Monkey Sold

New Year May Not Offer Forgiveness

2013-12-27T15:29:00.001-05:00

As we head back into the office from the holidays and begin to prepare for a new year, Monkey Sold would like to remind underwater homeowners of a very important expiration date.

The Mortgage Forgiveness Debt Relief Act was introduced by congress in 2007 as a tool to protect distressed homeowners. A deficiency from a home sold as a short sale is considered taxable income by the IRS. For example, if a homeowner owes $200,000 and their home sells for $150,000, the $50,000 written off by the bank is like an invisible check made payable to the homeowner. Before this act was introduced, a homeowner would be expected to pay taxes on that amount.

The Mortgage Forgiveness Debt Relief Act first expired at midnight, December 31, 2012 and has since been extended by congress through the same date in 2013. Now set to expire on New Years Eve, the question on everyone's mind is, "Will congress extend the act yet again?"

June of this year, a Michigan senator introduced a bill, along with co-sponsor, California Senator Barbara Boxer, to extend the act through 2015. The decision congress makes is very important to the future of short sales and piece of mind for distressed homeowners.

You can read the entire bill here.

You can also check the bill's status through congress here.

If you would like more information do not hesitate to contact MonkeySold.

Please send all inquiries to a2@cflhometeam.com or call 407-706-3139

Home For The Holidays

2013-12-16T17:45:00.001-05:00

Fannie Mae homeowners will not be telling the story of "How the Grinch Stole" their homes this holiday season. Thanks to their efforts the GSE plans to postpone evictions of foreclosed homes from December 18 to January 3rd. We've been informed that legal proceedings will continue to be carried out, however, homeowners will be allowed to remain in their homes for the holidays. COO of Fannie Mae has expressed his deepest concerns and wishes distressed homeowners all the best during this time of family celebration, proving his heart is NOT two sizes too small.

Don't Let Time Run Out!

2013-12-02T15:12:00.002-05:00

The Mortgage Forgiveness Debt Relief Act was passed by Congress in 2007 in an attempt to provide some relief for the millions of homeowners who found themselves owing more on their mortgage than the property was worth as a result of the collapse of the housing and finance industries. This report was created to give homeowners the most accurate information about the Mortgage Forgiveness Debt Relief Act, which has helped many distressed homeowners find options that were previously unavailable.

The act, which was always intended to be a temporary solution, is now set to expire at the end of 2013. Time is running out. But there is still time to change your financial direction and avoid foreclosure. Reading this report will teach you what the Mortgage Forgiveness Debt Relief Act is and how it can help save you money.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

CHRISTIAN BOHYN

407-706-3130

CB@MONKEYSOLD.COM

Giving Thanks

2013-11-25T11:54:00.001-05:00

As you gather with family and friends to give thanks this week, take the time to consider those who may be less fortunate, specifically those struggling with mortgage challenges. Recently, Transunion reported that mortgage delinquencies were down significantly year-over-year. While this is good news for most, the report went on to state that there are still millions of homeowners who are behind on their mortgages.

As a Certified Distressed Property Expert (CDPE), I have been extensively trained to help those in need pursue alternatives to foreclosure. If you or someone you know owes more on their home than what it’s worth and doesn’t know what to do, don’t hesitate to call me today. I’m here to help.Have a Happy Thanksgiving.

Christian Bohyn
407-706-3130
cb@monkeysold.com

Your Home May Be Worth More Than You Think!

2013-11-18T11:31:00.001-05:00

Today’s real estate market is very different than it was a year ago. Prices have increased rapidly over the past 6-8 months as part of a steady recovery we’re seeing take place across the nation in real estate. If you or someone you know has a home in which they owed more on their mortgage than the property was worth, that may no longer be the case. Or perhaps you’ve just been waiting the market out for prices to increase. Well, that time has arrived.

Contact me today for a free market analysis.

Florida Leads The Nation In Foreclosure Filings

2013-10-22T17:20:00.002-04:00

With percentages of distressed homeowners dwindling nationwide, Florida still has a long road ahead with more foreclosure inventory than any other state in the US. With 7.9% of all mortgaged homes foreclosed on (not IN foreclosure), the bridge to recovery is a slow build. Places like Jacksonville, Orlando, Miami-Ft. Lauderdale, and Tampa are just a few of the Florida Cities listed by Business Insider/Realty Trac as cities with the most foreclosure filings. These 5 cities were part of 9 of the 14 total cities in the US with the highest ratings.

A judicial state, foreclosures take an average of 907 days to reach completion in Florida, thus prolonging the process and increasing our foreclosure rates. This means that the bread and butter of foreclosure activity is a result of older cases moving through the court system. So the good news is that these loans are more than likely a metaphoric hangover form the original crash of the housing market, and not new filings.

With that being said, our Monkey Sold personal opinion is that foreclosures haven't met a stand still simply because homeowners are not educated on their options. In fact, a large percentage of leads we receive in our office are from homeowners who do not even know what a short sale is. Reaching out through new and effective marketing, we want to do what we can to inform homeowners that foreclosure is NOT the ONLY option.

Click HERE To Receive A Copy of Our Free Report

Are You In A Foreclosure Crisis?

2013-10-02T17:33:00.001-04:00

Don't Let Time Run Out!

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

RE/MAX Short Sale

2013-02-13T20:51:00.001-05:00

Get Paid to Sell the Home You Can’t Afford!

2013-01-28T11:01:00.000-05:00

When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms designed to help distressed homeowners avoid foreclosure.

One of the most talked about elements of the MHA program is the Home Affordable Foreclosure Alternatives program, or HAFA. The HAFA program creates options for homeowners who owe more on their mortgage than the property is worth and don’t know what to do. Even better, it allows relocation assistance of $3,000 to be paid to eligible homeowners in this situation.

HAFA also helps the process go more quickly by mandating that banks keep in contact and make decisions in a timely fashion. To learn more, you can download my free report entitled “Struggling to Make Your Mortgage? Uncle Sam May Pay You to Sell Your House!” by filling out the form below.

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I offer all of my clients the benefit of the best expertise and insights when it comes to foreclosure avoidance.

Not All Sunsets are Beautiful

2012-10-06T22:43:00.003-04:00

Download my free report

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable.

The Mortgage Debt Relief Act, however, was only intended to be a temporary solution and is now set to expire at the end of 2012. There is a bill in Congress that would extend it, but it is unclear if it will pass. For distressed homeowners, this means that time is limited to take advantage of this program.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

Call me now at 321-443-4448 and let me help

It’s time to take another look at short sales

2011-10-10T13:59:00.000-04:00

Just a few months ago, if you would have told a real estate agent who specialized in short sales that in the future a lender’s would give stellar service and rapid approval times—and on top of that significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.

That’s all changed. And it’s changed faster and to a greater extent than most homeowners and real estate professionals ever could have imagined.

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales. Big time.

The biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve ponied up with cash incentives of up to $35,000 at closing for homeowners who pursue a short sale. And they’re proactively reaching out to agents with short sale experience and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case.

As a I have been specializing in short sales for almost 5 years and as a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties. I invite you to visit my website www.MonkeySold.com to learn more and feel free to contact me any time at 321-443-4448 or email me at help@MonkeySold.com if you or anyone you know is struggling with an unmanageable mortgage.

How to cope with the Stress of an Unaffordable Mortgage Payment

2011-08-20T12:20:00.000-04:00

Whenever I look at the latest foreclosure and distressed housing statistics, the sheer number of Floridians facing the stress of losing their homes amazes me.

It really is my goal to help as many homeowners I can to either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. As I became recently CDPE certified, It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing more money on their home than they can afford to pay.

The report also draws a contrast between short sales and foreclosures.

Note that, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. Strategic default is not letting it go into foreclosure, but negotiating a shortsale with your lender to create a win/win. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

Existing Home Sales Plunge

2011-03-21T20:11:00.000-04:00

HAMP: On the Chopping Block

2011-03-09T10:44:00.000-05:00

Last week a House Financial Services Subcommittee voted to eliminate two programs designed to mitigate the impact of the housing meltdown.

Republicans on the Committee voted unanimously to shut down the Emergency Homeowner's Loan Program (EHLP) and FHA's Short-Refinance Option. EHLP is not scheduled to go into operation until next month and the Short-Refi program got off to a slow start and has, as yet assisted only a few homeowners but also has cost $0 in federal monies.

The next two housing recovery efforts on the chopping block: HAMP and the Neighborhood Stabilization Program. With the Committee scheduled to vote Wednesday on the fate of both programs, supporters are beginning to fight back.

Last week representatives of the Administration testified to the Committee as to the importance of the Home Affordable Modification Program (HAMP), a joint program operated by Departments of Treasury and Housing and Urban Development. While HAMP has been plagued with problems, at last count it had moved 600,000 borrowers into permanent loan modifications while another 126,000 are in the required three month trial modification period. The so-called "HAMP Termination Act of 2011" (H.R. 839) would prohibit the Secretary of the Treasury from providing any further assistance to the program but would allow assistance to continue where a homeowner was in process with an offer to participate in the program.

Timothy G. Massad, acting assistant secretary of the Treasury, Office of Financial Stability sent a letter to the Chairperson of the Committee Judy Biggert, (R-IL) before last week's vote saying that terminating HAMP before the end of 2012 would be a mistake. "HAMP continues to help tens of thousands of additional families every month with mortgage modifications that provide the typical borrower with a $500 reduction in monthly mortgage payments. Put simply, ending HAMP now, without a meaningful alternative in place, would mean that struggling homeowners would have far fewer ways of coping with the worst housing crisis in generations. Instead, their fate would be left solely in the hands of the same mortgage servicers whose standards are widely recognized to be in need of reform"

Massad said that the value of HAMP has reached beyond the number of permanent modifications. The program has set affordability standards and developed a framework for how mortgage servicers should assist those homeowners and set critical protections for homeowners. It is also important to understand, he said, the taxpayer funds are used only for homeowners in permanent modifications and only when those homeowners continue to make their payments.

On March 3 the New York Times Editorial Board chimed in. "The ongoing crash," it said in an editorial, "is further evidence that the government's antiforeclosure efforts have fallen short and America's struggling homeowners need more help. So what are House Republicans proposing? They want the government to get out of the antiforeclosure business altogether and leave homeowners to fend for themselves. The result would be hundreds of thousands of additional foreclosures and steeper price declines." They have, The Times said "introduced bills to eliminate four federal antiforeclosure programs and replace them with - nothing."

The newspaper went through each of the threatened initiatives and their accomplishments and laid out a brief primer on how each could be improved; HAMP for example, by seeking legislation and regulation and stiffer penalties for banks, with which "much of the problem lies," for "improper delay and denial of modifications, excessive fees, and violations of borrowers' legal protections."

The Neighborhood Stabilization Program (NSP) is the second program the Committee will vote to end on Wednesday (H.B. 861). NSP, begun under the Bush Administration, provides money to local governments and non-profits to buy and rehabilitate abandoned and foreclosed properties and return them to the tax rolls or to a non-profit use. The Times said the $6 billion Congress appropriated for the program over the last two fiscal years was simply not enough, it has all been obligated and "House Republicans want to eliminate a third round of financing - $1 billion - promised in the financial reform law." The paper said that a Republican claim that the program may provide a perverse incentive for banks to foreclose "is absurd. Banks foreclose when they deem it in their interest, not because a small federal program entices them."

The editorial also defended the two programs that were voted down last week, refuting critics claims the that EHLP encouraged indebtedness and stating that ending the FHA Short-Refi program, which has resolved its early technical problem would squander an important chance to prevent foreclosures. "All of the targeted programs address serious unmet needs," The Times said. "If House Republicans get their way and shut these programs down, all Americans will pay the price."

A third defense was published by Steve Adamske, Deputy Assistant Secretary for Public Affairs at the U.S. Treasury Department on the Department's on-line blog. Adamske said HAMP was not designed to prevent every single foreclosure, but terminating the program would mean that more Americans would lose their homes, more families would have to endure the painful process of foreclosure, there would be more vacant homes in communities that are already suffering, and it would mean that the still-fragile housing market and the nation's broader economic recovery would be put at greater risk.

If the Committee votes tomorrow to terminate the second set of programs, the bills must still pass a vote by the entire House, the democratically controlled Senate, and then a Presidential veto. The latter two sound unlikely based on rhetoric from the Administration

Homeowners Walking Away

2010-10-07T16:09:00.000-04:00

Recession Continues to Batter State Budgets; State Responses Could Slow Recovery — Center on Budget and Policy Priorities

2010-08-17T00:10:00.000-04:00

Recession Continues to Batter State Budgets; State Responses Could Slow Recovery — Center on Budget and Policy Priorities

Laurie Santos: A monkey economy as irrational as ours | Video on TED.com

2010-08-03T22:17:00.001-04:00

Finally, thanks to this talk, I now understand why people tend to hang on to their home when the value is dropping and decide not to go for the "rational' option of not letting it go in a short sale.
This is a very interesting talk. A MUST WATCH!

Cameron Herold: Let's raise kids to be entrepreneurs | Video on TED.com

2010-08-02T22:16:00.000-04:00

Cameron Herold: Let's raise kids to be entrepreneurs | Video on TED.com

Indymac Boys Get Sweetheart Deal

2010-07-20T10:47:00.000-04:00

Home Buyer Tax Credit extended

2010-07-02T09:53:00.000-04:00

Late Wednesday night the Senate finally followed the lead of the House of Representatives and voted to extend the closing deadline for the $8,000 homebuyer tax credit that was scheduled to die yesterday at midnight.
President Obama signs the Homebuyer Assistance and Improvement Act of 2010, which he will to do next week, homebuyers will have until September 30 to close on their home purchase and still qualify for the tax credit (as long as they signed their sales contract by April 30, 2010).

The federal tax credit was part of the American Recovery and Reinvestment Act signed in to law in February 2009. The $8,000 credit was obtainable to first time buyers who bought a house after January 1, 2009 and was originally scheduled to die on November 30, 2009. The credit was seen to have stimulated home sales, in the lower cost ranges, and in November Congress extended it through April 30 and added a $6,500 tax credit for non-first-time buyers.

The National Association of Realtors® (NAR) had pushed hard for the extension claiming that 180,000 potential buyers who were holding signed contracts would be denied the credit under existing rules. Other estimates put the number of eligible pending sales as high as 200,000. Mortgage requirements are slowing some traditional closings, but buyers who are purchasing bank owned actual estate or short sales often find themselves involved in an very lengthy method. One mortgage originator said that even the slightest change in paperwork such as a repair necessary after an inspection or appraisal can take weeks for approval because of the number of signatures needed from the bank or mortgage servicer.

The extension was originally defeated in the Senate last week because it was attached, as an amendment, to a bill which contained an extension of unemployment insurance. The extension however managed to pass both the House and the Senate last night as a free standing bill.

HR 5623 also contains additional provisions to tighten the rules to prevent tax credit fraud. The Inspector General for Tax Administration in the Treasury Department said earlier this month that his office had found substantial fraud in the program. This included claims that were paid on houses bought before the program started and for houses actually owned by someone else. The Inspector General also found that some 1,300 jail inmates, some serving life terms, had claimed and received over $9 million in credits. The new legislation will permit the IRS to disclose tax return information to jail administrators.

Your Graceful Exit

2010-06-03T10:18:00.001-04:00

This is a message from the government talking about the advantages of short sale and deed in lieu of foreclosure.
Of course my preference is still a Short Sale as you are more in control of your time-line and there are more incentives to do so.
Note, that a deed in lieu is only possible when there is no second mortgage or other liens attached.
Hopefully this movie will talk some sense into homeowners who are trying to hang on when they shouldn't.

What to expect when buying a Short Sale

2010-05-13T14:52:00.004-04:00

Okay, I am a Short Sale specialist. People come to me, asking what will happen once they decide on selling their home in a short sale and I advise. My website MonkeySold.com is full of information on the subject.

But what about Short Sale Buyers?

Short Sale Buyers, hear these horror stories about short sales not being "short", so here's a little summary of what to expect and what is needed to buy a Short Sale Property.

First you need to find yourself a Realtor that has Short Sale experience, interview your Realtor and ask him what Short Sales he has worked on and don't be afraid to check on his referrals.
Most Realtors don't like to sell short sales and will try to steer you away from them, if that is the case and you are really interested in the house, then I suggest that you thank your existing Realtor for his help, cancel your agreement with him and contact the listing agent directly.

Ask if the seller is motivated, if the seller is not motivated or hard to reach then the Shortsale can become a real pain. In most cases the sellers' lender will need updated financials during the process and it is not the first time that a shortsale is upheld because the seller cannot be reached or is not motivated to send in extra paperwork.

Ask if the listing agent has any experience in short sales, if the listing agent only has one or two short sales in his portfolio then he is likely to have no clue on how to follow up with the sellers lender.

Upon signing a short sale contract, always add a clause stating that the deposit money will be put in escrow upon receipt of the approval letter. An approval letter is given by the sellers lender once the short sale has been approved.

Call and email your agent at least once a week and ask for an update, keep record of the updates and make them aware that you do.

A normal, well followed up short sale, should take no more than 45 to 60 days, add to that another 30 to 45 days for you to get your funding and you are in the house as quick as any other home that you would purchase.

Call me at 407-566-9495 if you have any questions,
Good Luck!

MonkeySold Discovers Belize

2010-05-10T09:43:00.000-04:00

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Why do people file bankruptcy when they are in foreclosure?

2010-03-28T18:59:00.001-04:00

The first and main reason why people file bankruptcy is because they went to a bankruptcy attorney and asked him for advice.
What advice do you get from a bankruptcy attorney?
Well, he'll tell you to file bankruptcy of course... why?
Because that's where he makes his money!

I really hope that this will open your eyes if you ever consider filing bankruptcy.

People facing foreclosure are simply desperate and need help. Bankruptcy is not always a solution. I strongly advise people to go to look at the different options available to them and there are many.

Options such as deed in lieu, forbearance, loan modification or short sale need to be considered and all avenues need to be looked at.

One thing is certain and that is that once people stop paying their mortgage they have time to look into all these solutions, even when served with a foreclosure notice there's plenty of time.

My dad used to say " the soup is never eaten as hot as when it is served"

So don't panic, face the situation and start actively searching for solutions, don't stick your head in the ground and hope that this will go over... it won't!

I am still a big advocate of "the short sale solution".

The short sale, a transaction in which the lender accepts less than the balance owed on the mortgage.

A short sale will give you debt forgiveness, it will also give you plenty of time to enjoy your home for free whilst negotiating the short sale and it will be reported to the credit bureaus as a "settled debt".

Beginning April 5, under new Treasury Department rules, short sales will be presented as the potential next step for homeowners who are rejected by or fail to make the grade for the federal Home Affordable Modification Program (HAMP).

The new directives are a "push" to get lenders to accept Short Sales, there's even an additional government aid to cover moving expenses for the selling homeowner in the form of an up to $1,500 cash back at closing.

MonkeySold has been negotiating short sales for over 3 years now and has seen millions of dollars forgiven for it's clients. By using a unique combination of investors, lawyers and expert real estate agents, MonkeySold has been assisting homeowners who are facing foreclosure either stay for a longer period in their homes or sell the home fast.

The MonkeySold solution is unique and although it might be advisable to get it all over quickly it might be necessary to hang on to the home a bit longer. Depending on the hardship being temporary or permanent MonkeySold works out a "tailor-made" solution focused on the homeowners needs.

2010-03-28T16:23:00.001-04:00

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