Palm Beach County Short Sales- Is Pressure Mounting For Homeowners Who Don't Pay Their Mortgage?

By
Real Estate Agent with International Properties and Investments LLC


Palm Beach County Short Sales- Is Pressure Mounting For Homeowners Who Don't Pay Their Mortgage? 


The biggest disconnect we believe in the short sale arena is the fact that the banks do not stop the foreclosure proceedings when you are trying to do a short sale. This creates so much stress on the homeowner, the buyer, the buyers' agents and the listing agent- always trying to get foreclosures postponed or slowed down. 

Most often, the best process to follow is to hire a qualified and reputable attorney who will defend against your foreclosure. 

We are seeing an increase of calls to collect payments, more aggressive conversations with homeowners and more negotiating being done with reps from the banks calling our sellers directly to offer deed in lieu(s)  while we are in the process of doing a short sale. 

Some sellers are surprised that they still get collection calls even after signing authorization forms giving us permission to talk to the lenders. 

Of course we tell our sellers that these calls will happen. We have some sellers who just don't answer their phone anymore when the bank calls but we also have other sellers who want to continue a dialogue. I don't believe they really understand the scope of what they are engaging in when they have the conversations. 

We have noticed an increase in the collection calls and an increase in trying to get the sellers to cancel their listings and do deed in lieu

Remember that a deed in lieu is a foreclosure without going to court. 

When you owe money to a bank and you do not pay your mortgage it is the bank's job to collect the money that you owe to them. You owe the money. So the bank is calling you to see what they can get out of you. When they start talking about how they are going to help you - keep in front of your mind- the bank is NOT there to help you. They are there to collect the payments you owe them. 

You have to stay the course. There will be by the banks to persuade you off your course, there will be good intending friends and family members who will tell you a different path to go down. But the choice is only up to you. Whatever your choices are, you need to understand what those are, choose your path and then stay your course. 




Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.

 

 

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Topic:
ActiveRain Community
Location:
Florida Palm Beach County Wellington
Groups:
Sharing Information of Short Sales
Short Sale REALTORS®
Short Sales and Forclosures ONLY
Short Sales and Foreclosure Resource
Short Sale Specialists & Pre-Foreclosure Education
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Comments 18 New Comment

Ambassador
588,735
William J. Archambault, Jr.
The Real Estate Investment Institute

Katerina,

If they talk to the Bank about a deed in lieu and the bank tells them to first cancel your listing that's the start of negations. It doesn't cancel the protection clause! If it did every would be buyer would tell home owners to cancel your listing and I'll make an offer! Many people mistakenly think Board rules supersede contract law.

Come to think of it I've won in court when REALTORS have tried the same thing! But that's a long story.

Now you or your deciples are not going to add to the client's pain! But not all sellers use Gasset REALTORS.

Bill

June 05, 2010 08:44 PM
Ambassador
1,774,030
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

Bill- Thanks! You are correct. 

Marie- We are a judicial state so it is much different than CA. Here once the lender files their lis pendens and the summons and complaint is served on the homeowners, then the homeowner has 20 calendar days to respond. We urge them all to respond because if you respond, you are exercising your judicial rights to your day in court. If they hire an attorney to do this for them, their attorney will file an answer and a counter complaint and will require evidences, interrogatories, producing the original note, etc. This will create a bottleneck in the opposing counsel's factory operations ( the foreclosure attorney for the lenders run these foreclosure mills here) so that usually will put off a date to be seen by the judge by months and even years. The reason is that they will handle all the cases that go uncontested first. If you get to a date and in front of a judge, our goal is to have an offer in your hand to show the judge that you do have an offer and need more time because the banks are so slow. Judges don't like banks right now and most often will look for any reason to legally allow the homeowner more time. 

There are cases here in FL where the homeowners were actually awarded their homes free and clear or seriously discount to punish the banks for violations of law. This is why the banksters lobbyists are working so hard here to get rid of our rights to a judicial process. Katerina 

June 05, 2010 11:17 PM
Rainmaker
72,949
Marie Bumback
Helping people build their dreams.
RSVP Real Estate - Greater Seattle Area

Katerina, the system is so convoluted.  Short sales are an important tool, and in spirit, they exist to give home owners a chance to make financial ammends when personal financial situations get beyond their control, and it's a way to help their situation from getting worse.  However, in practice, it's not always eqitable, or fair, or logical.  Tough to get through, and so important to have the right advice and counsel when navigating that obstacle course.

June 06, 2010 12:20 PM
Rainmaker
320,458
Yolanda Hoversten
Broker - O Fallon, IL Real Estate
Prudential One Realty Centre

It's probably a good time to be an attorney.  Too bad I don't even play one on AR.  :)  Seriously, it's sad that some attorneys would skip town with the retainer.  That is so wrong.

June 08, 2010 12:42 AM
Ambassador
1,774,030
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

Ruthmarie: I should write some posts about some of the great first hand experiences we have had with attorneys that rip their clients off. But I don't want to offend the good ones. We have attorneys who hire us to do their own personal short sales on their homes. And we do have 2 really good ones here. 

June 08, 2010 01:33 AM
Ambassador
1,774,030

Nestor & Katerina Gasset

Realtors, Wellington Florida Homes For Sale
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