Heimann & Bernstein (a San Francisco-based law firm). The suits contend that Morgan Stanley violated several state laws including Fair Housing Act, Michigan-Larsen Civil Rights Act, and Equal Credit Opportunity Act by urging now-useless New Century Mortgage Corp.to target African-American communities and borrowers in the Detroit area for particular dangerous loans.

One complainant said that a black borrower is likely to acquire a high-cost loan compare to a white borrower. Another complainant mentioned that Morgan Stanley influenced New Century with the kinds of loans it issued. The complainant continued by saying that the loans are dangerous for borrowers because it has a characteristic of risky features that put borrowers toward evasion and foreclosure.

Of course, Morgan Stanleyreacted that it will defend itself “vigorously”. According to the ACLU, New Century’s largest customer of subprime loans is Morgan Stanley. ACLU said, “The investment bank encouraged New Century to ignore all of the most basic fair lending principles in order to create a large number of mortgages that could be processed and sold as securities.”

It is definitely heartbreaking to hear such words coming from ACLU executive director, Anthony D. Romero, that financial services are doing such practice and in fact it had become common during the housing boom to target African-American and Latino neighborhoods countrywide.

Other Articles to Read: High Achievers in FICO credit scores How to make buyers want to buy Gainesville Short Sale Homes Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose? Amount of Home Loans Increased as Rates Slides Downward

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

High Achievers in FICO credit scores

Stephanie Anson (Anson Properties LLC) — Tue, 06 Nov 2012 06:20:30 -0800

High Achievers in FICO credit scores Several potential homebuyers got frustrated because the standard for mortgage lendinghas become tougher, however most admired credit scores nowadays exposed some conducts of high-fliers that possessed FICO scores over 785.

San Jose, Calif-based Fair Isaac Corp.mentioned that people who occupy this population are about 50 million, a total of about a quarter of all who have credit scores. These individuals are believed to be high achievers and have comparable credit behaviors in spite of different background. Some predictable credit behavior is that they don’t exploit the use of their credit cards, kept little rotating balances comparable to what their presented credit, and are consistent about paying. On the other hand, they are not debt-free. They usually own seven credit cards with open and closed accounts. 1/3 of them have balances on nonmortgage accounts.

However, almost none has an overdue account. 96% have credit reports that do not have overlooked payments, and those who have one have already settled their accounts way back approximately a span of four years ago.

FICO scoresrun from 300 to 850 usually used by creditors to measure credit risk and the probability that a borrower will recompense a loan. The credit score can determine how much is offered to the lender and the period it will cover; a greater credit score can influence the amount that definitely will save thousands of dollars over the course of the loan.

Since last September, Ellie Mae Inc.reported a standard credit score of 750 with lenders paying an average of 22 percent. Moreover, applicants with FICO score of 704 were denied.

Fannie Mae and Freddie Mac gave an average FICO score of 762 in order to be considered eligible for purchasing mortgage, while loans with scores 701 on FHA-backed purchase.

The FICO scoreis calculated using the person’s payment history, and how he/she managed his/her credits responsibly as time gone by. An example is, by compensating monthly at least the least amount of all credit cards.

A person’s FICO score can be a roller coaster ride depending on his mood to make payments. By law, most negative data are removed from credit reports after several years of establishing a good track record. However, this does not apply to tax liens or bankruptcy as stated in Chapter 7.

With a challenging economic period, these high achievers are not perfect but are usually consistent in paying. It is good news and it’s never too late to go up again if you are plunging downwards.

Other Articles to Read: Wells Fargo got the Case, Mortgage brokers are to be blame Increase in prices saved millions of Homeowners across America Amount of Home Loans Increased as Rates Slides Downward When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

How to make buyers want to buy Gainesville Short Sale Homes

Stephanie Anson (Anson Properties LLC) — Tue, 06 Nov 2012 06:13:39 -0800

How to make buyers want to buy Gainesville Short Sale HomesWith the recovering market nowadays, you get different kind of buyers. My role as Gainesville real estate agent, specializing in short sale, has done with finding deals that are so good that the buyers can’t resist. One of the goals in the real estate market is to make them feel that it is a great loss if they will not purchase a certain listing.

Your buyers should feel afraid of losing the house to other buyers if they do not purchase it right away; to be able to make the buyer really like the house and creating this desire to buy.

Before scheduling the house to the prospect buyers, it is important to cultivate mutual trust and know what their needs are, put their lifestyle in mind. On the showing day, you must surprise them by exceeding their expectations.

The best salesare when buyers get to have listings, prices, and the agreements they could not resist. You have to make them feel that their decision is needed right away before they drop the chance.

I know too well it is quite hard to sell homes under short sale because some home buyers prefer “new homes’. For new homesshowing them sometimes requires GPS, and some agents even put automobile as a requirement. Make your introduction sleek and give more time for your prospects to understand the deal all throughout the showing phase. The urgency here is to get the prospect buyers excited in living in the new house.

Give your buyers an ample time to decide, options that are positive on their side about the home that they most likely to purchase, and also a positive feeling of themselves.

Aside from creating an irresistible feeling to the buyer, it also matters if the physical state of the home that you’ll show is in good condition. If it was built decades ago, then it is best making at least it look neat and presentable. For more info about marketing your short sale, here are other strategies.

Other Articles to Read: Gainesville Short Sale Cost Discrimination against African-American homeowners brought suits to Morgan Stanley Defending your Gainesville Home against Foreclosure Fraudulent Short Sales and Passing the Hardship Test

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Who is the Short Sale Listing Agent’s common enemy?

Stephanie Anson (Anson Properties LLC) — Sun, 28 Oct 2012 10:44:38 -0700

Who is the Short Sale Listing Agent’s common enemy? Is it the lender, the negotiator, or the market? Well…none of the above. The common enemy of the listing agent is the BPO (Broker’s Price Opinion) as requested by the short sale lender.

In order to have the BPO, it is requested either by the short sale lender or the servicer. Sad to say, the listing agent has no power over who’ll choose to prepare the BPO.

In sending the short sale package to the short sale lender, the package is placed to the loss mitigation systemand that is when a BPO is ordered. Along with this, an appraisal may also be needed as determined by the lender. The requirements along with the BPO depend on the note holder and the amount of loss there is. It can be accompanied by an appraisal, BPO only, or two BPOs.

Like Fannie Mae and Freddie Mac, they entered into a deal with a huge BPO company to do the work of their BPOs for the short sale notes that they own. With this, the servicers will not need to worry about ordering BPOs. Herewith, the short sale processis shortened, but can affect the seller and the listing agent.

Most agents want to have a BPO immediately so that price will be up when the property will be listed. This is mostly done in theory but too seldom in practice. The problem would then be if a BPO is old, the listing will stay on the market for quite some time.

As for Fannie Maeand other note owners, their short sales are now required to have a BPO and an appraisal if the loss mitigation is greater than $125,000. Some agents perform this in anticipation of getting the listing when it is an REO. But it is doubtful for a lender to give a particular agent the listing should it become an REO. There are also agents that turn ordered BPOs and are bringing considerable income, but usually this is not the case.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Amount of Home Loans Increased as Rates Slides Downward

Stephanie Anson (Anson Properties LLC) — Sun, 28 Oct 2012 10:40:03 -0700

Amount of Home Loans Increased as Rates Slides Downward

According to Freddie Mac and the Mortgage Bankers Association, there has been an increasing request for loans as rates flow downward. Freddie Mac released a result of the latest Primary Mortgage Market Survey; it showed an average of 3.40% on rates of 30-year fixed-rate loans when September closed, much lower than the 3.49% recorded for third week of September, and a 4.01% one year before. Last time Freddie Mac recorded a rate this low was way back year 1971.

For 15-year fixed-rate loans, rates downed to 2.73% from 2.77% on the third week, and a 3.28% a year ago. This rate can equate to the value that was recorded last 1991.

Five-year ARM loans hit an average of 2.71% from 2.76% on the third week of September, and a 3.02% as recorded last year. The percentage 2.69% was a record-breaking event that is equal to what was recorded last July of 2005.

A year ago, one-year ARM loans were 2.83%. Now, the rates have recorded an average of 2.60%. This rate is parallel to the rates recorded from 1984, which have never been this low before.

Frank Nothaft, chief economist of Freddie Mac, said that the continuing decline of fixed mortgage rates is because of the purchases of mortgage securities by the Federal Reserve and the continuing progressive real estate market. Homes sold last July and August were its strongest since March and April 2010.

Federal Reserve announced last September 13 that it would dive into its third cycle of quantitative easing “QE3” by adding its procurement of mortgage-backed securities as assured by Fannie Mae and Freddie Mac.

Other Articles to Read:

My Gainesville Home Need Repairs, Can I still Short Sale?

When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Increase in prices saved millions of Homeowners across America

Stephanie Anson (Anson Properties LLC) — Sun, 28 Oct 2012 10:35:14 -0700

Increase in prices saved millions of Homeowners across AmericaHome prices are significantly rising. In just the first six months of 2012, CoreLogicreported that the number of homeowners who have escaped being in an underwater status are about 1.3 million, and about 2 million homeowners will receive equity if the worth of state homes will add up an increase of 5 percent.

Residential Homes that have a mortgage lower than their standing credit decreased to 22.3 percent last June from 23.7 percent as recorded last March, CoreLogic said.

CoreLogic translated that from 12.1 million when 2011 closed, to 11.4 last March, then to 10.8 million last June, the number of homeowners who indebted more than what their homes are worth decreased to a very momentous number.

Mark Fleming, CoreLogic’s Chief Economist, said that the rush of home prices this spring and summer, the stumpy levels of accounts, and the falling REOsale shares are all contributing factors to the blossoming house market and decreasing negative equity.

US States that have the highest percentage of mortgage underwater properties are:

• Nevada (59 percent) • Florida (43 percent) • Arizona (40 percent) • Georgia (36 percent) • Michigan (33 percent)

These 5 states occupy 34.1 percent of $689 billion negative equity in the country.

Most of the states mentioned are those that show low status in the housing market, CoreLogic said. Many homes that are underwater are priced less than $200,000 contrast to homes that are priced above $200,000 that are within the 17% range.

Those lenders that have second loans relating to their homes are really submerged “underwater”. About 4.2 million homes have second loans and that’s about 39% of the identified underwater lenders. This group has an average loan balance of about $300,000 – more than of what their home is worth.

There are underwater lenders that do not have second liens, this occupy about 61% of the bracket. These borrowers have an average balance of $216,000 of which these homes are $51,000 more than the average.

Other Articles to Read: My Gainesville Home Need Repairs, Can I still Short Sale? ="_blank">Gainesville Residents are Not Scared by the HousingCrisis Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose? When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Defending your Gainesville Home against Foreclosure

Stephanie Anson (Anson Properties LLC) — Thu, 04 Oct 2012 05:48:02 -0700

Defending your Gainesville Home against Foreclosure Each state is governed by different foreclosure laws and procedures; it is advisable to have an attorney to help you with your decision regarding foreclosing your home.

In Gainesville,Florida, buying a property means owning the deed of the house by a statutory warranty deed. This deed is very important; keep it at all times and must be with you when you decided to close your home and began doing the paperwork. With this, this makes Florida a deed state.

The course of foreclosure process involves court procedures. As a homeowner, you have the right to represent and defend yourself versus a foreclosure. The lender cannot just foreclose your property, it is a must for the lender to go to the court, find an attorney for you to hand in the deed to them. With this, it might a long time to get the results of your foreclosure.

There are sequence of events that might be applicable in Florida:

• When you are a gainesville homeowner whose not paying your mortgage payment up-to-date,

• Expect a call from your lender and a

• Letter of late payment

• If payment is still not made, the lender will send a demand letter

• Lender will file Lis Pendens. Lis Pendens is a notice to foreclosure and summon against the homeowner.

• You have 21 calendar days to reply to the complainant and answer the court.

• The lender is allowed to put your property in the local newspaper including the location, but it must be approved by the judge. This is done if you avoided the process or have left your gainesville property and did not leave a forwarding address.

It will take 90 days to 24 months for your house to be on sale on the ‘courthouse steps’. It is recommended for you to get your own gainesville foreclosure defense attorney. They know how to delay the foreclosure. With the given timeframe, it will allow you to still obtain a buyer and put your home on gainesville short sale and closed.

During the process, it is essential for you to respond to all of the summons and complaint. Let your attorney handle the responses and have a short sale agent to take care of selling your house. Always be present when the court requires your presence. Get in touch with Alachua’s county court clerk’s office to know the requirements when filing a response. If you can’t afford an attorney, your court house might be able to help you with this. If you are looking for the best gainesville short sale agents and realtors so pls check this out.

Other Articles to Read: Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Wells Fargo got the Case, Mortgage brokers are to be blame

Stephanie Anson (Anson Properties LLC) — Thu, 04 Oct 2012 05:38:25 -0700

Wells Fargo got the Case, Mortgage brokers are to be blame.Just last July, Wells Fargo & Co. was accused of biased lending. The said company paid $175 million just to resolve the issue. What’s worse is that it puts the blame to independent loan brokers for selling their mortgages, and this in turn closed the opportunity for extensive mortgage operation.

For these mortgage brokers, whose making an income by mediating between borrowers and lenders, this resulted in a negative flow of revenues. It also ended their work with the large banks, making Wells Fargo, one of America’s major wholesalers, as their last.

The housing downturns have left several mortgage brokers to conclude wholesale lending, and the current experience is just a major setback. It changes how they operates that these brokers feel they are being blindsided.

Way back year 2008, brokers handled about 27 percent of the amount of total mortgage but today, it lessened to 10 percent

Recent years, the quantity of people who assist home loan has dramatically gone down. This would drop extensively since Wells Fargo is out of the loop. Wells Fargo have helped many broker-related situations, funded a total of $7.4 billion in the first quarter of 2012.

Gainesville Realtors® are left with no choice but to turn to minor lenders who might be stress out to handle what Wells Fargo put behind. There are homebuyers who prefer brokers to deal straight to the banks because brokers can give mortgage proposals that are priced less than retail lenders. However, the amount of Gainesville Realtors® has shrunk in the past years, and they have been blamed for several mortgage disasters.

Tom Goyda, spokesman of Wells Fargo, said that by removing the system they are committed to fair and responsible lending.

There are federal regulators who blamed Wells Fargo for charging African-American and Hispanic borrowers with higher rates than those qualified Caucasian borrowers.

What mostly concern brokers Gainesville Realtors® are the processing time of the loan, it might be slower. They are also worried that Wells Fargo might end or regulate their connections to correspondent lenders because numerous major banks have already chosen to do so.

Wells Fargo still does business with correspondent lenders because these lenders grant and fund loans in their own label before trading a mortgage to a lender. Wells Fargo is so far backed up with the amount of incoming leads that they have failed to process loans in time. I had one loan that took over 90 days. I flipped the buyer to another lender but I wanted to see how bad the service from Wells Fargo was going to be so I left the file open with them. It took over 90 days without resolution; they lost my business needless to say.

I received excuses that they were overloaded, backed up, etc. Guess what guys, people need jobs, how about you hire. This is not just a local Gainesville Florida problem. I had the same issues with Wells Fargo in the Orlando area.

Wells Fargo and these correspondent lenders have mutual interests where brokers can still propose mortgages to clients. If the bank were to discontinue this relationship, it could problems for many clients.

Other lenders are already reluctant to work with Wells Fargo because a possible litigation might ensue. These might cause regulators to pursue other lenders for their transactions.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Pricing of your Gainesville Short Sale

Stephanie Anson (Anson Properties LLC) — Mon, 03 Sep 2012 05:15:52 -0700

Pricing of your Gainesville Short Sale Pricing the property right will have a greater chance for it to sell. There is a strategy to pricing depending upon several factors. This will depend upon condition of home, last mortgage payment made, the short sale lender involved, foreclosure sale date and market conditions.

The main factor in pricing a home is if it is in active foreclosure and or how long the payments have been in arrears. Once a homeowner stops making mortgage payments the clock towards foreclosure starts ticking. This means you should start becoming more aggressive with your pricing strategy the longer time goes on when mortgage payments are not being made. Depending upon the condition, location and time line short sales typically sell anywhere from 5 to 20% below market value. You will need to check laws and regulations in your state. In Florida, once the home is past 90 days late the lender files for a lis pendens on the home.

If the house is not in foreclosure status and it is not past due with its mortgage, the home should be priced closer to market value with a price reduction strategy for it to go under contract. The lender will want to obtain maximum profit for the short sale and keeping a marketing history and price reduction worksheet to give added fuel to getting the offer priced approved once an offer is received. As the short sale agent, it is important to understand short sales and the market conditions clearly. Many times short sales sit due to an improper pricing strategy.

Here are some of the pricing strategies to adopt: • You may lower the price 25 – 30 days after the initial posting of the property in short sale. Depending upon how late mortgage payments are you may be reducing slightly every 2 weeks thereafter. It is important to note to have a bottom line range to stop so the home is not priced out of an acceptable range by the lender. The goal is to be in the ball park. • How you price your home listing depends on the current market, the status of the house, and the community wherein it is situated. • If the homeowner is not updated with its mortgage payment, it is advisable for a price reduction of 6% to 10% for $150,000and below, 5% to 10% for properties $200,000 to $300,000. Furthermore, for luxury properties, a bracket within $50,000 to $100,000 is maintained. • If the property is on a foreclosure status, price it according to the current market value and lower the price around 10-21 days period until a proposal is made. • If the short sale listing is not in danger to be foreclosed and the seller is paying his/her current mortgage, keep the prices high and choose the best offer if possible.

Have a tangible business plan of the range of listing prices you agree to take. Worst comes to worst, you would not end up in deficit with the short sale property you are working on. You need to include your time, hard work, and cash expenses. Deduct them to the commission you’ll get when the short sale will close. Planning ahead of time is a necessity so as not to build up emotional stress along the way. You can have a fixed amount that will be basis for your time, effort, and expenses. The sum is the basis wherein you will not accept listings under that amount.

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Strategies to Market your Gainesville Short Sale

Stephanie Anson (Anson Properties LLC) — Fri, 31 Aug 2012 08:59:59 -0700

Strategies to Market your Gainesville Short Sale - Anson Properties has expert Gainesville Short Sale Realtors who have successfully handled short sale listings, require listing periods of no less than 1 year on the Gainesville Short Sale Homes. During the listing period, short sale lenders are observing the status of the property. If it takes a period of time for the listing to be approved, the lenders may request an extension of the short sale to be listed. It is necessary to make sure to get duration of one year for the listings to avoid trouble. If it is near on the time-frame given, that’s the instant wherein we obtain another extension for the listing.

Aside from having 12 month listing period for the short sale, there are several points to take note while the listing duration is on-going. Here they are:

• Have a Marketing List of all the online and offline postings you have done. Track the post that you are listing on and the date of posting. Take notes of all the internet sites where you are posting on, like your blog, Trulia, Postlets, Realbird, Craigslist, Activerain, and others.

• Provide an efficient showing schedule. MLS can provide a schedule system for showings where it produces a response form through email that can be printed along with other showings that the system has generated.

The showing sheet involves the name of agent, their phone number, brokerage name, time, and date. In the lower portion, you can also add a comment area for prospect buyers to fill in.

• Store your Listing Files in an organize manner. There are several digital platforms like Dropbox and Google Documents wherein you can keep a soft copy of all your listing files. Aside from keeping digital files, it is best if you have a folder of the files in your very own office. The digital files are just a back-up for online transactions and other matters.

• For every short sale listing, keep a pricing history. In MLS, a pricing history is kept but it is important to have a paper file on-hand for emergency needs. You can keep them on the listing files as well.

If it is necessary, a seller will sign into a contract that Anson Properties are authorize to reduce the price of their home if it is needed in order to sell the property.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

Military homeowners to get short sale assistance

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Gainesville - How to Process a Short Sale File

Stephanie Anson (Anson Properties LLC) — Tue, 28 Aug 2012 07:00:52 -0700

Gainesville - How to Process a Short Sale File Anson Properties, who successfully handles short sale listings, understands the time sensitivity of the short sale process. During the listing period, short sale lenders are observing the status of the property. If it takes a period of time for the listing to be approved, the lenders may request an extension of the short sale to be listed. It is necessary to make sure to get duration of one year for the listings to avoid trouble. If it is near on the time-frame given, that’s the instant wherein we obtain another extension for the listing.

Aside from having an annual period for the short sale listing, there are several points to take note while the listing duration is on-going. Here they are:

• Have a Marketing List of all the online and offline postings you have done. Track the post that you are listing on and the date of posting. Take notes of all the internet sites where you are posting on, like your blog, Trulia, Postlets, Realbird, Craigslist, Activerain, and others.

• Provide an efficient showing schedule. MLS can provide a schedule system for showings where it produces a response form through email that can be printed along with other showings that the system has generated.

The showing sheet involves the name of agent, their phone number, brokerage name, time, and date. In the lower portion, you can also add a comment area for prospect buyers to fill in.

• Store your Listing Files in an organize manner. There are several digital platforms wherein you can keep a soft copy of all your listing files. Aside from keeping digital files, it is best if you have a folder of the files in your very own office. The digital files are just a back-up for online transactions and other matters.

• For every short sale listing, keep a pricing history. In MLS, a pricing history is kept but it is important to have a paper file on-hand for emergency needs. You can keep them on the listing files as well.

If it is necessary, a seller will sign into a contract that Anson Properties are authorized to reduce the price of their home if it is needed in order to sell the property.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Gainesville Short Sale Agent and Attorney Communication

Stephanie Anson (Anson Properties LLC) — Tue, 14 Aug 2012 05:55:28 -0700

Gainesville Short Sale Agent and Attorney Communication Short Sales sometimes carry a bad stigma when it comes to the amount of time it takes to work through the short sale process. Though short sale lenders are improving their process timelines there is still much to be said about taking 4 - 6 months to work a file and keep both the buyer and seller on pins and needles.

It is important to have an attorney as part of your short sale to assist in answering any legal questions that may arise. If legal counsel is sought I would recommend doing so in the very beginning. You will also want to ensure the attorney you speak with not only handles (processes) short sales but also has plenty of experience. There are many attorneys out there that are great and those that have not navigated short sales, do not understand how to work with the banks and look out for their bottom line. Please make sure to do your homework on the attorney you hire and find out how experienced they are.

If and when you decide to bring an attorney on board it is imperative that you communicate with your short sale agent. Lack of communication and not having both your attorney and short sale agent on the same page can be detrimental to your short sale. You very well may experience delays, file holds, and refusal from the bank to work with your short sale agent.

Even if you provided your Gainesville Real Estate Agent authorization to work with the lender, bringing an attorney in after the file is established can prevent your agent from moving the file forward. The attorney must provide authorization as well for the short sale bank to continue to communicate with your agent.

I had a client who took advice from a friend and hired an attorney midstream of the short sale. I was not informed up front prior to the attorney contacting the lender and the file went on hold. The attorney was hired for short sale approval letter advice only but it prohibited me from having any communication with the negotiator until I was able to get a written and signed letter on letterhead from the attorney stating I was authorized on the account. Unfortunately, the attorney right after being hired was to be out for 4 weeks on medical leave and the file was unable to move forward.

The negotiator needed information from a representative of the file and I was unable to help since I needed the attorney authorization and the he was no where to be found. Since he was his sole office, no partners, I was unable to have another attorney provide it on his behalf. I had the seller contact the lender directly and write a letter stating they no longer were working with the attorney and wanted to file to continue. The negotiator demanded a letter from the attorney stating so. The seller finally retained another attorney to write the letter and provide the representation in order to prevent the file from being closed and from losing the buyer.

We had a successful closing but not without some unneeded delays and additional work on behalf of many parties involved.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

Determining if you have a Financial Hardship

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Why Closely Monitoring a Gainesville Short Sale is Important

Stephanie Anson (Anson Properties LLC) — Sun, 12 Aug 2012 07:51:53 -0700

Why Closely Monitoring a Gainesville Short Sale is Important

Anson Properties received a short sale approval yesterday and from the start, working with the lender proved to be extremely difficult. We've jumped through several loopholes while maintaining as much patience as we could muster. The homeowner's loan was transferred from their lender to ServiceLink for processing as a short sale and in doing so the loan number was changed. First of all the seller was not notified of the transfer until weeks after it took place, thus delaying our short sale communication. I would email and call and leave messages with our assigned negotiator at the original bank, with zero response in return. After 2 weeks of persistence I finally had enough and escalated the file to a supervisor which took an entire day of phone calls, transfers and being on hold. I was determined to get to the bottom of it no matter how much time it took. Once I finally was able to speak with a supervisor I was then informed that the file was transferred to ServiceLink.

The problem with this is that we will have to start the process all over again and the paperwork will have to be re-submitted with the new account number. This means the comprehensive short sale file will have to be redone with the new account information and resubmitted. Only problem is that we did not have the new account info. I hop on the phone with ServiceLink and knowing how to navigate the waters had to reference the file by the seller's social security number. Not to my surprise they are unable to find the file. I walk them through how the file came to them so they can check with the appropriate department and I refused to get off the phone until I verified they had the seller and their account in the system and also obtained the new loan number. This took up my entire morning to resolve something that is not rocket science guys! Do you think they could stand for some process and policy improvement here?

I updated all the paperwork and submitted it to ServiceLink and we continued down the short sale negotiation path. Within about 2 months ServiceLink finalized their review, BPO and provided a Short Sale Approval Letter. The buyer and seller were in agreement in terms, we started the inspection and buyer loan process and low and behold the file is transferred again! Now it is with Seterus. Are you kidding me? We have a valid short sale approval letter.

Here is why maintaining correspondence and a log documenting conversations, points of contact with dates and times are so important. I spent 2 additional weeks speaking to supervisors to overcome the file transfer. This is important because Seterus wanted to start the process all over again and I was just not having it and our Short Sale Approval Expiration was coming up. After jumping on some desks as I like to call it and spending hours on the phone escalating the calls to supervisor, department head and finally VP did I get it resolved. I was successfully able to have the approval letter date extended to cover the delays caused by these institutions and made the closing happen.

This is why it is very critical you have an short sale agent on your side that knows what to do and does not take no for an answer. If agents do not stay on top of their files and do not follow up consistently this could have ended with no sale, seller in default and several upset parties.

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Gainesville Short Sale Owners filed against Leading Lenders

Stephanie Anson (Anson Properties LLC) — Sun, 12 Aug 2012 07:48:07 -0700

Gainesville Short Sale Owners filed against Leading Lenders Last year, several lenders vowed to work together with the underwater homeowners to avoid deceitful practices as mentioned in the national legal settlement. However, just recently, there are numerous homeowners in Florida who reported complaints versus the leading lenders.

A deal was made by several states and federal leaders last February which was believed to compel America’s top five lenders to minimize their interest rates, trim down principal or propose cash to those mortgage clients that are struggling.

What has surfaced recently are largest lenders’ clients are greatly disappointed. The percentages of those complaints are in immense numbers; this record was provided by the Florida Attorney General’s Office to the Orlando Sentinel.

Bank of America 39%

Wells Fargo 28%

JPMorgan Chase 28%

Citi 9%

Ally/GMAC 4%

One of the complainants is a condominium owner in the business district of Orlando who opposes to the decision of the legal settlement in which “underwater” mortgage customer who has a property that is now cheaper than the loan will not be able to work with a bank unless the lender is not just a mortgage servicer but as well as own it.

This complainant mentioned that Florida Attorney General and several state attorneys have let the banks reserve a little amount of money to satisfy the needs of the customers who have been deliberately paying on their underwater mortgages. In Florida alone, there is a huge $8.4 billion shared to the state under the settlement but lenders are entailed to use only 4 percent to aid some homeowners in settling their mortgages.

The number of underwater homeowners is very high that the banks cannot refinance all of them. In Orlando city alone, there 250,000 houses are currently worth much less than their mortgages reported by a real-estate research group, CoreLogic Inc. The Florida Attorney General is now facing 1,000 complaints by Floridians against five lenders who processed unlawful mortgage documents.

Upon the announcement of the settlement, the Florida Attorney General Pam Bondi mentioned that the settlement will serve as an aid to struggling homeowners in Florida. The same with the U.S Department of Justice Officials, they said that the result of the settlement will help homeowners all over the country because the mortgage principal is minimized and the loans will be refinanced.

Florida prepared a committee to look closely to the mortgage servicers to see to it that they will comply with the agreement.

Bondi’s Office promised to help ensure that the lenders are complying with the settlement, and they expect to set aside large sums of money to cover the cost if follow-up will be needed as well as investigations.

Some critics said that the problem is not with the compliance of the lenders. The problem is the settlement because it do so little to relieve the homeowners.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

Determining if you have a Financial Hardship

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Military homeowners to get short sale assistance

Stephanie Anson (Anson Properties LLC) — Sun, 12 Aug 2012 07:43:31 -0700

Military homeowners to get short sale assistance Federal Housing Finance Agency (FHFA) acting director, Edward DeMarco, announced short sale policy changes for active-duty military homeowners.

With this new set of rules, military homeowners can now short sale their homes without having to take a loss. This means they will be free from any deficiency judgments— no cash contribution or promissory note at closing. Plus, they don’t have to default on their loans to qualify.

This policy applies to military homeowners with Permanent Change of Station (PCS) order whose mortgage is backed by Fannie Mae or Freddie Mac. Furthermore, the home must have been bought on or before June 30, 2012.

PCS orders usually require a quick move. This creates hardship for military homeowners who are underwater but couldn’t sell their homes without significant losses. FHFA developed this new policy to provide military homeowners with access to immediate and automatic full range of foreclosure alternatives.

Extending short sale assistance to men and women serving in the armed forces is in the best interest of everyone as they would be able to focus more in their duties to defend the country, rather than worry about the maintenance and leasing of a property in another jurisdiction.

Last year, PCS orders have been considered a qualified hardship for forbearance and loan modifications by Fannie and Freddie.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

Determining if you have a Financial Hardship

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

736K self-insured Florida residents to get rebate

Stephanie Anson (Anson Properties LLC) — Sun, 12 Aug 2012 07:38:22 -0700

736K self-insured Florida residents to get rebate The Florida Department of Health and Human services announced that health insurers will pay $124 million to about 1.3 million Florida self-insured residents. The amount may vary but the average is about $168 rebate per household.

This rebate is part of President Obama’s 80/20 rule in his Affordable Care Act. This health care reform requires insurance companies to spend at least 80% of consumer’s premium dollars directly on patients, medical care, and quality improvement. The other 20% should be allocated for administrative and operating cost such as salaries, sales, and marketing.

Insurance companies who do not meet the 80/20 rule must send rebates to their policyholders not later than August 1 this year. It has been reported that about a third of the insurance companies have not met the 80/20 standards.

On a national level, health care insurers will refund about $1.1 billion to 12.8 million people.

The Health and Human Services noted that some insurance companies spent as little as 60% of premium dollars on consumers, during which, these companies saw record profits while policyholders only saw record premiums.

There is no qualification or application needed. Residents who maintain a personal health insurance policy and deserve a rebate will either receive a check in the mail or credit will be reflected on their next insurance bill.

Other Articles to Read:

My Gainesville Home Need Repairs, Can I still Short Sale?

When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

How to Not Get a Listing - Or do I want to Know

Stephanie Anson (Anson Properties LLC) — Thu, 09 Aug 2012 18:29:25 -0700

This story takes the cake and I am still trying to get my mouth closed after hearing it.

About 6 months ago I hired a woman, I will refer to as Mary, for a marketing project I was working on. It was simple in nature and did not require any more skills than the use of a camera. This was nothing fancy so there was not a need to hire a professional, I needed pictures in the raw.

After 3 hours my temp hire Mary came back with only 8 photos which left me scratching me head. I gave directions and specific instructions and in 3 hours time I expected about 30 - 40 pictures to work with. Frustrated, I brought the woman into my office thanked her, paid her for her time and told her I was moving in a different direction.

Fast forward to July 2012, I recieve a call from no other than Mary. She called to let me know her neighbor needed help with short selling his home, gave me his contact information and asked for me to call him. I was floored that she 1, remembered me and 2 that she knew that I specialized in short sales.

As with most of my clients, I establish a fairly good rapport and for whatever reason end up with TMI! Wow do I get earfuls of what I do not want to know ever! But I always smile or show compassion, lend my ear and let it be. Not this time boys and girls this story is just too darn funny.

I meet with the referral, list the home, walk him through the short sale process, put the home under contract in the first few days and stay in constant communication to ease the worry, frustration and all other emotions the seller goes through during this time.

I scheduled a time to stop over to pick up the remaining documents needed for the short sale and as I am sitting at the kitchen table I asked the seller if he had interviewed any other agents and why he chose to work with me other than being a referral. I was expecting a pretty typical response but I had the quite a mouth dropping oh wow moment.

See the seller is going through a divorce and in doing so was putting his life back together, finding networking groups to join and creating a social life. He joined one particular professional networking group that meets at various times and has a website where you can post a profile. In doing so he was contacted by another member who asked him if he wanted to go out sometime and meet at a social. Not thinking twice he agreed to meet the woman and was happy to forget what he was going through for a while and just get out of the home. She was nice enough, he thought, easy to talk to. The discussion veered towards short sales and divorce (both were going through divorce at the time).

Well the woman turns out to be his so called neighbor Mary, the same Mary that worked 1 day for me. Mary does not live in his neighborhood, she does not know him at all as she had told me. In fact, Mary, after only meeting the seller 1 time calls him at 9pm one evening and tells him she is only 2 minutes away from his home and would like to come over. She is very adamant and says it is extremely important. The seller declines and Mary states "well I am just right outside so let me in, I will not stay long". What did not dawn on the seller at that moment is that he never gave her his address....

At this point I am slightly alarmed and waiting for something positive to come from it. Upon letting her in, she becomes very aggressive with him in a manner most women would dial 911. He decides to leave the room to process the strange behavior and find a way to get her out while letting Mary preserve her dignity. He walks back into the room to a naked Mary and with all the kindness he could muster he told her she must leave NOW.

Let's talk about TMI and awkward. I had no idea what to say, but one dreadful question came to mind...remember, she gave me his contact information and ask I call him. So Mr. Seller, did this happen before or after I contacted you? He said After and I then asked, why in the world would you take my call or even want to work with me. Here is my only saving grace..... "Well I was not going to contact you back. I figured any person that was friends with Mary may be unstable like Mary. However, I decided I should look you up and find out more about you. I saw your short sale blog, Gainesville Short Sale Agents, and read your articles and watched your videos and figured there was no way you were crazy like Mary and you sounded as if you knew what you were doing and I needed help."

I then shared with Mr. Seller how I came to briefly know Mary and had zero ongoing communication with her whatsoever and would rather not speak with her again.

Well let me just say guys, this was the weirdest way to get a referral. Without my Blog, I may have been an indirect bad taste in Mr. Seller's mouth.

I appreciate the refferral but I would rather Mary not refer me to anyone. I just hope she does not scare anymore potential clients I or others may have...It is a small world you know.

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

30-year FRM hits record low at 3.66%

Stephanie Anson (Anson Properties LLC) — Sat, 04 Aug 2012 06:14:44 -0700

30-year FRM hits record low at 3.66% Short-term mortgage rates to remain unchanged, according to 50% of experts polled by Bankrate.com. Experts who account 17% of the poll foresee further drops, while the remaining 37% predicts an increase.

The average U.S. loan interest rate for a 30-year fixed mortgage fell this week to a record low for the 7th time in just 8 weeks. Cheap mortgages take the credit for the modest recovery of the unstable housing market.

Freddie Mac disclosed that the average interest rate on a 30-year loan dropped to 3.66% from its previous rate of 3.71%. This is the lowest interest rate since the long-term mortgages began back in the 1950s.

Meanwhile, the average interest rate for a 15-year mortgage declined to 2.95% from its previous rate of 2.98%. The current rate is just a little higher than the record low of 2.94% hit two weeks ago.

Since December of 2011, the rate on the 30-year loan has been down by a good 4%.

Low rates help the economy if more people refinance. Refinancing at lower rates allow borrowers to pay less interest on their loans and have more cash to spend.

Other Articles to Read:

Gainesville Homeowners – Have an FHA Loan – Help on the Way

When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

Foreclosure Review Deadline, Extended

Stephanie Anson (Anson Properties LLC) — Sat, 04 Aug 2012 06:09:43 -0700

Foreclosure review deadline, extended Foreclosed homeowners who think they may have been victims of unfair foreclosure process between the years 2009 and 2010 have two more months to ask the federal government to review the proceedings.

The Independent Foreclosure Review intends to determine whether individual homeowners suffered financial harm and should receive compensation or other remedy because of errors, misrepresentations, or other deficiencies that may have occurred during their home foreclosure process.

Request for review have been extended to September 30, 2012. The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) emphasized that ex-homeowners who believe that they have been financially injured due to the errors in foreclosure actions on their homes in 2009 or 2010 will be duly compensated, provided that the foreclosure was done by one of the 27 lenders participating in the process.

The government has released guiding rules to follow in calculating for the compensation. Such compensation could be in a form of a lump-sum payment, suspension or cancellation of a foreclosure, loan modification, loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records.

It has been reported that lump sum payments can range from $500 to $125,000 plus equity. Eligibility for Independent Foreclosure Review includes the following: a. The property securing the loan was the borrower’s primary residence. b. The mortgage was in active foreclosure process (initiated, pending, or completed) at any time between January 1, 2009 and December 31, 2010. c. The mortgage was serviced by participating mortgage servicer.

The newly released guidelines do not cover all possible foreclosure scenarios, but here are some examples of harm that could qualify for compensation. - Foreclosure in violation of Servicemembers Civil Relief Act. - Foreclosure in violation of federal bankruptcy laws. - Foreclosure of a borrower not in default. - Failure to convert qualified borrower to a permanent modification following a successful completion of a written modified payment plan. - Foreclosure while a borrower is complying all requirements of a written modified payment plan. - Turning down loan modification application that should have been approved. - Failure to offer loan modification options as required. - Offering loan modification of higher interest rate that should have been charged under the program. - Committing errors that did not result in foreclosure but resulted in other financial injury. Note: Borrowers can still file other actions while requesting the mortgage review. A servicer cannot require a borrower to sign a waiver not to pursue other claims under the Independent Foreclosure Review. And there are no costs associated with the review.

Participating independent foreclosure review lenders: America’s Servicing Company Aurora Loan Services BAC Home Loans Servicing Bank of America Beneficial, Chase Citibank CitiFinancial CitiMortgage Countrywide EMC Everbank/Everhome Mortgage Company Financial Freedom GMAC Mortgage HFC HSBC IndyMac Mortgage Services MetLife Bank National City Mortgage PNC Mortgage Sovereign Bank U.S. Bank Wachovia Mortgage Washington Mutual Wells Fargo Wilshire Credit Corporation

Other Articles to Read:

My Gainesville Home Need Repairs, Can I still Short Sale?

When Can you Own a Home Again After Foreclosure?

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240

www.GainesvilleShortSaleAgents.com

www.GainesvilleHomeSaleSearch.com

REO agents under investigation for AG settlement

Stephanie Anson (Anson Properties LLC) — Sat, 04 Aug 2012 06:06:30 -0700

REO agents under investigation for AG settlement Real estate agents washed their hands clean from the problems that led to the $25 billion “robo-signing” settlement with the nation’s Attorneys General—but it doesn’t mean that they will not be affected with the issue in any way.

Within the grounds of legal agreement, mortgage servicers are required to justify their payments to external firms that handle everything from documentation to asset management which includes REO brokers and agents who handle the listings.

Real Estate Owned specialists are paid to conduct inspections, provide broker-priced opinions (BPOs), and handle trash-outs and other services. However, the settlement clearly states that these providers should not be paid if they encourage undue haste or lack of due diligence over quality. The spotlight will focus more on BPOs since poor valuation can negatively affect the values of neighboring properties.

At a recent industry event, REO agents and brokers are encouraged to strengthen their businesses as to withstand the scrutiny.

Michael Waldron, a partner at financial law firm Ballad Spahr, warned the 60 REO brokers who attended a panel discussion that the issue will involve everyone and that they will start to feel the effects of the settlement.

Those who have been involved in any way will be further examined.

Other Articles to Read:

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Top 10 best places to buy foreclosed homes in 2012

Help for Short Sales and Foreclosure Information

Anson Properties LLC

Steph@AnsonProperties.com

O: 352.260.0153 C: 407.252.8240