Lakeland Florida Short Sale Agents - Frequently

Asked Questions AnsweredHome owners in Lakeland FL who are financially unable to continue to pay their mortgage are always looking for

answers with respect to short sales. Sellers and buyers even after about 5 years of short sales are still not sure exactly

what a short sale is.

Let me help you with this question and other frequently asked questions:

1. What is a Short Sale?

Short Sale is defined as follows: 

The lender agrees to accept a payoff for less than the balance of the mortgage to allow the sale of the property.

2. Can I be current on my mortgage payment and still do a short sale?

Homeowners have been told by the government to stop making their mortgage payments and

Fannie Mae and Freddie Mac who are regulated by the Fed required you to be late on your

mortgage payment when selling your Lakeland Fl home as a short sale. The Federal Housing Finance Agency has announced that effective November 1, 2012 new streamlined short sale

guidelines, permitting homeowners to be current on their mortgage payment when applying for

short sale, providing they have an eligible hardship

3. What happens to my credit score after short sale?

Before applying for a Lakeland FL short sale for your home, it is very important that you enter

into this with your eyes wide open. Forget about real estate agents who have told you that short

sales won’t have any impact on your credit score. Of course it does, but the good news is that the

damage is not usually as bad as what a foreclosure or deed-in-lieu could do to your

credit score.

4. What are the newest HAFA changes?

HAFA is short for Home Affordable Foreclosure Alternatives Program. This program was created

by the Treasury Department in 2009 to streamline short sales by being more efficient

and less time consuming. HAFA became effective on April 5, 2010 and it will sunset on December 31, 2013. HAFA is available for mortgages if

your lender participates in the Home Affordable Modification Program (HAMP).

5. What's new with Bank of America Relocation Assistance Program paying up

to $30,000?

Bank of America offers financially distressed homeowners in Lakeland Florida and around the country up to $30,000 in relocation assistance.

6. When is the Mortgage Debt Relief Act of 2007 set to expire?

The question, "will the Mortgage Debt Relief Act be extended?" seems to be the million dollar question short sale agents being asked.  As of

this writing, I have received no confirmation that it will be extended.  Rumor has it that it will

depend on the outcome of the election, but this is only a rumor.

Petra Norris - REALTOR®, SFR

If you click on the underlined questions, you will be guided to the article I have written which will go more into detail about each frequently asked questions. As a Lakeland Florida short sale agent, staying on top of changes is at times challenging. Attending webinars, podcasts, training is essential to learn as much as possible and stay current on updates and changes. I have been successful listing and negotiating short sales on behalf of my clients. If you need help and need to avoid foreclosure, do not hesitate to contact me at 863-619-6918 for a private consultation or email me at petra[at]petranorris.com

Petra Norris - REALTOR®, SFRManaging Broker - CDV TransAtlantic, Inc.

 

(863) 619-6918