Linda Martignetti

Oct 022014
 

first time home buyer

Buying a home for the first time can be a challenging experience. Here are some tips for new buyers.

  • Check credit scores as soon as possible. Fixing credit report errors or boosting a score that is too low often takes months to accomplish.
  • Hold onto some cash. Saving for a down payment is important, but so is an emergency fund large enough to cover three to six months’ worth of expenses.
  • Chat with neighbors about the community. Ask about schools, noise, amenities, and any future plans for the neighborhood.
  • Remember to save for additional costs that may be a part of the homebuying process: appraisal fees, escrow fees, notary fees, and other related expenses.

Understanding the ins & outs of buying a home is key. Count on us to help.

Aug 072014
 

Sometimes, you may find it difficult to make your mortgage payments and your lender may intend to foreclose your home. In such a circumstance, you should look for a Florida short sale assistance agency if you wish to save your home. Apart from this, you should get your finances on the right track to increase chances of the lender accepting your short sale request.

The first step to saving your home from being foreclosed is to realize the gravity of the situation. The lender will usually give you a grace period to pay off your outstanding mortgage payments before commencing the preforeclosure process. If your credit situation is on the rocks, seek help from a Florida short sale assistance agency. The agency will help to negotiate a short sale for you.

When you contact South Florida Short Sales, your financial situation and chances of being successful with a short sale request will first be evaluated. Linda Martignetti, a short sale assistance specialist with the agency, will help you with the basic requirements and filing the paperwork. She will work with you from the start to successful completion of the short sale process.

Linda will help you negotiate with the lender and agree on a time frame for paying the outstanding payments. If your credit situation is wanting, she can negotiate with the lender to have the payments deferred or reduced until your financial situation improves. Alternatively, she can convince the lender to offer you a new payment plan.

When your home is about to be foreclosed, you should know your rights regarding your mortgage and your lender’s right with regards to late payments. It can be difficult for a nonprofessional to know where the boundary lies in these matters. South Florida Short Sales will assist you in this matter. Linda will advise you on the course to take when you want to pursue a short sale to save your home. However, she will only give you alternatives to prevent a foreclosure but not fully avoid the mortgage payments. Ultimately, you will have to commit yourself to paying off part of the mortgage.

Dealing with short sales issues in Florida can be a challenging task. To negotiate a short sale successfully with your lender, you need Florida short sale assistance from experienced and certified professionals. Linda and South Florida Short Sales agency can help negotiate more manageable mortgage payments with your lender and ensure your short sale request is successful.

Aug 072014
 

Many homeowners who are upside down in their mortgages may wonder how to start a short sale process. However, they may feel intimidated by the process, and they may not know whom they can ask about it. For many consumers, the short sale process can seem scary, but on the other hand the process will allow them to avoid foreclosures and bankruptcies.

TIME IS RUNNING OUT!
If you are contemplating a Short Sale,
CONTACT LINDA MARTIGNETTI (RIVERSTONE REALTY) 954-464-5434

If you are upside down in your mortgage, you will probably qualify for a short sale. In fact, if you speak to your bank, you will probably discover that they would actually encourage you to do a short sale. However, with so many myths floating around the internet and the news media about short sales, it may be impossible to untangle the myths from the reality.

If you are experiencing hardship, if you are upside down in your mortgage, we would love to answer your questions. By attending our seminar on November 17th, homeowners will learn exactly how to start a short sale process.

They will learn that short sales are getting easier. They will learn about some of the incentives that lenders are offering homeowners to complete a short sale. For instance, recently two of our lenders gave their borrowers $20,000 at their closings. To earn this bonus, the borrowers only had to ensure that they kept their property in good shape and that they did not remove anything from the property.

At our seminars, we cover everything that borrowers need to understand to get through this tricky process. We explain the importance of getting their property valued prior to a short sale, and we show them who the best appraisers are. We tell homeowners the best ways to contact their lenders and how they should draft their hardship letters. We even explain how to find the right real estate agent to represent them for their short sale. In addition to this information, we offer much more at our seminars.

When you join us on November 17th, you will learn about all of the following elements of the short sale process:

• Untangling short sale facts from the myths that are spread by the media
• How to avoid scams and keep your finances safe
• Federal programs that help homeowners
• And much more

If you are wondering how to start a short sale process or if you are wondering why banks are encouraging short sales, we are the experts who can help you. Our special seminars have been designed to educate homeowners about all of the intricacies of the modern real estate market. When you leave our seminar, you will know exactly why banks prefer short sales, and you will understand how they can benefit you.

Aug 072014
 

Short sales in South Florida have increased to a great deal as compared to foreclosures to save home mortgage. This is a good time to be a real estate agent in South Florida if you specialize in short sale. In the year 2010 there was a 49% increase in short sales as compared to the previous year. Lenders in the mortgage market in Florida are finding that agreeing to short sales is much more viable than facing the costs of foreclosure. A short sale happens when a lender agrees to accept less than the total balance amount of the mortgage as a result of hardships that the borrower is facing. If you are a lender, the negotiations regarding any short sale you do would be handled by your Loss mitigation department. The troubled homeowner will hire a licensed realtor for listing, marketing and finally selling his property at its current market price. Since you would be receiving an amount that is less than what is owed to you, you need to give your approval before the short sale can close.

Usually a short sale is done to prevent the process of foreclosure. You, as a lender should approve a short sale that is well planned, well prepared and well presented in order to avoid the costs of a foreclosure which can reach up to tens of thousands of dollars. When it comes to a homeowner, short sale is very advantageous too. There are various benefits that a short sale brings such as avoiding the cumbersome and costly proceedings of a foreclosure, avoiding the devastating impact that a foreclosure would have on your credit history and the capacity to maintain your current employment and obtain future employment.

Short sale times are improving a great deal, although not in an extremely fast pace. According to CondoVultures, a Florida-based real estate consultant firm had reported that the average number of short sales in South Florida took 195 days in 2010 and 203 days in 2009. Another added motivator for servicers to go for short sales instead of foreclosures comes from the Florida Supreme Court. Before the collapse of the housing market a foreclosure in Florida took about 6 months and cost around $40,000 which included unpaid taxes, attorney fees and property damage. With such rising numbers of foreclosures in Florida, the Supreme Court of the state implemented a program that stretched the foreclosure to a time which is as much as 18 months.

Thus such action by the Florida Supreme Court diverted attention towards short sale although it can be a complex and time consuming action requiring detailed workings. it is being hoped that the process of short sales will spread to other parts of the country through trickle effect.

Aug 072014
 

The unstable economy, that is a result of the recent recession, has brought many people to their knees. Many South Florida people lost their jobs, witnessed their own businesses close, and as a result, had to deal with difficult financial times. A good amount of people also lost their homes to foreclosure. It has been a catastrophic time for a good amount of the population, as losing a home is always devastating. Foreclosure, however, is not the only way out. In fact, there are solutions that will have a much less negative impact on homeowners. Homeowners can try to sell their own properties, but it is difficult to do so for the purchase amount, or at least the mortgage loan amount, in these trying times.

The fact is, there are numerous people in the same situation trying to unload their own properties without losing the shirts off their backs. One has to come to the proper solution in order to lessen the effect it would have on one’s credit score. Short sales are one solution that every homeowner should be looking at. However, there are certain criteria that need to be met in order to qualify for this type of solution. Because the housing market bubble expanded so quickly and purchasing a home was so simple, it was inevitable for this bubble to burst. Unfortunately, upon the bursting of the bubble, people found themselves with properties that were worth much less than the mortgage loan.

That is the first criteria that must be met in order to qualify for such a sale, i.e. the property value must be below the amount of the mortgage loan. The individual homeowner must also be behind in the mortgage payments and prove that there is difficulty in making such payments. Furthermore, the homeowner must get the approval from the lender because it is the lender who will lose out in this type of the sale. If you are wondering why a lender would even consider this as a solution, it has to do with simple calculations whereby a foreclosure is much more costly to a bank or mortgage lender. In many cases, the lender will negotiate splitting the losses, although it is not always possible, depending on the financial situation of the homeowner. Special documentation must be completed and presented to lenders to approve this type of sale.

The process may be complicated! Linda Martignetti is a real estate agent in South Florida that specializes in short sales. Linda can help homeowners through the entire procedure. If you are still contemplating if a short sale is best for you, don’t feel overwhelmed! Contact Linda today!

Aug 072014
 

When the property bubble burst, so did the dream of millions of Americans. The economy plummeted to depths unseen in decades. Businesses were left struggling to cope with the new financial environment. Some were able to find a way to thrive while others were forces to close shop. Most had to resort to restructuring and budgets cuts in order to survive. A substantial number of workers became unemployed or had to take pay cuts. This led to their inability to pay home mortgage and eventually to foreclosure. It should be noted, though, that this is not inevitable for all homeowners as there exists other ways to come out of the situation without losing everything. For instance, they may sell the property albeit they probably have to settle for less than the purchase price.

There are a lot of individuals who are doing their best to fix their mortgage situation without losing all of their remaining funds. Otherwise, their credit rating will suffer and that will lead to even more problems in the future. A popular course of action is to get involved in short sales. Not everyone may qualify for this solution, though. There are a few strict guidelines that must be followed to be considered for this arrangement. It’s important to understand the root of the problem, which is rapid market expansion that enabled people to purchase expensive homes easily. Now those homes are worth a fraction of their prior value.

To qualify for short sales, the current value of the house must be less than the mortgage loan. Homeowners must prove that they have missed several payments and are truly without the means to catch up. Lastly, the homeowners must discuss the matter with the lending companies to acquire their blessings as the latter is placed at a disadvantage if the sale pushes through. That being the case, one might wonder why a lender would even let the transaction happen. The answer is that short sales, though financially disadvantageous, are still better compared to foreclosures in terms of cost. The total loses may be split between the lending company and the homeowner, if he or she has the capacity to absorb such a blow, which may not be the case. Due to the complications, individuals who wish to avail of this measure must secure approval by filing special documentation to the lender. If unsure as to how to go about the procedures, homeowners can seek the help of real estate representatives in their locality.

Aug 072014
 

Are you struggling to make your mortgage payments on time? If so, a new Harris Interactive poll reveals that you are not alone. The poll, conducted over a 7 day period in March 2011, found that 7% of homeowners had problems making their mortgage payments on time, even though they were able to meet the payment deadline. An additional 22% of the homeowners admitted to having trouble paying on time, so much trouble that they were not able to meet the payment deadline for their mortgages.

The only positive news is that these numbers have decreased since 2010. Harris Interactive states that it is too early to see if these numbers might be showing a positive trend in the housing market and economy. Foreclosure might be one reason that these numbers were lower in 2011 than 2010 . Harris Interactive did a similar study that supported the data in this poll, leading them to think that we are on the path of a slow economic recovery.

This poll also found that around 21% of homeowners are concerned as to whether or not their house is worth less than what is owed on their mortgage, also known as being underwater in their mortgage. Since the downward spiraling of the economy, more and more homeowners have found that their mortgages far exceed the current value of their homes. This can be quite surprising news for many homeowners who bought their homes when the housing market was in a boom.

Disturbingly, the Harris poll also found that the number of mortgages are on the decline. In 2011, 66% of adults had a mortgage, down from 69% in 2010. These numbers show us that Americans are losing their homes, and not only that, there aren’t enough new mortgages to make up for the ones that are being lost.

The possibility of error was not calculated in this poll in which 3,171 adults participated in. All of the adults polled did so at their own free will. The participants were not awarded with incentives or payment for completing the poll. These facts add to the credibility of the respondents’ answers.

Aug 072014
 

Due to the recent recession, many people are currently unemployed. Most lost their jobs when their businesses and companies closed down. In addition to the financial difficulties, many people lost their homes to foreclosure in the recession. The unstable economy has brought hard times for many, especially those who lost their homes to foreclosure. However, it is important to know that foreclosure is not the only option you can take. In fact, there are other more positive solutions that do not have such a bad impact on the homeowner. One thing a homeowner can do is sell his/her property or do short sales. However, make sure you price the real estate right, as an overpriced property is not inviting especially in this unstable economy.

There are many people who are in this type of situation. They are trying to unload their own properties without losing too much. Before the recession, the housing market bubble was expanding incredible fast. Therefore, many thought it was inevitable to burst. When it burst, many homeowners where left with properties worth a good deal less than the mortgage loan. Fortunately, there are various solutions one can use. Short sales are an option that every homeowner should consider. There are various requirements that must be met before you can use the short sales solution.

The first requirement is to check the value of the property. Make sure the value is below the amount of the mortgage loan. Afterwards, the homeowner must prove that he/she is having difficulty making the payments. The homeowner must then get an approval from the lender, because the lender will be the one that will most likely lose out on this type of sale. The reason why a lender will accept this solution is that it is generally a good deal cheaper compared to foreclosure costs. Therefore, the mortgage lender or bank will most likely agree to this option. Usually, the lender will want to negotiate to split the losses. In addition, in order for the lenders to approve short sales, special documentations must be finished and presented. This process tends to be complicated. Therefore, you may want to consider hiring a South Florida real estate agent to aid you in the entire procedure. These real estate agents are experts in this field, and can help you iron out any related problems. They will also walk you through the procedure and show you which options are available to you, and which options are probably the best for you.

Aug 072014
 
Short-Sale-Process

Short Sale Process

With the recent problems with the economy and real estate market, many people have found themselves in a very difficult financial situation. The home they had worked so hard to purchase is no longer worth what they had paid, they may have lost their job or are facing other serious economic circumstances and now find themselves in a position where they are no longer able to pay their mortgage. While it is always a difficult decision to make, choosing a Florida short sale can certainly be a better option than allowing the property to go into foreclosure. Fortunately, the short sale process in Florida is rather straight-forward and something that can give the homeowner a fresh start.

We can help with a Short Sale Process In Florida, contact us now!

In a Florida short sale, the bank or lender agrees to the sale of the property for an amount of money that is less than what the current homeowner still owes on their mortgage. Of course, this leaves a deficiency that could create a situation where the original lender could seek remediation in the way of a deficiency judgment. This judgment can follow the homeowner causing garnishment of wages and other financial hardships until the deficiency has been resolved; however, in Florida, the vast majority of lenders agree to forego the deficiency judgment.

With a lender who is willing to work with the homeowner, it is possible to avoid the foreclosure process and all the negative ramifications that this type of move can cause to one’s credit history. Both parties can agree to settle on a short sale of the property, the lender gets a significant portion of their money back and can avoid the long foreclosure process and the homeowner has an opportunity for a fresh start. This is not the ideal situation, but it is certainly much more advantageous than the emotional and damaging foreclosure process faced by so many homeowners today.

Rather than walk away from a property that you can no longer afford, working through the process of a short sale can be an excellent way to settle your debt and begin again without the burden of owing a huge sum of money. It is important to note that a deficiency judgment can still be sought by the lender, but this would require them to file another case in court. The lender is often just as willing as the current homeowner to work out a solution that will allow them to get back the majority of their money that is still outstanding and will typically waive their right to file for a deficiency judgment.

Aug 072014
 

It has been a frequent complaint among real-estate agents, buyers and sellers alike for a long time. Banks have slowed down when it comes to the approval of short sales – sales which entail an agreement by the lender to receive an amount lower than the total mortgage amount outstanding.

Short sales in South Florida and elsewhere are typically seen as having a far superior outcome compared to foreclosure. However, determining ways to make the short-sale process more efficient while evading fraudulent sales has been challenging. For instance, a program from the Obama administration which provides incentives for participation in short sales has assisted only approximately 35,000 owners of homes as of February. Additionally, Freddy Mac claims that it has completed close to 46,000 short sales in the last year.

Those figures, however, are insignificant compared to the number of foreclosures in the United States. Solely during the month of March, over 55,000 homes were foreclosed upon per statistics from RealtyTrac, Inc.

Late on Tuesday, the federal government’s regulator overseeing Freddie Mac and Fannie Mae revealed new methods designed to make sure that interested buyers receive a fast response when they are attempting to buy a short sale.

Loan servicing professionals who collect payments for Freddie and Fannie will have 30 days to decide once an offer is received for a short sale purchase. Additionally, they are under requirements to consider an anguished homeowner’s short sale request within 30 days.

shortsales

shortsales

If additional time is needed after 30 days, the lender must update borrowers weekly with status information, plus they are required to make a decision within 60 days of the application’s initiation; it is an effort to give help to mortgage lenders needing time to obtain opinions on the property’s value or the mortgage insurer’s approval.

Tracy Mooney is a senior vice president with Freddie Mac who has said that short sales are more complicated than typical home sales because they might include multiple parties and the need for negotiating over long distances. Mooney has also said that the new timelines have been designed to add transparency and timeliness to the decision process.

Andrew Wilson is a spokesman for Fannie Mae, and he has stated that short sales can be complicated transactions which often involve numerous parties. He also said that homeowners, taxpayers and entire communities will benefit from a quicker and more efficient process.

Formal guidelines related to the recently introduced timelines for short sales have been issued by Freddie Mac. It is expected that Fannie Mae will follow suit soon.

The regulator for Freddie and Fannie also directed the entities to form new strategies with the intention of encouraging homeowners to steer clear of eviction by turning their property deeds over, or by signing leases to be exchanged for the deeds. In late 2009, Fannie Mae announced their so-called deed for lease program, but its success was limited.