{"id":272,"date":"2010-10-11T07:18:15","date_gmt":"2010-10-11T11:18:15","guid":{"rendered":"http:\/\/www.realestatejunkie.com\/blog\/?p=272"},"modified":"2010-10-11T07:18:15","modified_gmt":"2010-10-11T11:18:15","slug":"reo-vs-short-sales-in-florida","status":"publish","type":"post","link":"https:\/\/www.realestatejunkie.com\/blog\/reo-vs-short-sales-in-florida\/","title":{"rendered":"REO VS. SHORT SALES IN FLORIDA"},"content":{"rendered":"

Did you hear about Bank of America, JP Morgan Chase and GMAC putting the brakes on the foreclosure process?\u00a0\u00a0 What does all this mean to you as an investor, mortgage broker, realtor or homeowner?\u00a0 First off, the attorneys who were representing the Mortgage Companies have documentation with wrong information.\u00a0 As a Homeowner, it will allow you additional time for work a loan modification or a Short Sale.\u00a0 Just because the Mortgage Companies say stop the foreclosure action for a while, it does not mean the Judge needs to comply.\u00a0 The Court will not automatically stop the foreclosure action unless the attorneys working for the Mortgage Companies file the necessary paperwork.\u00a0\u00a0 Learn the foreclosure process and understand the foreclosure time line.\u00a0 Check the court docket at www.flclerks.com<\/a> to keep informed.\u00a0 You will need to make sure that the mortgage companies\u2019 attorney has filed the necessary Motion to delay the foreclosure process.\u00a0\u00a0 Mortgage Companies don\u2019t always know when their attorney has scheduled a sale date.\u00a0 We had to stop a foreclosure sale on a house we bought and resold many times.<\/p>\n

What happens to all the Real Estate Owned (REO) properties that have been purchased from the above mortgage companies?\u00a0 At my IRC Sig Group, the first Thursday of every month, I had Hope Richards and Kelly Carrie from Southeast Title Company talk about foreclosure defense and about insuring title from the above lenders.\u00a0\u00a0 Hope stated that three closings were postponed just this week.\u00a0\u00a0 As an investor, I would not be buying REO\u2019s from any of the above lenders due to the fact that title companies are going to have a problem with insuring clear title to the property.\u00a0 Title Companies insure when property is transferred the owner has clear title and there are no liens other than what is listed on the title commitment.\u00a0 I believe Investors who have purchased these properties to flip are going to have problems selling the properties if no title company will insure them.\u00a0 This happened to me when I bought a property at Tax Sale.\u00a0\u00a0\u00a0 In order for me to obtain title insurance, I had to conduct a Quiet Title Action which took about 6 months.\u00a0 A Quiet Title Action notifies the public I just purchased the property and if anyone has any interest or claim in the property and\/or liens against the property, they would need to come forward or forever waive their rights.\u00a0 Finally my local title company agreed to give me title insurance so I could sell it.\u00a0 Thank goodness I used my own money and didn\u2019t use a hard money lender to eat up the profit!<\/p>\n

Three Big Points:\u00a0 First point<\/strong>, don\u2019t buy any REO\u2019s from these lenders right now and if you did and you are going to flip them, do it now while you have a title company that will insure the property.\u00a0 Second point<\/strong>, Loan Modifications and Short Sales are going to be pushed through faster due to the fact that the mortgage companies can\u2019t foreclose.\u00a0 Many homeowners can\u2019t qualify for loan modification so get ready to ride the wave of Short Sales again!\u00a0 Third and biggest point<\/strong>, IRC has a monthly meeting and Sig Groups to keep you informed of the changes in the real estate market, new laws and how it will affect you as a homeowner, mortgage broker, investor and realtor.\u00a0 You need to attend and invite 3 friends to our meetings every month.\u00a0 Guests attend one time for free.\u00a0 The more members we bring into IRC the better we grow as a Group.\u00a0 Last but not least, if you haven\u2019t signed up for another year, find me at the meeting and sign up \u2013 What are you waiting for???\u00a0 Just do it!!!\u00a0 As a Director of IRC, I want personally thank all our members, business members and speakers as we appreciate your continued support, education, and networking.\u00a0 We are the best because of you all!<\/p>\n

Having the right Short Sale Expert on your Team will make or break your deal.\u00a0 Should you have a short sale deal and have questions, please feel free to contact me.<\/p>\n

Kimberlee Frank<\/p>\n","protected":false},"excerpt":{"rendered":"

Did you hear about Bank of America, JP Morgan Chase and GMAC putting the brakes on the foreclosure process?\u00a0\u00a0 What does all this mean to you as an investor, mortgage broker, realtor or homeowner?\u00a0 First off, the attorneys who were representing the Mortgage Companies have documentation with wrong information.\u00a0 As a Homeowner, it will allow […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-272","post","type-post","status-publish","format-standard","hentry","category-local-guru"],"_links":{"self":[{"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/posts\/272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/comments?post=272"}],"version-history":[{"count":0,"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/posts\/272\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/media?parent=272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/categories?post=272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realestatejunkie.com\/blog\/wp-json\/wp\/v2\/tags?post=272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}