Allowing Someone to Assume Your Mortgage

You’re in a situation where you’re already several months late on your mortgage. On the plus side, no foreclosure lis pendis law suites have taken place and you still have time to act. Your significant other is beginning to wonder why you’re always stressed. She has not yet received the memo. You don't want another problem on your shoulders. The wonder house that you and your family bought several years ago has become more than you can handle, especially with all of the unexpected bills popping up left and right. The hour cuts are also making the situation worse. If you don’t do something soon, you’ll find yourself and your family in a terrible situation.

Looking at your dilemma, you can see that your house is in good shape less normal wear and tear. You can’t sell your house without having to come to closing with at least $35K which is totally out of the cards. The reason for this is a house a couple of yards down the block in better condition sold last month for $150K. You owe $185K and no one in their right mind is willing to pay that much for your house. You do not like the idea of pursuing a Short Sale as you have heard of the many terrible stories that people go through during and after the process. Your credit does not get destroyed as much as it would after a foreclosure but it still takes a significant hit. In addition, there is still about a 35 percent chance that the bank may still come after you for the difference. To make matters even worse, Short Sales are a success for only about fifty percent of the time.

Listing with a Realtor and waiting for a pie in the sky buyer is pointless as you can’t come to closing with the difference of $35k and doing a Short Sale is completely out of the question. Here is solution that you might not have thought of: Mortgage Assumption. There are different names of the method such as Subject To the existing mortgage or Mortgage Management.

Mortgage Assumption involves transferring the ownership of your house to another buyer in exchange for their bringing the mortgage current and making sure the payments are made on time, every month. In the Real Estate market of 2012 - 2018, its very hard to get approved for a mortgage especially among American locals. This method of doing business opens the doors of opportunity to thousands of buyers who, due to various circumstances, can’t qualify for a mortgage on their own.

Your best bet in this situation is to work with a seasoned professional Real Estate buyer or college essay writer who can either assume the mortgage himself or find several interested buyers out of his huge network to do so. There are not many professionals who know how to legally structure this correctly and finding an agent who knows how to do this is like finding a one hundred dollar bill on the floor of a populated shopping mall. Find a well connected Real Estate entrepreneur who can assist you and allow you to move on with your life and preserve and maintain your good credit standing.

Navigating the Waters of South Florida Short Sale Negotiation

Once a property owner is dealing with foreclosure, she or he must always remain positive but always rational. There is always the chance that whatever solution provided, whether it be from their own personal skills or with the support of others, my not be successful. With this in mind the owner must always have a back up plan if things don't go well the way they expected.
I mention this because when Short Sales are being executed, especially in the North Miami, Florida area, there is a fifty per cent chance that they will be unsuccessful. In order to increase your success, I have provided several recommendations that hopefully you'll find helpful when navigating the slippery waters of Short Sales and Loss Mitigation Negotiation.

First off, you should never attempt this by yourself. When you're flying from your hometown to another destination, do you ever pilot the airplane? Didn't think so. How about when you're at a restaurant waiting for your meal? Do you actually prepare the five-star food that's been approved by judges from around the world? Absolutely not. Therefore how is this any different? You should always seek the help of a Real property professional, someone who has either helped list and sell short sales such as a Realty agent who actually has a track record or a Real Estate investor who has already purchased properties via Short Sale previously.

You'll wish to look for verifiable proof that these professionals have completed at the minimum two or three transactions in the past several years.

Once you've got your connection, your helmsman under your belt, don't just let them fly the airplane on his or her own. Stay connected with the process. Follow up and ensure that the expert that you've chosen is doing their job correctly and accurately. This is where things can get a little difficult. When you're taking a trip on a plane or dining at a five-star restaurant, you don't necessarily need to constantly follow-up with the Pilot and the Chef, but we're referring to your home and your economic future here. There is much more at stake or steak depending where your mind is.

In addition to following up with your chosen expert, always bear in mind that the person who ultimately gains from this transaction is you. The entity that ultimately holds the decision to allow you off the hook is not your chosen professional, but the bank that holds your mortgage. Make sure that you keep in contact with your mortgage servicers to make sure that everything is on the right track.

Hopefully this article has helped you a little further when looking to solve your Property problems.

Please feel free to visit my blog as I'm always looking to help those facing foreclosure in South Florida.

North Miami Short Sales Professional

Short sales are still in an abundance here in North Miami. I have been doing short sales for about the past decade and I know every single detail about them I know that most banks don't have an interest in helping the home owner or anyone involved in the process. I have also seen that Short Sales negotiated with banks such as Bank of America, Chase and Wells Fargo are among the toughest to complete. These larger bank are getting greedier by the day. The short sale payoff letters come in at or above market value of you don't know what you're doing.

Having an experienced Short Sale professional on your side is the difference between night and day! Not only will a short sale be negotiated on your behalf but there will be legal defenses taking place against the bank's lis pendis law suite. The battle will be fought on two fronts. We don't want to beg the big banks for a short sale discount without having a gun in hand!

I've been able to get foreclosures in North Miami dismissed while working on short sale files. How do I do this you ask? With years and years of experience thats how! I have a team that knows the ins and outs of the real estate legal system and can pretty much get the judge to do anything.

When the banks such as Wells Fargo, Bank of America, Chase and Suntrust see that they won't be able to take the property back from a poor defenseless homeowner seeking relief, then they're willing to negotiate and compromise. It is only at the point when your enemy sees that he or she will loose the battle when they are willing to help. Otherwise, asking for help with a whimper will only ruin your credit and leave you in an unfortunate situation.

When you're looking to avoid foreclosure you must always keep in mind ways in which you can get the system to work for you in a smart and professional manner. Don't try to cheat the system of Short Sales, just work with it so that it can work in your favor. If for any reason you're not sure how the system works, please consult a professional like me.

I've been purchasing homes, helping homeowners avoid foreclosure, dealing with banks and even training others on how to get into the real estate business for years. My speciality is creative Real Estate solutions for you and your family.

CLIENT CASE - VANESSA

My first deal was a Short Sale back in 2007. This was actually given to me as a referral from one of my apprentices. Yes, at the time I was engaged in teaching others how to start and run a successful Real Estate business. Yes, I'm still doing that and if you'd like more information on how you can get involved feel free to contact me about it.

Anyway, Vanessa was a victim of loan fraud which was running rampant at the time. She purchased a 1 bedroom 1 bathroom condo for $425,000 in Normandy Isle, Miami Beach. This was considered a norm at the time but today that same unit is worth about $45,000. Who knew how far prices would have dropped in only 7 years.

When I approached her she had no idea how she was going to handle her new debt of half a million dollars. During this time the markets was already beginning to collapse. I was able to negotiate the loan down to $126,000.00 and purchase the property myself. 

After the ordeal was over Vanessa was able to get her financial life back in order and start fresh with a clear mind WITHOUT a foreclosure mark on her credit. This deal produced several more referrals in the same apartment complex hence I was able to help several more property owners in the same way I was able to help Vanessa. 

Eventually a developer purchased the entire building, demolished it and started a new project around the middle of 2013. By that time everyone had already been short sold or foreclosed on (if they hadn't called me.)

The experience is one that I'll never forget as this has allowed me to break through to the pre-foreclosure and short sale markets of South Florida. Since 2007 I've helped a countless amounts of property and home owners out of bad situations. The convenience of being able to work with a competent buyer who is able to purchase a property in cash within a very short time is priceless. The ability to avoid the lengthy process of listing a property with a Realtor and waiting for it to sell should be avoided like the plague especially if you know that you've got to receive cash quickly or move into a new location within a short time frame. 

It does not matter what your situation is, I can always find a way to help. Even if you're not interested in selling and want to STAY in your home and STOP or prolong the foreclosure as long as possible - I can still help you. All you have to do is pick up the phone and make a short, simple and sweet call to (786) 231 9362.

What I do, I do for you.