Short Stories

Mr Simpson Will Finally Receive A Principal Reduction Loan Mod

2009-07-26T13:13:00.000-07:00

Tell me one more time why the principal reduction loan modification should NOT be approved for Mr Simpson. Please, please, please approve this principal reduction loan modification. If you will not approve this loan modification, then I will write a post about the inner-workings of the loss mitigation department where I work. You MUST approve the principal reduction loan modification TODAY!

Thank you for your help with Mr Simpson’s principal reduction loan modification.

New Devolopments in Florida Short Selling

2009-06-07T18:55:00.000-07:00

What I florida short sale is:

1. A defaulted mortgage in Florida for a upside down real estate, said Florida realtor having a pair of rearward parallel bankruptcy attorney members and a fifth Countrywide Loan Officer, comprising: an upward vertically-expandable JP Mortgage Chase loss mitigation department located between said bankruptcy attorney members at the rear portion of the latter and behind the fifth Countrywide Loan Officer of said Florida realtor; a pair of mounting bars, transversely secured to the rear portions of both bankruptcy attorney members; a support plate, rigidly secured to said mounting bars and to the lower end of said JP Mortgage Chase loss mitigation department, to support the latter; a rotation plate, secured to the top end of said JP Mortgage Chase loss mitigation department; a transverse member, rigidly secured to said bankruptcy attorney members forwardly of said JP Mortgage Chase loss mitigation department; and at least one longitudinal stabilizing arm, pivotally secured by first and second pivot members to said rotation plate and to said transverse member, respectively; anti-friction means between the top of said JP Mortgage Chase loss mitigation department and the lower surface adjacent thereto of said trailer, whereby actuation of said JP Mortgage Chase loss mitigation department transfers weight from said fifth Countrywide Loan Officer rearwardly over the traction Countrywide Loan Officers of said Florida realtor.

2. A defaulted mortgage in Florida as defined in florida short sale 1, wherein said first and second pivot members define pivotal axes which are parallel, horizontal, and transverse to the longitudinal axis of the truck.

3. A weight transfer means as defined in florida short sale 1, wherein there are two of said stabilizing arms.

4. A weight transfer means as defined in florida short sale 3, wherein said antifriction means consists of a pair of rollers mounted on top of said rotation plate and each disposed along a radial line extending from the center of said fifth Countrywide Loan Officer.

5. A defaulted mortgage in Florida as defined in florida short sale 4, wherein each bankruptcy attorney members is provided with an upward forwardly-inclined ramp forwardly of said rotation plate.

6. A defaulted mortgage in Florida as defined in florida short sale 5, wherein each said upwardly-forwardly inclined ramp extends between the horizontal planes defined by said support plate and said rotation plate, at least when said expandable JP Mortgage Chase loss mitigation department is inflated to its operative condition.

Where DId The FHA Streamline Refinance Go?

2008-12-23T21:41:00.000-08:00

In times of sporadic enthisiasm, the FHA lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This type of FHA mortgage Broker in Floirda can only be done if there is sufficient equity in the property, as determined by an FHA appraisal. FHA streamline refinances can also be done in Florida without appraisals, but the new loan amount cannot exceed the original loan amount or FHA loan limits in Florida. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and this might surpris and FHA borrower.

FHA Streamlines in Florida

Refinances that are Short FHA Funds

2008-10-06T18:29:00.000-07:00

There are occassionally fha short refinances that are available from time to time.

FHA Shorted Refinance Periods

2008-09-25T20:41:00.000-07:00

Not sure is this is the same as FHA short refi and I'm sure it really is different afterall. The importance of a refinance through FHA is yet to be determined unless you are refinancing with a shortened FHA mortgage loan with a reduce payoff. ANd in that scenario, you have an FHA short refi.

FHA SHORT REFINANCE

Some Mortgage Websites & Domain Names

2008-09-21T17:27:00.000-07:00

Here is a partial list of mortgage websites and domain names. The mortgage websites have a personal name and this is called a mortgage domain name. It has to do with loans, lending, and loaning people (or borrowers) money. Your mortgage domains are as follows:

WWW.KARENLOANS.COM

WWW.KARLSLOANS.COM

WWW.KATHRYNLOANS.COM

WWW.KEITHSLOANS.COM

WWW.KELLYLOANS.COM

WWW.KEVINLOANS.NET

WWW.KIMSLOANS.COM

WWW.KYLESLOANS.COM

WWW.LATANYALOANS.COM

WWW.LEEANNLOANS.COM

WWW.LEONLOANS.COM

WWW.LESLEYLOANS.COM

WWW.LESLIESLOANS.COM

WWW.LESS4LOANS.NET

WWW.LESTERLOANS.COM

WWW.LINDASLOANS.COM

These mortgage websites are different from the domain names that are mortgage websites on other areas for lending and loans.

Mortgage Domains and mortgage websites for sale.

Foreclosure or short sale preapprovals

2008-08-30T14:50:00.000-07:00

Even Hollywood's rich and famous can't avoid the short sales and preappovals that's sweeping the nation. In Florida, only 4,430 homes were sold by short sale and through the preapproval of short sales in Floirda. In December, down 48% from the short sale prices in Florida from the previous year. And short sale preapprovals fell 11% to an average $170,000.

Of course, celebrity short sale preapprovals cost much more than that. An normal preapproved short sale in Florida for an up-and-coming short sale expert is at least $1.4 million in Florida real estate, say someone in short sale land. Realtor Floirda short sale preapproval guy of Florida Foreclosures says it's the owners trying to sell short sales without a preapproval letter that are having the most trouble. This is also common with financing Sarasota Florida foreclosures. Many times a loan modification can avoid foreclosure.

Young rocker Florida short sale preapproval has had to reduce the short sale price on her five-bedroom, six-bath house in Florida from $2 million to $1.8 million. The property is currently in preapproval statues with teh florida short sale. The Florida short sale expert is now encouraged to study more on short sales in Florida and it is a home is in a gated community just off Florida panhandle and includes a tennis court and pool. Since Florida foreclosure realtor put the house on the market in February 2008, two offers have fallen through. In the public listing, her agent calls the house "One of the best short sale values on the market today and it is a Florida preapproved short sale to boot."

When it comes to Florida real estate, short sale preapprovals are generally treated much differently than other Florida foreclosures.

Texas Debt Collection Update

2008-08-09T20:23:00.000-07:00

A Dallas collection agency accused of sending letters that violate various consumer protection regulations said that it found out the Texas Attorney General had filed a suit against it through third parties, according to a statement released late Thursday.Anderson, Crenshaw & Associates said that it has not been served with the lawsuit and could not specifically comment on any of the allegations. The Texas AG’s office announced Wednesday that it had filed a suit against the company alleging numerous violations of both state law and the Fair Debt Collection Practices Act (FDCPA) (“Texas Attorney General Goes After Debt Collection Agency,” Aug. 7).

The attorney general’s office said that its enforcement action seeks civil penalties of up to $20,000 for each violation of the Texas Deceptive Trade Practices Act and penalties of up to $250,000 each if the consumer was over 65 years of age.Crenshaw noted in its statement that the company had fully cooperated with the AG’s office. “Crenshaw has fully cooperated with the Attorney General regarding any questions or requests for information they had regarding Crenshaw’s business operations,” according to the statement.

The company also noted that a no time had the AG’s office indicated that it was unsatisfied with the company’s response.Crenshaw said that it “looks forward to working with the Attorney General to obtain a fair resolution of all issues.”

Probelms with deficiency judgments in florida foreclosures

2008-08-03T14:04:00.000-07:00

There are many problems with recourse and non-recourse mortgage loans. The bigger problem has to do with recourse loans when the lender is seeking a deficiency judgment in a florida foreclosure. Much is said about these deficiency judgments - whether you call it a deficiecny judgment, summary judgment, default judgement, or even if you mispell it as a deficiecny judgement - the consensus is that deficiecnyc judgments in florida are bad news.

Look at these artcles discussing florida deficiency judgments and post a comment to let me know that we are looking at the florida foreclosures the same was as the courts may or may not interepret these judgments. I will check back to see the comments that you have made and then we can discuss the deficiency judgments in more detail after examining the collectibility of a judgment in a foreclosure action in florida specifically.

Try not to obtain an FHA mortgage in Florida when you have a judgment to be concerned about. The liklihood of obtaining a mortgage loan with a deficiecny are slim to none and -you guessed it - Slim just left town. Thanks for reading and please post a comment to let me know your thoughts about deficiency judgments.

Short Sale Exit With FNMA Flip

2008-07-19T18:51:00.000-07:00

There was a real estate investor or maybe it was a realtor in Florida talking about FNMA Flip and the policy that FNMA had with Flips in Florida. The FNMA MyCommunity Mortgage loan was the subject of the short sale. The short sale was purchased with a FNMA loan. The FNMA oan was flipped in a FNMA flip transaction.

There have been FNMA flips for a long time in Florida. This is nothing new. What is new is that now we know the FNMA flipping rules for short sale investing. This is how FNMA short sale underwriters views this type of transaction and I just thought it was helpful.

Examining FNMA Flips with short salleing of real estate. That is the Federal National Mortgage Association for those of you who don't know.

Matrix FHA MIP FICO

2008-07-15T19:34:00.000-07:00

This is the matrix for MIP, FICO, and FHA. If you haven't checked out the FHA MIP FICO MATRIX then get to it. Your fha loans are costing more money these days and the MIP for FHA will be based on a perceived risk to the FHA pool of government sponsored loans.

FHA MIP FICO CHART

Define Option Contract & Florida Real Estate

2008-07-12T15:47:00.000-07:00

Let’s take a look at the word Option. The definition of “Option” is provided by Investorwords.com:

“The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, index, or debt, at a specified price (the strike price) during a specified period of time. For stock options, the amount is usually 100 shares. Each option has a buyer, called the holder, and a seller, known as the writer. If the option contract is exercised, the writer is responsible for fulfilling the terms of the contract by delivering the shares to the appropriate party. In the case of a security that cannot be delivered such as an index, the contract is settled in cash. For the holder, the potential loss is limited to the price paid to acquire the option. When an option is not exercised, it expires. No shares change hands and the money spent to purchase the option is lost. For the buyer, the upside is unlimited. Options, like stocks, are therefore said to have an asymmetrical payoff pattern. For the writer, the potential loss is unlimited unless the contract is covered, meaning that the writer already owns the security underlying the option. Options are most frequently as either leverage or protection. As leverage, options allow the holder to control equity in a limited capacity for a fraction of what the shares would cost. The difference can be invested elsewhere until the option is exercised. As protection, options can guard against price fluctuations in the near term because they provide the right acquire the underlying stock at a fixed price for a limited time. risk is limited to the option premium (except when writing options for a security that is not already owned). However, the costs of trading options (including both commissions and the bid/ask spread) is higher on a percentage basis than trading the underlying stock. In addition, options are very complex and require a great deal of observation and maintenance. also called option contract.”

Now let’s take a look at the word Contract. The definition of “contract” as provided by Investorwords.com is:

“A binding agreement between two or more parties for performing, or refraining from performing, some specified act(s) in exchange for lawful consideration.”
When we put them to gether, we have the option contract. You may use the option contract to purchase a short sale in the State of Florida. Much has been written about Florida real esate and the short sales that can be bought and sold with the option contract. To learn more, simply follow the option contract for Florida real estate and you will learn much more about Florida short sales.

Locate Florida short sales with option contracts and in other real estate markets.

Conclusion of Current, FHA, and APR

2008-07-04T15:23:00.000-07:00

This is my final post of the hour regarding current fha apr. You may have been hearing much around the internet about the current fha apr and you have decided to check in with the FHA loan expert to see what’s what with regards to the current FHA APR. I will not keep you in suspense and longer. Here are the website to visit to check on current FHA APR:

Your story on FHA APR that is Current
My viewpoints on TILA, APR, Current and FHA
The CURRENT FHA APR site
Don’t listen to the dissension on current fha apr
You will apr fha current until I see fit
TILA examines current FHA APR
This is your last fha apr current post

As you can see there has been a great deal written today on the current fha apr situation and there will undoubtedly be much more on the fha apr situation in coming months. Stay tuned for the effects of the current fha apr dilemma and above all, make sure you don’t read too many boring posts like this one about current, fha, and APR.

Finding Fun Short Sales in Bay County Florida

2008-06-28T13:26:00.001-07:00

Take a look around bay county these days and wwhat do you see? SHORT SALES OF REAL ESTATE..in Bay County Florida, that's about it.

I was having a walk around the beach in Panama City and I saw the short sale on teh corner lot that was a foreclosure twice. It had a lis pendens in Bay County Florida and I said "Wait a second!" and then I said "Where is the short sale of real estate in Florida?".

As I was saying that, a real estate salesperson in bay county or panama city florida drove away with my short sale. The license plate said Bay County Real Estate and short sale investor. Or maybe that was the bumper sticker but you get the idea. The idea is that there are a lot of short sale properties in Bay County Florida.

Florida real estate in Bay County is available for sale. The bankupt home builders in panama City Florida have abandoned the homes and now they are all short sales of real estate.

Florida real estate for sale. REAL ESTATE IS FOR SALE!!! So BUY AND SELL HOMES please!

More on Alachua Short Sales in FLorida

2008-06-22T14:46:00.000-07:00

This is the final short sale of real estate in florida post. You may think it is all about Alachua county florida and if so, then click the Alachua county real estate short sale links. Here they are:

Short Sale Alachua

Alachua Short Sales

Florida Gainesville Short Sale

Short Sale Alachua Florida

Florida Real Estate Alachua

Alachua and the Short Sale Epidemic

My Short Sale is in Alachua Florida

These are a few of the important Alachua florida real estate information links. You may have more to add and if you do then please add a comment to this post and let’s all chip in to help Alachua county florida real estate and shorts sales. Goodbye and have a short sale with your lunch today.

SHORT SALE ALACHUA COUNTY FLORIDA

Understanding FHA Secrets and RISK BASED PRICING

2008-06-17T19:21:00.000-07:00

They tried to keep me quite about fha risk based pricing and how the MIP adversely affects certain individuals. I won't accept anybodys hush money. I'll type the secrets of FHA MIP RISK BASED PRICING and the politicians and the industry people that are pocketing FHA MIP are not going to stop this post.

I first must tell you that the FHA risk based pricing and risk adjusted pricing for FHA and the MIP fund came about becuase of the FHA solvency issue. Now it is growing from the MIP fund and the level of risk for the FHA mortgage insurance premiums are unbearable.

FHA Level Pricing based on credit scores.

SHORT OPTION CONTRACTS

2008-06-10T20:08:00.000-07:00

My final post on the option contract, so here are the links for you:

http://myfirstblog12.blogspot.com/2008/06/option-contract-short-sales-title.html

http://zkt145.blogspot.com/2008/06/dynamics-of-short-sales-option.html

http://short-sale-real-estate.blogspot.com/2008/06/explain-option-contract-short-sales.html

http://scientifichousing.blogspot.com/2008/06/finding-title-company-for-closing.html

http://larrylinkler.blogspot.com/2008/06/option-contracts-have-been-used-widely.html

http://moneypaystherent.blogspot.com/2008/06/title-policy-for-option-contract-and.html

http://housingboomgonebust.blogspot.com/2008/06/finally-i-can-list-title-companies-of.html

Before you decide about which option contract, title company, short sale, and real estate is appropriate for you, you must click the links above, touch yournose and say "I am an option contract of real estate to be used in a shorts ale" three time. Then click the links again repeating the short sale words above and take two asprin and call me in the morning. Goodnight!

Flagler County FLorida Discounts on Real Estate

2008-06-08T15:19:00.000-07:00

There was a story about Flagler county and it made me think of Flagler county florida and the discounts available on real estate there. You can ride a motorcycle with Robbie Kneivel in Flagler County florida and he may ride the bike over the discounted real estate in Flagler county. Here is an example of Flagler county real estate that is selling at a discount.

Short Sales are available in Flagler county real estate if you talk to the real estate agent in Flagler county florida. You may learn that the title company for real estate settlement in Flagler county is running around with flagler short sales on her t-shirt. They sell these shorts in Flagler county for anyone buying real estate in Flagler county. One way to examine the benefit of locating real estate online in Flagler county real estate in florida is to use an fha mortgage loan for the down payment of funds on the Flagler real estate.

Flagler County Real Estate Discounts.

Let's Talk About Real Estate in Flagler County Florida

2008-06-05T16:36:00.000-07:00

Let's get right to flagler county florida real estate. I know you want to hear a housing story about real estate in flagler county. This is why the real estaet in flagler county florida is so cheap.

The house and condo that you bought in flagler county florida may not be worth what it was yesterday. In comparison to teh cost of real estate of flagler county florida homes and condos, you can say that today's prices are cheap. Cheap real estate in flagler county is in the flagler county newspapers all day long. What does taht tell us about the flagler county short sale?

You have to assume that the flagler county real estate short sales are cheap too. And that my friends is the flagler county florida real estate update for today.

FLAGLER COUNTY FLORIDA CHEAP REAL ESTATE

Say FHA score below 580 one more time!!!

2008-06-03T20:23:00.000-07:00

The underwriter finally approved my borrower with an fha loan under 580 credit score. It took some time and no the fha loan didn’t have a nice fancy 620 fico score attached to it. It took a while for the 620 credit score to go from fha and back to a 580 credit score fha. All in all it was an fha loan with a 580 credit score.

You may be wondering where the fha loan under 620 fico is available. I am not sure if your credit score is a 580 fico or a 620 or if you like FHA loans at all. You may be a real estate investor or you may be an fha appraiser. You could be anyone with a credit score below 580 and obtain an fha mortgage loan given certain circumstances for fha and that the fha guidelines and rules are followed for credit score below 620.

Take a look at the fha loans for borrowers to buy below 620 fico scores.

Lienholder Removal in Florida Song

2008-05-26T17:24:00.000-07:00

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I saw my fha credit score and FREAKED!

2008-05-15T20:38:00.000-07:00

I saw my low credit score and was confronted with an fha mortgage loan denial. The fha credit scorew was too low forapproval with one lender. I then began to look for another fha mortgage lender to fund my fha loan with a low fico score.

The journey took many days and was filled with peril and much fha manual underwriting. I was steadfast in my fha manual underwrite and went from fha mortgage loan processor to fha mortgage loan processor with my credit report and low fha credit score. Then it happened. I had almost given up on my fha loan with a low credit score.

I looked up and say an fha lender that was willing to fund my fha loan with a credit score below a 620. Then I kept going down the fha mortgage lender list and found another fha lender under 580. Finally I found an fha mortgage lender down to a 520 credit score and got my fha loan.

Mortgage on fha and credit scoring approvals in future articles.

Foreclosuer Consultant FLorida Bill

2008-04-26T11:08:00.001-07:00

A bill to be entitled
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An act relating to foreclosure fraud; creating s.
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501.1377, F.S.; providing legislative findings and intent
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with respect to the need to protect homeowners who enter
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into agreements designed to save their homes from
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foreclosure; providing definitions; prohibiting a
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foreclosure-rescue consultant from engaging in certain
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acts or failing to perform contracted services; requiring
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that all agreements for foreclosure-related rescue
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services and foreclosure-rescue transactions be in
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writing; specifying information that must be in the
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written agreement; requiring that certain statements in
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the written agreement be in uppercase letters and of a
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specified size; providing that the homeowner has a right
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to cancel the agreement for a specified period and the
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right may not be waived; providing that the homeowner has
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a specified period during which to cure a default under
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certain circumstances; requiring equity purchasers to
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assume or discharge certain liens; requiring that an
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equity purchaser verify the homeowner's ability to make
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payments under a repurchase agreement; providing price
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limitations for repurchase transactions; providing for a
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rebuttable presumption of certain transactions being
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unconscionable under certain circumstances; providing for
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limited application of the presumption; providing an
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exclusion; providing that a foreclosure-rescue transaction
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involving a lease option or other repurchase agreement
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creates a rebuttable presumption that the transaction is a
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loan transaction and the conveyance from the homeowner to
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the equity purchaser is a mortgage; providing limited
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application of the presumption; providing an exclusion;
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providing that a person who violates certain provisions
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commits an unfair and deceptive trade practice as defined
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in part II of ch. 501, F.S.; providing penalties;
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repealing s. 501.2078, F.S., relating to violations
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involving individual homeowners during the course of
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residential foreclosure proceedings; providing an
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effective date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. Section 501.1377, Florida Statutes, is created
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to read:
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501.1377 Violations involving homeowners during the course
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of residential foreclosure proceedings.--
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(1) LEGISLATIVE FINDINGS AND INTENT.--The Legislature finds
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that homeowners who are in default on their mortgages, in
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foreclosure, or at risk of losing their homes due to nonpayment
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of taxes may be vulnerable to fraud, deception, and unfair
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dealings with foreclosure-rescue consultants or equity
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purchasers. The intent of this section is to provide a homeowner
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with information necessary to make an informed decision regarding
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the sale or transfer of his or her home to an equity purchaser.
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It is the further intent of this section to require that
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foreclosure-related rescue services agreements be expressed in
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writing in order to safeguard homeowners against deceit and
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financial hardship; to ensure, foster, and encourage fair dealing
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in the sale and purchase of homes in foreclosure or default; to
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prohibit representations that tend to mislead; to prohibit or
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restrict unfair contract terms; to provide a cooling-off period
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for homeowners who enter into contracts for services related to
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saving their homes from foreclosure or preserving their rights to
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possession of their homes; to afford homeowners a reasonable and
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meaningful opportunity to rescind sales to equity purchasers; and
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to preserve and protect home equity for the homeowners of this
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state.
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(2) DEFINITIONS.--As used in this section, the term:
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(a) "Equity purchaser" means any person who acquires a
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legal, equitable, or beneficial ownership interest in any
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residential real property as a result of a foreclosure-rescue
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transaction. The term does not apply to a person who acquires the
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legal, equitable, or beneficial interest in such property:
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1. By a certificate of title from a foreclosure sale
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conducted under chapter 45;
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2. At a sale of property authorized by statute;
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3. By order or judgment of any court;
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4. From a spouse, parent, grandparent, child, grandchild,
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or sibling of the person or the person's spouse; or
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5. As a deed in lieu of foreclosure, a workout agreement, a
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bankruptcy plan, or any other agreement between a foreclosing
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lender and a homeowner.
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(b) "Foreclosure-rescue consultant" means a person who
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directly or indirectly makes a solicitation, representation, or
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offer to a homeowner to provide or perform, in return for payment
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of money or other valuable consideration, foreclosure-related
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rescue services. The term does not apply to:
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1. A person excluded under s. 501.212.
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2. A person acting under the express authority or written
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approval of the United States Department of Housing and Urban
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Development or other department or agency of the United States or
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this state to provide foreclosure-related rescue services.
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3. A charitable, not-for-profit agency or organization, as
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determined by the United States Internal Revenue Service under s.
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501(c)(3) of the Internal Revenue Code, which offers counseling
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or advice to an owner of residential real property in foreclosure
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or loan default if the agency or organization does not contract
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for foreclosure-related rescue services with a for-profit lender
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or person facilitating or engaging in foreclosure-rescue
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transactions.
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4. A person who holds or is owed an obligation secured by a
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lien on any residential real property in foreclosure if the
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person performs foreclosure-related rescue services in connection
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with this obligation or lien and the obligation or lien was not
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the result of or part of a proposed foreclosure reconveyance or
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foreclosure-rescue transaction.
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5. A financial institution as defined in s. 655.005 and any
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parent or subsidiary of the financial institution or of the
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parent or subsidiary.
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6. A licensed mortgage broker, mortgage lender, or
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correspondent mortgage lender that provides mortgage counseling
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or advice regarding residential real property in foreclosure,
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which counseling or advice is within the scope of services set
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forth in chapter 494 and is provided without payment of money or
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other consideration other than a mortgage brokerage fee as
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defined in s. 494.001.
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(c) "Foreclosure-related rescue services" means any good or
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service related to, or promising assistance in connection with:
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1. Stopping, avoiding, or delaying foreclosure proceedings
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concerning residential real property; or
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2. Curing or otherwise addressing a default or failure to
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timely pay with respect to a residential mortgage loan
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obligation.
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(d) "Foreclosure-rescue transaction" means a transaction:
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1. By which residential real property in foreclosure is
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conveyed to an equity purchaser and the homeowner maintains a
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legal or equitable interest in the residential real property
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conveyed, including, without limitation, a lease option interest,
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an option to acquire the property, an interest as beneficiary or
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trustee to a land trust, or other interest in the property
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conveyed; and
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2. That is designed or intended by the parties to stop,
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avoid, or delay foreclosure proceedings against a homeowner's
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residential real property.
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(e) "Homeowner" means any record title owner of residential
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real property that is the subject of foreclosure proceedings.
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(f) "Residential real property" means real property
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consisting of one-family to four-family dwelling units, one of
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which is occupied by the owner as his or her principal place of
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residence.
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(g) "Residential real property in foreclosure" means
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residential real property against which there is an outstanding
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notice of the pendency of foreclosure proceedings recorded
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pursuant to s. 48.23.
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(3) PROHIBITED ACTS.--In the course of offering or
145
providing foreclosure-related rescue services, a foreclosure-
146
rescue consultant may not:
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(a) Engage in or initiate foreclosure-related rescue
148
services without first executing a written agreement with the
149
homeowner for foreclosure-related rescue services; or
150
(b) Solicit, charge, receive, or attempt to collect or
151
secure payment, directly or indirectly, for foreclosure-related
152
rescue services before completing or performing all services
153
contained in the agreement for foreclosure-related rescue
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services.
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(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN
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AGREEMENT.--
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(a) The written agreement for foreclosure-related rescue
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services must be printed in at least 12-point uppercase type and
159
signed by both parties. The agreement must include the name and
160
address of the person providing foreclosure-related rescue
161
services, the exact nature and specific detail of each service to
162
be provided, the total amount and terms of charges to be paid by
163
the homeowner for the services, and the date of the agreement.
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The date of the agreement may not be earlier than the date the
165
homeowner signed the agreement. The foreclosure-rescue consultant
166
must give the homeowner a copy of the agreement to review not
167
less than 1 business day before the homeowner is to sign the
168
agreement.
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(b) The homeowner has the right to cancel the written
170
agreement without any penalty or obligation if the homeowner
171
cancels the agreement within 3 business days after signing the
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written agreement. The right to cancel may not be waived by the
173
homeowner or limited in any manner by the foreclosure-rescue
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consultant. If the homeowner cancels the agreement, any payments
175
that have been given to the foreclosure-rescue consultant must be
176
returned to the homeowner within 10 business days after receipt
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of the notice of cancellation.
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(c) An agreement for foreclosure-related rescue services
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must contain, immediately above the signature line, a statement
180
in at least 12-point uppercase type that substantially complies
181
with the following:
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183
HOMEOWNER'S RIGHT OF CANCELLATION
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YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE
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SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS
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FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.
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189
THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM
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ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU
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UNTIL ALL PROMISED SERVICES ARE COMPLETE. IF FOR ANY REASON YOU
192
HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST
193
BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE
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CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.
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TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A
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STATEMENT THAT YOU ARE CANCELLING THE AGREEMENT SHOULD BE MAILED
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(POSTMARKED) OR DELIVERED TO ________________ (NAME) AT
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_______________(ADDRESS) NO LATER THAN MIDNIGHT OF
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___________(DATE).
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IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR
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MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT. YOUR LENDER OR
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MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A
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RESTRUCTURING WITH YOU FREE OF CHARGE.
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(d) The inclusion of the statement does not prohibit the
208
foreclosure-rescue consultant from giving the homeowner more time
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in which to cancel the agreement than is set forth in the
210
statement, provided all other requirements of this subsection are
211
met.
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(e) The foreclosure-rescue consultant must give the
213
homeowner a copy of the signed agreement within 3 hours after the
214
homeowner signs the agreement.
215
(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.--
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(a)1. A foreclosure-rescue transaction must include a
217
written agreement prepared in at least 12-point uppercase type
218
that is completed, signed, and dated by the homeowner and the
219
equity purchaser before executing any instrument from the
220
homeowner to the equity purchaser quitclaiming, assigning,
221
transferring, conveying, or encumbering an interest in the
222
residential real property in foreclosure. The equity purchaser
223
must give the homeowner a copy of the completed agreement within
224
3 hours after the homeowner signs the agreement. The agreement
225
must contain the entire understanding of the parties and must
226
include:
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a. The name, business address, and telephone number of the
228
equity purchaser.
229
b. The street address and full legal description of the
230
property.
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c. Clear and conspicuous disclosure of any financial or
232
legal obligations of the homeowner that will be assumed by the
233
equity purchaser.
234
d. The total consideration to be paid by the equity
235
purchaser in connection with or incident to the acquisition of
236
the property by the equity purchaser.
237
e. The terms of payment or other consideration, including,
238
but not limited to, any services that the equity purchaser
239
represents will be performed for the homeowner before or after
240
the sale.
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f. The date and time when possession of the property is to
242
be transferred to the equity purchaser.
243
2. A foreclosure-rescue transaction agreement must contain,
244
above the signature line, a statement in at least 12-point
245
uppercase type that substantially complies with the following:
246
247
I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME
248
TO THE OTHER UNDERSIGNED PARTY.
249
250
3. A foreclosure-rescue transaction agreement must state
251
the specifications of any option or right to repurchase the
252
residential real property in foreclosure, including the specific
253
amounts of any escrow payments or deposit, down payment, purchase
254
price, closing costs, commissions, or other fees or costs.
255
4. A foreclosure-rescue transaction agreement must comply
256
with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and
257
related regulations.
258
(b) The homeowner may cancel the foreclosure-rescue
259
transaction agreement without penalty if the homeowner notifies
260
the equity purchaser of such cancellation no later than 5 p.m. on
261
the 3rd business day after signing the written agreement. Any
262
moneys paid by the equity purchaser to the homeowner or by the
263
homeowner to the equity purchaser must be returned at
264
cancellation. The right to cancel does not limit or otherwise
265
affect the homeowner's right to cancel the transaction under any
266
other law. The right to cancel may not be waived by the homeowner
267
or limited in any way by the equity purchaser. The equity
268
purchaser must give the homeowner, at the time the written
269
agreement is signed, a notice of the homeowner's right to cancel
270
the foreclosure-rescue transaction as set forth in this
271
subsection. The notice, which must be set forth on a separate
272
cover sheet to the written agreement that contains no other
273
written or pictorial material, must be in at least 12-point
274
uppercase type, double-spaced, and read as follows:
275
276
NOTICE TO THE HOMEOWNER/SELLER
277
278
PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS
279
VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.
280
281
BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU
282
MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE
283
THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.
284
285
THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY
286
YOU OR BY THE PURCHASER.
287
288
ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE
289
RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU
290
TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.
291
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TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY
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5:00 P.M. ON ___________(DATE) AT ________________________
294
(ADDRESS) . IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT
295
DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF
296
THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.
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298
I (we) hereby cancel this transaction.
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Seller's Signature
300
Printed Name of Seller
301
Seller's Signature
302
Printed Name of Seller
303
Date
304
305
(c) In any foreclosure-rescue transaction in which the
306
homeowner is provided the right to repurchase the residential
307
real property, the homeowner has a 30-day right to cure any
308
default of the terms of the contract with the equity purchaser,
309
and this right to cure may be exercised on up to three separate
310
occasions. The homeowner's right to cure must be included in any
311
written agreement required by this subsection.
312
(d) In any foreclosure-rescue transaction, before or at the
313
time of conveyance, the equity purchaser must fully assume or
314
discharge any lien in foreclosure as well as any prior liens that
315
will not be extinguished by the foreclosure.
316
(e) If the homeowner has the right to repurchase the
317
residential real property, the equity purchaser must verify and
318
be able to demonstrate that the homeowner has or will have a
319
reasonable ability to make the required payments to exercise the
320
option to repurchase under the written agreement. For purposes of
321
this subsection, there is a rebuttable presumption that the
322
homeowner has a reasonable ability to make the payments required
323
to repurchase the property if the homeowner's monthly payments
324
for primary housing expenses and regular monthly principal and
325
interest payments on other personal debt do not exceed 60 percent
326
of the homeowner's monthly gross income.
327
(f) If the homeowner has the right to repurchase the
328
residential real property, the price the homeowner pays may not
329
be unconscionable, unfair, or commercially unreasonable. A
330
rebuttable presumption, solely between the equity purchaser and
331
the homeowner, arises that the foreclosure-rescue transaction was
332
unconscionable if the homeowner's repurchase price is greater
333
than 17 percent per annum more than the total amount paid by the
334
equity purchaser to acquire, improve, maintain, and hold the
335
property. Unless the repurchase agreement or a memorandum of the
336
repurchase agreement is recorded in accordance with s. 695.01,
337
the presumption arising under this subsection shall not apply
338
against creditors or subsequent purchasers for a valuable
339
consideration and without notice.
340
(6) REBUTTABLE PRESUMPTION.--Any foreclosure-rescue
341
transaction involving a lease option or other repurchase
342
agreement creates a rebuttable presumption, solely between the
343
equity purchaser and the homeowner, that the transaction is a
344
loan transaction and the conveyance from the homeowner to the
345
equity purchaser is a mortgage under s. 697.01. Unless the lease
346
option or other repurchase agreement, or a memorandum of the
347
lease option or other repurchase agreement, is recorded in
348
accordance with s. 695.01, the presumption created under this
349
subsection shall not apply against creditors or subsequent
350
purchasers for a valuable consideration and without notice.
351
(7) VIOLATIONS.--A person who violates any provision of
352
this section commits an unfair and deceptive trade practice as
353
defined in part II of this chapter. Violators are subject to the
354
penalties and remedies provided in part II of this chapter,
355
including a monetary penalty not to exceed $15,000 per violation.

The FLorida foreclosure consultant house bill.

Interesting that the fha partial claim is available to fha bad credit situations

2008-04-20T13:50:00.000-07:00

Here is an answer to the fha partial claim question that was asked on HUD's website for the partial claim questions/answers.

Answer: Yes, when using a Preforeclosure Sale after a Partial Claim was provided on an earlier default, you must include the amount of the Partial Claim when calculating total indebtedness for the purpose of a Preforeclosure Sale. In order to be in compliance, mortgagees must include the unpaid principal balance, accrued interest, and the partial claim amount to correctly calculate the total outstanding mortgage indebtedness. HUD must net a minimum 82% of the sales proceeds from the Preforeclosure Sale. Refer to Mortgagee Letter 2003-19, dated November 20, 2003.

There are many loan modifications for fha loans that are taking place. This is not to be confused with teh fha secure initiative and fha program that is available to refinance an fha loan. Take a look at all of your foreclosure avoidance options and then lower your interest rate and payments if possible to avoid foreclosure. Sometimes in florida the short sale is the better options and sometimes the fha mortgage refinance is better. Learn all of the forbearnace and foreclosure options first and then choose the best foreclosure avoidance strategy for your situation. SOmetimes this results in a 1099 for cancellation of debt and sometimes the mortgage forgivenes act is applicable. Talk to your accountant too. The FHA secure details are following in a supplementary blog post.

FHA FULL CLAIM & FHA PARTIAL CLAIMS

CHeck Out How Easy FHA Secure is These Days!

2008-04-17T20:18:00.000-07:00

FHA Secure has eased the guildines to save peopel from foreclosure! You can now save your home from foreclosure with the FHA Secure refaince. Yes it is secure and it is fhasecure and it can secure a low mortgage payment for you.

The FHA secure guidelines are easier to qualfy for and you may trade in a crummy subprime arm for an fhasecure laon. This is definitely a case of fha helping homeowners to lower the rate to an new fhasecure mortgage loan.

FHA Secure mortgage lenders.

FHASECURE.

This is a secure fha loan and it is called FHA Secure.