My Blog About Plantation Short Sales & Plantation Loan Modification Help

I earned my CIAS Designation. Ask me about investing in real estate….

mapenter@comcast.net — Mon, 30 Apr 2012 00:02:47 +0000

I received the CIAS (Certified Agent Investor Specialist) Designation to help individuals build wealth through investing in real estate. Did you know there are five investor types: First-Time, Move-Up, Portfolio, Performance, and Rehab and Resell… which one are you? To learn more see the video reports on Cash Flow, Net Operating Income, Capitalization Rate, and others learning tools & resources at:
http://goo.gl/jmrvi

Why Plantation Loan Modifications Are Bad: Family Rents Bigger House For $550 Less Than Old Home

mapenter@comcast.net — Sun, 29 Apr 2012 18:35:40 +0000

Plantation FL – It’s sad that the banks aren’t willing to give anyone a principal reduction. The banks reasoning is that if they start granting principal reductions, then every single upside down homeowner will want one.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

As a result people are stuck overpaying for their upside down homes. Take an example of a family who bought their home at the peak of the market. Their monthly payment was $1,400.

Their lender agreed to forgive their missed back payments. But, they wouldn’t reduce their monthly payment. So, this family start looking at other options.

They had recently had their first kid and wanted to move out of their townhouse. They wanted a house with a yard. They found a bigger home with a large yard for their daughter.

The new home even had a 2 car garage that their townhouse didn’t. They liked the new home. But, they liked the payment even better. The rent payment was $850 a month.

That’s a 39% reduction in their monthly payment. Even worse, it would have taken 25 years for their house to be worth what they had paid for it.

Let’s say that they had accepted their lender’s offer and agreed to pay $1,400 a month. According to my calculations, they would have paid their lender $165,000 extra above what they pay for rent.

Ouch! That is a good example of why loan modifications don’t help anyone but the banks. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Manny Allende specializes in loan modification assistance and short sales in Plantation Florida. Plantation Loan Modification Help, Broward County Short Sales. Plantation Short Sale Realtor. Plantation FL Short Sales. Plantation Realtor.

Important Notice

Manny Allende, All Star Realty, Inc, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on Why Plantation Loan Modifications Are Bad: Family Rents Bigger House For $550 Less Than Old Home is provided as a courtesy to our viewers to help them make informed decisions.

Plantation Short Sale Question: Should I Short Sale My Home?

mapenter@comcast.net — Fri, 27 Apr 2012 17:53:22 +0000

Plantation FL – The Stop Foreclosure Institute recently received a question from Sergio. Here was his question.

“I have owned my house since 2006. My employer reduced my salary by 30% and now I have to move out of state where I have found a new job.

The house is a problem. Since 2006 my house price has dropped by about $40,000. That means I have a $40,000 deficiency, which I don’t want to pay.

I have the option to rent the house, but I am still considering a short sale. Any advice? Sergio.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Sergio’s Question: Sergio, I would attempt a short sale. Depending on your situation and the type of loan you have, more than likely you will not have a deficiency.

I can give you a better answer after I get more information from you. I wouldn’t recommend renting the house. How hard is it going to be to manage when you are out of state?

What if the tenants stop paying? What if a pipe breaks and floods the house? I’m not saying don’t rent the house. I just know from past experience that managing rental property from a distance is super tough.

I knew a real estate investor who targeted what he called “tired, out of town landlords.” He would offer to buy their property below market.

Surprisingly, many of them accepted his lowball offers because they were so tired of dealing with the property. Here is the other downside on renting.

You will probably have negative cash flow every month. I don’t know what your house will rent for. But, if you are upside down on your house value, then you are likely also upside down on the rental value.

That means you will almost certainly lose money on the rent every month. With your precarious financial situation, recent 30% salary cut, and move out of state, the last thing you need is another bill each month.

With a short sale you can walk away owing nothing, with no tax liability, and be eligible to buy another house in 3 years.

That sounds a lot better to me than being stuck with a money losing house 2 years from now. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on Plantation Short Sale Question: Should I Short Sale My Home? is provided as a courtesy to our viewers to help them make informed decisions.

Plantation Short Sales: What To Do When A Short Sale Negotiator Gets An Attitude

mapenter@comcast.net — Thu, 26 Apr 2012 15:52:00 +0000

Plantation FL – Most short sale negotiators are professional. They understand the seriousness of their jobs. They work hard to educate themselves on the industry and market trends.

They are friendly and fun to work with. This is one of the things I like about selling short sales for a living. The downside is that every once in a while a negotiator will get an attitude.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

For whatever reason they have decided to go on a power trip. They start asking for unnecessary paperwork. Or, they nitpick the paperwork you send to them.

Most agents just bow to the negotiator. They think that the negotiator has all of the power. I have found that isn’t true. The negotiator has very limited power.

After all, they don’t own the bank. They aren’t the one who will be losing money on the loan. The fact is most banks lose a substantial amount of money when they turn down a short sale.

As an example, a bank turned down a $190,000 offer on a short sale. The property sold about 18 months later. But, this time it didn’t sell for $190,000. It sold for $165,000.

Not only did that bank lose $25,000 on the sales price. They also paid the property taxes and insurance for that amount of time. In addition, they were unable to lend that money and earn interest.

I estimate they lost an additional $15,000 when you factor in the interest. That’s a $40,000 loss. When a short sale negotiator gets an attitude I simply remind them of this.

And I tell them I will be holding them accountable if they turn down the short sale and the bank loses more money as a result. Needless to say, they lose the attitude. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on Plantation Short Sales: What To Do When A Short Sale Negotiator Gets An Attitude is provided as a courtesy to our viewers to help them make informed decisions.

A Few More Tips On Buying Plantation Rental Property

mapenter@comcast.net — Tue, 24 Apr 2012 13:11:01 +0000

Plantation FL – The return on investment is very good because of a tight rental market caused by the housing crisis. Rents have increased while home prices have dropped.

Single Family Homes are the best way to go because they are easy to rent and you can prescreen for the absolute best tenants. Good tenants are the key to avoiding problems.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Have you ever noticed how apartment complexes have to work hard to rent their apartments? Meanwhile, most single family homes are rented without much effort.

Homes tend to attract more stable tenants that are older and have more stable, established jobs.

How to avoid problems with a rental property. Before agreeing to rent to a prospective tenant, ask to look at their financials.

Banks ask for copies of tax returns, bank statements, and pay stubs before approving a loan. I don’t think a tax return is necessary.

But, you can get a much better idea of whether or not someone can pay you when you have copies of bank statements and/or pay stubs.

It will be very hard to get this from someone renting an apartment. But, there are much less homes for rent and more people looking to rent a home.

That extra demand will allow you to request that information. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on A Few More Tips On Buying Plantation Rental Property is provided as a courtesy to our viewers to help them make informed decisions.

Why A Plantation Short Sale Is The Best Alternative To Get Out From Under An Upside Down Mortgage

mapenter@comcast.net — Sat, 21 Apr 2012 14:02:14 +0000

Plantation FL – Are you upside down on your mortgage? Try this. Sit down and run the numbers. How much will your upside down mortgage cost you over the next 30 years?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Let’s say a homeowner bought a house 4 years ago for $600,000. Today, their house is only worth $400,000. In addition interest rates have dropped since then.

And, because they have “Jumbo Loan”, they are paying a higher interest rate than someone who bought a less expensive house.

Let’s run the numbers. The payment on a $600,000, 7% interest rate over 30 year mortgage is $3,991.81. Even worse, that homeowner will repay $1,437,051. That’s a lot of money!

Now, let’s compare this with the guy buying the home next door. He is paying $375,000 for the home because it is a pre-foreclosure sale.

His interest rate is 4.25%, because he is able to lock in today’s low interest rates. The payment on his $400,000, 4.25% interest rate over 30 year mortgage is $1,844.77. But, it gets worse.

The neighbor next door is only going to repay $664,117 over the next 30 years. He is paying less than half of what his neighbor is paying for his house.

It just doesn’t make sense to hold on if you’re struggling to repay a huge upside down mortgage.

You can short sale, wipe out the debt, rent for 3 years, and then buy your next home. The savings are huge! Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on Why A Plantation Short Sale Is The Best Alternative To Get Out From Under An Upside Down Mortgage is provided as a courtesy to our viewers to help them make informed decisions.

It Isn’t Likely Your Lender Will Collect Any More Money From You After A Plantation Short Sale

mapenter@comcast.net — Fri, 20 Apr 2012 11:37:42 +0000

Plantation FL – Many homeowners considering a short sale are concerned about a deficiency. “Will I be forced to repay my bank for the $150,000 loss”, they ask me.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The good news is that most homeowners are able to walk away from their home without paying their lender another dime. A big part of this is because their lender agrees to that as part of the terms of the short sale.

In addition, many states, such as California, require lenders to erase any deficiency when a homeowner short sells their home.

But, these are for cases when the homeowner is short selling their house and the lender has included language in the short sale paperwork specifically releasing the borrower from a deficiency.

What about situations where this isn’t happening. As an example, many states allows lenders to collect a deficiency after a foreclosure.

With a judicial foreclosure the lender already has a judgment they can use to garnish wages and levy bank accounts. So does that happen? We haven’t seen any cases of it happening.

We think the reason is because most homeowners simply declare bankruptcy when they are faced with sudden $100,000 bill. The lenders see this happen a few times and decide it isn’t worth the effort.

Taking a look thru court cases at the local courthouse hasn’t turned up any lenders collecting on a deficiency. Remember, there are thousands more foreclosures than deficiency judgments.

The lenders probably view collection on a deficiency as difficult and unlikely to bring much return on the investment. That is why we think they don’t even bother with it.

What do you think? Please post your experiences in the comments section below. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on It Isn’t Likely Your Lender Will Collect Any More Money From You After A Plantation Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

A Ninth Common Plantation Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would

mapenter@comcast.net — Thu, 19 Apr 2012 18:08:54 +0000

Plantation FL – A Deed-In-Lieu is often called a “friendly foreclosure.” A Deed-In-Lieu is basically the foreclosure equivalent of a plea bargain.

The biggest beneficiary of a Deed-In-Lieu is the bank. They get a faster, easier foreclosure. But, what do you, the homeowner, get?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Unfortunately, not much. I see no benefit to a homeowner. Here are some Deed-In-Lieu myths I saw floating around on the internet. A well respected personal finance website is stating the following as though it is fact.

Here is the biggest myth this article has about Deed-In-Lieu: Your lender agrees not to initiate foreclosure proceedings if you agree to a Deed-In-Lieu.

The article would lead you to believe that somehow the lender would get the property without having to foreclose. That is simply not true.

A Deed-In-Lieu is when a homeowner simply tells the judge that they are not contesting the foreclosure in any way. The judge then bypasses the foreclosure lawsuit and schedules the property for a foreclosure auction.

So, the property is still sold at a foreclosure auction. It still shows up as a foreclosure on your credit report. This is why a short sale is a much better option than a Deed-In-Lieu.

With a short sale you avoid having the stain of a foreclosure on your credit. In addition, are eligible to get a loan to buy a home in 3 years instead of the 5 year wait necessary after a foreclosure. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on A Ninth Common Plantation Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would is provided as a courtesy to our viewers to help them make informed decisions.

An Eighth Common Plantation Short Sale Myth: I Can Erase Any Deficiency On My Upside Down Home By Simply Declaring Bankruptcy

mapenter@comcast.net — Tue, 17 Apr 2012 20:21:36 +0000

Plantation FL – A lot of people incorrectly think that bankruptcy is a “Get Out Of Jail Free” card. Yes, bankruptcy does help a lot of people get back on their feet.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

However, it is not a “Get Out Of Jail Free” card, despite what many people think. Let me explain why not.

Not everyone qualifies for bankruptcy. The bankruptcy laws were dramatically changed in 2005. Now you have to qualify for bankruptcy.

If you don’t qualify, then the bankruptcy judge will throw your case out. Your creditors will still be able to pursue you. They may be able to levy your bank account, garnish your wages, or take your tax return.

What can you do to avoid this? First, hire a highly qualified short sale realtor. Look for someone with lots of experience who will negotiate hard with the bank.

You want them to convince the bank to release you from the upside down mortgage debt. If they are unable to convince the bank to release you from the debt, then you need to consult with a good bankruptcy attorney.

Just like not all short sale realtors are created equal; not all bankruptcy attorneys are the same either. Find one that is highly experienced. They will explain the intricacies of bankruptcy law to you.

They will know whether or not you can qualify for bankruptcy. They may even know how to get you to qualify when other attorneys would say you aren’t eligible for bankruptcy. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on An Eighth Common Plantation Short Sale Myth: I Can Erase Any Deficiency On My Upside Down Home By Simply Declaring Bankruptcy is provided as a courtesy to our viewers to help them make informed decisions.

A Seventh Common Plantation Short Sale Myth: The Property Cannot Already Be In Foreclosure

mapenter@comcast.net — Wed, 11 Apr 2012 13:49:07 +0000

Plantation FL – I’m writing a series in response to a number of big misconceptions I saw on a personal finance website online.

We are on our final myth from what I saw in an article about short sales on a popular personal finance website. The writer claimed that in order for your home to qualify for a short sale it must be priced “reasonably.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

It is obvious that the writer knows very little about short sales. I can tell you from personal experience that the banks don’t care about whether or not the price is “reasonable.”

They order a version of an appraisal before approving a short sale. If the home is selling for the appraised value, then they will approve the short sale. If it is selling for substantially less, then they won’t approve it.

No bank has ever asked me if the price was “reasonable.” They just want to make sure it is selling for fairly close to the appraised value.

I think the point the article writer is trying to make is that the home can’t be priced substantially under the fair market value. Some short sales do sell for less than the fair market value.

In fact, some real estate investors have setup entire businesses dedicated to buying short sales under the market value and then reselling them for profit. I don’t condone or condemn such practices.

I condemn the banks that allow it to happen. The banks are the ones with incompetent systems that allow that to happen. I don’t recommend that you short sell your home to a real estate investor.

The short sale is much more likely to fail. The real estate investor is not trying to help you. They only want to buy your home for as low of a price as possible in order to ensure a big profit. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mapshortsales@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-766-7613 Ext 101

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Plantation loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Manny Allende.

Manny is a Real Estate Agent at All Star Realty, Inc. Plantation Short Sales Realtor:

Phone: 800-766-7613 Ext 101. mapshortsales@gmail.com.

“Making A Difference in the Community One Homeowner at a Time”

View My homes for sale at www.homebuyerresourcecenter.com.

Important Notice

The views expressed here are Manny’s personal views and do not reflect the views of All Star Realty, Inc.

This information on A Seventh Common Plantation Short Sale Myth: The Property Cannot Already Be In Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.