Manatee Moves - The Joe Murphy Team » Sellers

Florida Hardest Hit Fund Information

Joe — Thu, 10 Nov 2011 02:53:03 +0000

Florida HHF Program: Financial Assistance for Unemployed Homeowners

In February 2010, US Treasury (Treasury) created the “Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets” (HFA Hardest-Hit Fund). The funds were allocated to 18 states and the District of Columbia to assist in foreclosure prevention efforts. A total of $7.6 billion has been allotted for this fund; Florida’s total award amount is more than $1 billion.

Florida Housing Finance Corporation (Florida Housing) is the administrator of the Florida Hardest-Hit Fund (HHF) program for the state, and was directed by Treasury to use a portion of the funds for a targeted unemployment/underemployment program to provide temporary financial assistance to eligible homeowners.

These programs are as follows:

• Unemployment Mortgage Assistance Program (UMAP)—can provide up to six (6) months of mortgage payments (with a cap of $12,000) paid directly to the mortgage lender to assist unemployed/underemployed borrowers with their first mortgage until they can resume full payments on their own.

• Mortgage Loan Reinstatement Payment (MLRP) Program—can be used to bring a delinquent mortgage current (up to $6,000) for a homeowner who has returned to work or recovered from underemployment/underemployment.

For additional information on the HHF program, visit www.FLHardestHitHelp.org. For information on how financial institutions can sign-up to become a servicer in their area, contact Nicole Gibson, federal loan program administrator, Florida Housing, via e-mail at nicole.gibson@floridahousing.org.

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Short Sale Seminar Nov 7, at waterlefe

Joe — Sat, 05 Nov 2011 16:42:23 +0000

If you are considering doing a short sale?

Upside down on your mortgage?

Considering a Bankruptcy?

Behind on Credit Card payments?

Would 5-25,000 dollars help out to relocate?

Interested to refinance at today’s low rates, but unable to?

Upcoming Free seminar this coming Monday November 7, 2011 at the Waterlefe Golf and River Club from 6-8 pm. Cyndi Riddell Will be on hand to update on the most recent changes with Bankruptcy law, Short sales, Mortgage loan modifications.

If you were wondering about the new program from Bank of America and Chase that will give up to 25,000 cash to upside down borrowers details will be available.

Learn about the newest Obama loan modification program through Fannie Mae and Freddie Mac. Even if you don’t have any equity in your home, there are no refinance programs that can allow you to take advantage of the historic low interest rates.

I hope that you can attend, please feel free to email or call, and we would be happy to get you information on the next upcoming seminar.

Obama Announces changes to HARP Loan modifications for all Fannie and Freddie Mac Loans?

Joe — Tue, 25 Oct 2011 14:24:33 +0000

This is breaking news as the Obama administration has side stepped Congress to help underwater homeowners refinance their higher interest loans at today's lower rates. This could be a big step forward to helping underwater homeowners here in Manatee and Sarasota counties get into a more manageable payment that they can afford.

Some big unanswered questions.

1. Will this program help people who are behind in their payments? Or just upside down and current?

2. Will this program expand to non Freddie Mac and Fannie Mae loans? (I would hope so)

3. What will be the credit requirements to obtaining a refi?

4. Will principle reductions be a part of the equation?

Home Affordable Refinance Program (HARP) Changes

Today, the Federal Housing Finance Agency announced enhancements to the Home Affordable Refinance Program (HARP), and extended the program until Dec. 31, 2013. The changes are designed to expand the number of borrowers with little or negative equity who can qualify for refinancing. It is possible you will receive calls from customers inquiring about their eligibility for the program. Wells Fargo will be working as quickly as possible to have the changes in place and available to borrowers. However, we will not be able to determine when we will be able to offer the program enhancements until we receive the specific program guidelines – expected in mid-November – and have the chance to interpret them and make the appropriate process and potential systems changes.

Here are talking points you can use if you receive inquiries:

· The Home Affordable Refinance Program allows homeowners in good payment standing, whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, to refinance and take advantage of today’s low interest rates.

· The program is especially helpful for customers who cannot obtain a standard refinance because their property value has declined.

· The Federal Housing Finance Agency announced enhancements to this program today that will allow more customers to qualify.

· Only borrowers with a loan sold to Fannie Mae or Freddie Mac before May 31, 2009 are eligible to refinance through HARP. In addition, borrowers who already have refinanced through HARP are not eligible to refinance through the program again.

· Fannie Mae and Freddie Mac plan to send the program guidelines required to offer this program to all lenders in mid-November. When we receive them, we will work quickly to make the changes required to support the implementation, including any potential changes to our systems in order to offer the program to our customers as soon as possible.

· It will take some time until the new HARP features will be available through Wells Fargo.

In the meantime, the current Home Affordable Refinance Program remains available for customers who qualify and borrowers who aren’t eligible for HARP may qualify for other refinancing options.

U.S. to overhaul mortgage-refinance program: WSJ

By Michael Kitchen

LOS ANGELES (MarketWatch) — The Obama administration plans to announce major changes to a mortgage-refinance program that include eliminating restrictions for those whose homes have fallen significantly in value, The Wall Street Journal reported late Sunday, citing unidentified U.S. officials. The overhaul to the "under-used" program would also end required appraisals and extensive underwriting for most participants, so long as they have stayed current on their mortgage payments, the report said. President Barack Obama is slated to speak on the changes at a speech Monday, the report said.

· Requires borrower to be current on their loan payments—no other requirements

· Makes no difference how far underwater their home is

· Will eliminate appraisals and extensive underwriting requirements for most borrowers

· FHA, Fannie Mae and Freddie Mac have agreed to eliminate some fees in some circumstances

· CoreLogic estimates 20 million homeowners could qualify—one out of four homeowners in the country

· At a $400 per month loan payment reduction ($4,800 per year pre-tax), this potentially could put $96 billion annual in consumers pockets without increasing U.S. government or consumer debt 1 cent – consumers spending that would spur an economic recovery

· Could potentially keep one out of four distressed properties off the market significantly reducing shadow inventory and expediting a recovery in the housing markets

· Federal government will collect more income taxes as homeowners will have less interest deductibility

· Since none of these existing loans had prepayment penalties, all current investors in those loans knowingly had the potential of repayment at any time

Posted via email from Joe Murphy Knows Real Estate in Bradenton

August market report showing signs of stability in Bradenton, FL

Joe — Thu, 15 Sep 2011 19:00:20 +0000

Inventory in Manatee County continues to be tight. We have not had this low a level of homes for sale in the Bradenton area since 2004, with only 3488 homes available throughout Manatee county.

Given the current rate of absorption, we can be considered to be in a flat market, and close to a SELLERS MARKET. I have to pinch my self when saying this, since for the past 5 years we have been in a Strong buyer’s market with prices dropping year after year.

Short sales and Foreclosures continue to make up about half of those homes that sell. And the absorption rate for bank owned homes in Manatee county is less than 30 days! That’s quick. Of the last few bank owned homes that I have written offers on all have had multiple offers. Even the last two Short sales I have sold here in Bradenton had both more than one offer at the time they went pending.

So much depends on what happens to the huge back log of inventory that is some stage of foreclosure. With over 16,000 homes in Manatee county in some active state of foreclosure our market could change if a huge amount of those homes came on the market at once. The current bank owned and short sale inventory is just barely keeping pace with the demand for homes from buyers in the Bradenton area.

If you are thinking about selling, especially a move up, or downsizing, this might be a good time to consider making a move. I would be happy to discuss what’s happening related to your personal situation. Whether buying or selling please give me a call for all your real estate needs in Bradenton and Sarasota. I am a short sale expert for Manatee and Sarasota county

New loan modification program from Freddie Mac

Joe — Wed, 14 Sep 2011 15:08:57 +0000

There may be hope for those that have tried for a loan modification without success. Freddie mac has announced that they will have a program for modifying delinquent borrower's mortgages for those that have tried, and failed prior modifications, and also for those that do not qualify for the HAMP program.

I have heard of lots of talk of loan modification programs, but I am always hopeful that the idea of permanent loan modification for troubled borrowers could become commonplace. This new modification program is set to begin in January.

To find out if you have a Freddie Mac loan to be eligible, check out their loan look up tool, here you can find out if Freddie mac owns your mortgage.

https://ww3.freddiemac.com/corporate/

In the hundred plus short sales that I have helped sell for customers here in Sarasota and Bradenton, I would estimate that more than half had tried, unsuccessfully, to modify their mortgage. They typically call me when they reach a point of frustration dealing with all the paperwork that needs to be submitted, and the slow process. Usually only to find out that they do not qualify.

In the Freddie Mac program the borrower must be at least 60 days past due. The mortgages that are modified will have the interest rate set to 5% and have the term of the loan extended to 40 years. What help make this program work is that Freddie Mac will offer cash incentives up to 1,600 dollars for each approved modification. That's cash to the lender/investor. Giving the lender a financial incentive to modify just make the difference.

One other interesting points to the program is that being 'owner occupied" is not a requirement for the program, so this can potentially help investors that own rental properties obtain a modifications as well. usually being not a primary residence disqualifies a loan for modification,

Once the borrower is approved for the modification, they will be in a 3 month trial process, and if they can keep their payments current, the modification becomes permanent. I have heard from many people that have had a modification and a trial payment period find out that at the end of the trial the loan modification was not approved, usually without a concrete answer as to why.

Here in Sarasota and Bradenton we have almost half of all homeowners underwater owing more than their home's value. There are over 16,000 active foreclosures on the market in just Manatee county. That does not even take into account the properties that are delinquent, and not yet into the foreclosure pipeline. Hopefully this new Freddie Mac Loan modification program will be able to help home owners here in Sarasota and Manatee counties avoid foreclosure, or having to short sale properties that they would rather keep.

If you need help or advice about buying, selling property here in Sarasota and Bradenton please feel free to contact me. Joe Murphy, Short sale expert for the Sarasota and Bradenton area.

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com

COLDWELL BANKER RESIDENTIAL RE
11215 SR 70 East SUITE #105
Bradenton, FL 34202

Posted via email from Joe Murphy Knows Real Estate in Bradenton

June market update sales on the rise

Joe — Tue, 26 Jul 2011 23:05:41 +0000

June was a busy month here for real estate homes selling briskly in Manatee county. It was interesting to hear that Case/Schiller Index showed property values rising by 1% in 20 major metro markets.

I have noticed a big change in prices especially in the entry level market. For example, in Greenbrook Walk, a neighborhood in the Lakewood Ranch area on Manatee county, a condo sold for 57,000 in January. That same sized unit just recently closed for 77,000, and just last week, the same model went pending for over 90,000!!.

Prices will rise as the inventory continues to stay tight, and demand strong, especially with the super low interest rates.

Now You Can Substitute a New Buyer for One Who Walked Without Restart, Awesome news!

Joe — Wed, 13 Jul 2011 16:05:07 +0000

This should really help speed up the process when short sale deals fall apart. Nothing worse then getting a deal approved, and the buyer cancels the deal.

I am glad to see that Bank of America is using some common sense on the realities of short sale process. Many times I have had a short sale approved on a bradenton home and then a buyer has to cancel the contract, and we have to start over, even if there is a back up contract. This new change will encourage more buyers to consider doing “back-up” offers, since they could dramatically cut down the decision time when/if the first contract fails.

Now You Can Substitute a New Buyer for One Who Walked Without Restart

As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist. This change will save you time by not having to repeat a number of process steps.

When a Backup Offer Is Ready

You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property. Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit. If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to “Marketing,” and you will be directed to complete the following tasks within 14 business days:

· Complete the “Listing Data” task.

· Provide the marketing description.

· Review the marketing plan.

· Upload the offer. (To do this in Equator, locate “My Properties,” then “Offers” and select “Place New Offer.”)

If the “Listing Data” task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there’s an available backup offer when a buyer walks. If you do not have a backup offer ready to be submitted, the short sale will be declined. In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.

A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process. If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.

Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.

Short Sale Approved in less than 24 hours!

Joe — Tue, 24 May 2011 17:51:14 +0000

Submitted the contract and approved in less than 24 hours!

Most everyone who has considered buying a short sale thinks that there is nothing “short” about a short sale. This is not always the case!

Time frames for a short sale offer to be approved typically are measured in months not days. This was my fastest approval for my career. The offer was executed on Saturday, and submitted in over the weekend. By 5 pm on Monday, we had a written approval from Wells Fargo for the short sale to close within 30 days.

Wells Fargo home mortgage company has never worked this fast before! A lot of the credit has to go to the sellers who had applied for HAFA benefits well before the offer was submitted. They were approved for HAFA, and in fact are getting a moving credit too.

If you know someone that needs help with a home that has a mortgage for more than it’s value, then a short sale should be seriously considered as an alternative to foreclosure.

I have noticed a big drop in the active inventory of short sales here in the Sarasota and Bradenton Real Estate market. I am hopeful that this is a sign of how things will go now that the major lenders like wells fargo, bank of america, chase, and fannie/freddie have the systems in place to get through all the files.

Also, with the recent slow down in listing inventory, I think that the stacks of files that have clogged the system will diminish.

If you need help from a short sale expert here in Manatee and Sarasota county, make sure to give me a call. Joe Murphy, Short sale expert for Sarasota / Bradenton.

COLDWELL BANKER RESIDENTIAL Real Estate
11215 SR 70 SUITE #105
Bradenton, FL 34202
E-mail: joe@manateemoves.com

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Trying to figure out HAFA? A great explanation here

Joe — Wed, 30 Mar 2011 05:06:41 +0000

Short sales are now one of the largest segments of homes for sale in Manatee County. Although the amount of listings has begun to diminish I get questioned on the HAFA program daily.

I located a good resource guide throughout REALTOR.COM web site

This gives a step-by-step to the HAMP and HAFA programs. I would hope to believe that the improvement in the short sale home real estate market has improved because of the improvements to the short sale process.

If you need help understanding if a Short Sale is right for you, I would be happy to meet with you to go over the process. It’s good to know your options.

Joe Murphy, Real Estate Agent for Bradenton and Sarasota

Coldwell Banker

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Joseph C Murphy, P.A., Broker-Associate

Coldwell Banker Residential Real Estate

11215 State Road 70 Unit 105

Lakewood Ranch, FL 34202

941-780-3260 cell/text

941-739-6777 office

941-739-9120 fax

joe@manateemoves.com

www.manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Is your home “underwater”? 4 considerations

Joe — Sat, 22 Jan 2011 05:41:49 +0000

If you own a home in Sarasota or Bradenton.

you could be on of 44% Sarasota and Bradenton homesowners that is UNDERWATER! That’s almost half!

As a local Real Estate Expert in Sarasota and Bradenton I have compiled my “top 4 considerations”.

If you owe more than your home’s value, you have three choices.

Keep on paying your mortgage.
Try and get the bank to modify your loan through HAMP
Move. If you stop paying your mortgage eventually you will move. Either as a foreclosure (involuntary) or a short sale.
ONE

Can you afford your current lifestyle?
Is 31%, or more, of your income going to home mortgage expenses?

Then you might be struggling to afford your home. Reseting arm mortgages, layoffs, pay cuts, and unforeseen expenses could all cause your expenses to exceed your income. If you are paying more than 31% to housing expenses you might qualify for the new loan modification program through The Home Affordable modification Program or HAMP. This applies to primary homes, and there are other restrictions.

Create a list of required minimum payments on credit cards, mortgage payments, car loans, utilities child care, etc.
Once you have an idea of where the money goes, see if more than 31% goes to your mortgage, and you probably should consider applying for a loan modification. This is really a great thing if you have an adjustable rate mortgage, or a pick-a-pay or negative amortization mortgage.

TWO
How deep ‘under-water’ are you, and are you willing to ride it out until home prices increase?

What percentage are you negative?
How soon will there be a recovery for your neighborhood?
Do you have a need to move in the near future?
Since
H.A.M.P has passed on April 5, 2010 I have seen an increasing willingness and success in lenders doing loan modifications for the homeowner. In one case our customer was able to get a loan modification that lowered their payment from 1,900 to 1,200. 0% interest for five years and fixed rate thereafter. And the payments that were missed were added to the end of the loan.

It’s great when the lenders are cooperative on aggressive loan modification vs foreclosure. It sure didn’t hurt to show the banks that there was an offer for 30,000 below the payoff. For these owners they were only 20% upside down, they could easily manage the new lower payment, and they had the desire to stay put.

If you can comfortably afford your home what does it really matter what it is worth? The value only matters when you want to sell.
I would be happy to provide you with a comparative market analysis for your property to get a gauge on your homes value and the market forecast of what it will be worth in the future. I suggest including a comparative market valuation of your property and including it with a loan modification or short sale request

THREE

How important is your credit score to you?

You will have to decide if you can live with the negative credit impact of a short sale. I think in almost every case a short sale is a much better alternative to a foreclosures, and the secondary lenders agree.

Guidelines have come out from FHA and Fannie Mae that allow people that have done a short sale to potentially qualify for a new home loan in two years.
With the potential for 1 in 4 people having either a foreclosure or bankruptcy the banks will be forced to loosen up their guidelines.

FOUR

Understand potential tax consequence for foreclosure or short sale?

I strongly suggest that all my customers seek out appropriate legal and tax advice to discuss potential tax and estate issues of a foreclosure or strategic default. In my experience assisting customers in short sales here in Bradenton I have found that on primary homes there are some major tax exemptions for the 1099-c income.
The lenders can write off the loss in return the IRS looks as that amount as income since you have in essence reduced your debt and kept the Asset.
For anyone considering short selling an investment or second home I think it should be required to retain legal advice. I have great attorneys and an accountant to recommend. Their fees are reasonable and in cases of financial hardship the fees can be reduced or eliminated.

I suggest that you consider evaluating your housing situation for today and in the future, and get an update on the value of your home.

If you would like to get weekly updates on your home’s value, and local market activity, please sign up here.

There is no charge for my services in short sales or consultation for loan modification. I believe in building business through goodwill. Many of the homeowners that I have been able to help have recommended me to their friends and family in the same situation.

If you would like a more accurate Comparative Market Evaluation, or a consultation please contact us to arrange an appointment. It’s good to know you have options and whether it is to stay put, attempt a loan modification, or do a short sale I have the experience to help you through the process.

I can be reached at

941-780-3260 cell/text

joe@manateemoves.com

941-739-6777 office

Joe Murphy, Broker-Associate with Coldwell Banker Residential Real Estate