Manatee Moves - The Joe Murphy Team » Short Sale

New refinance program announced allowing underwater homeowners to refi

Joe — Thu, 02 Feb 2012 15:41:44 +0000

This month President Obama is announcing a new program to help homeowners who want to refinance their home loans to today’s lower interest rates but have been unable to do so due to being underwater.

Right now in Manatee county almost half of the homes that have mortgages on them owe more than the current value. If you are underwater in your home refinancing to get to a lower payment is simply not possible as any lender would require that the home be appraised, and the loan could not be for more than the current appraised value.

The new loan refinance program will have a limited population that it will really help, but could be a boon for those who have a high interest rate loan, and are underwater. There are some catches to the program though.

You have to be current in your payments for the last 6 months, and you can only have been late on one payment in the 6 months prior
The home loan amount has to meet what is considering conforming loan limits. In Sarasota and Bradenton, homes that have a loan amount below 416,000 would qualify. If you have a jumbo mortgage, then you are out of luck.
how they intend to pay for the program that should cost 5 billion or more is to add a tax to to the major banks. This will be then passed onto everyone through higher fees. This is assuming that the program that gets through the congressional process that would need to approve this aid program.

Some really good points to the new program

If your home is underwater the program will allow up to 140% OVER the current market value to be appraised.
If you owe over 140% on your primary loan, then apparently there is a caveat that the lender would have to reduce your principle to this amount (140% of market value). In my opinion, most homeowners would probably rather sell their home, as a short sale, then to keep a home so far underwater.
They are proposing a streamlined application process that my sources (wall street journal) state would only involve verifying employment. Typically on a loan application, or refinance there is a lot of paperwork to provide, including tax returns, bank statements, etc. An easy process to apply should really help

I think that this program is well intentioned, however it seems to me to a posturing effort that will allow President Obama to show that he is out to help distressed homeowners. If this Refinancing program is blocked by Congress, then this could be a talking point that he will use to show how he is on the side of the people, and Congressional Republicans are against homeowners.

The biggest issue with this program is that it does not address those homeowners that are late, or behind in their mortgage. I meet with many homeowners in Manatee and Sarasota county that are frustrated with their low home values, and feel trapped by the negative equity. Many have had issues keeping up with the mortgage payments, and even if they are late, once in the past year, this program doesn’t help them whatsoever

A recent new short sale home seller in Bradenton summed it up best. He had bought in 2005, with an adjustable rate loan. It was a home that was within his budget, but do to the recession, he was unable to keep up with the payments. He had called his lender, Bank of America, to do a loan modification to lower his interest rates, but was drug through the process with no positive outcome. He fell behind in his mortgage payments, while waiting for the help that never came.

Bank of America suggested that he short sale his Bradenton home as an alternative to foreclosure. So now I am able to help him sell his family’s home and avoid a foreclosure. He owes 400,000 on a home that was 550,000 in 2005. Now that home will sell for in the 250,000 range.

They are frustrated as they are going to have to move into a rental, and have damaged credit. Plus losing the 150,000 in down payment for the purchase. Meanwhile this short sale home will sell to a new homeowner who will get a much lower interest rate, and have a mortgage close to half of what he was paying.

It’s hard not to get angry when you know the next owner of your home will be paying much less to purchase, and monthly payments that they could have easily afforded.

My proposal, would be to have ALL homeowners mortgage payments reset to what the current market value is today. When the home sells in the future, the negative equity portion would be recaptured by the investor/lender. All homes will eventually sell, so there will be an eventual gain to the lender. This idea would keep many thousands of families in their homes, and help stabilize the market by eliminating all those that don’t want to sell but are forced to give up their homes through a short sale or foreclosure.

Regards,

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 SUITE #105
Bradenton, FL 34202
E-mail: joe@manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton

175k-1681 Morenci Terrace

Joe — Thu, 26 Jan 2012 01:19:28 +0000

1688 Morenci Terrace

North Port, FL 34286

MLS # M5825218

1688 Morenci Ter, North Port, FL 34286 (MLS # M5825218)

(all data current as of 2/10/2012)

Price	$174,900
Beds	3
Baths	2 full, 1 half
Home size	2,268 sq ft
Lot Size	10,300 sq ft
Days on Market	95

Short Sale. This center hall colonial is situated on fresh water canal! Upgrades galore, from hardwood floors, maple cabinets, granite counter tops, self cleaning pool w/waterfall, whole house generator, palladium windows, decorator glassfront door w/side panels, Bose surround ceiling speakers, upgraded lighting, paver brick pool deck, walkway and driveway, and the list goes on! Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of property atfull listing price may require approval of seller's lender(s).

Property Type(s): Residential / All, Residential / Single Family

Last Updated	12/13/2011	Tract	Port Charlotte 8
Year Built	2006	Community	n/a
Garage Spaces	2.0	County	Sarasota
Total Parking	2	Walk Score ®	9

Additional Details

Bonus Room (Approx.)	14x10	Taxes	2097
Dining Room (Approx.)	12x10	Family Room (Approx.)	18x14
Kitchen (Approx.)	11x11	Master Bedroom (Approx.)	13x13
Total Acreage	Up to 10,889 Sq. Ft.	Waterfront Name	CREIGHTON

Features

Additional Parcel Y/N	No
Air Conditioning	Central
Appliances Included	Dishwasher, Disposal, Exhaust Fan, Hot Water Electric, Microwave, Range, Refrigerator
Architectural Style	Colonial
Area (Range)	North Port/Venice
CDD Y/N	No
DPR Y/N	Yes
Exterior Construction	Block, Stucco, Wood Frame
Exterior Features	Gutters / Downspouts, Irrigation System, Mature Landscaping, Outdoor Grill, Outdoor Lights, Patio/Porch/Deck Covered, Patio/Porch/Deck Screened, Sliding Doors
Fireplace Y/N	No
Floor Covering	Ceramic Tile, Wood
Foundation	Slab
Garage Features	Attached, Door Opener
Garage/Carport	2 Car Garage
Heating & Fuel	Central, Fuel - Electric, Heat Pump
HOA/Comm Assn	None
Homestead Y/N	No
Interior Features	Blinds/Shades, Cathedral/Vaulted Ceiling, Ceiling Fan(s), Smoke Alarm(s), Solid Wood Cabinets, Stone Counters, Thermal Windows, Tray Ceiling, Walk In Closet, Washer/Dryer Hookup
Interior Layout	Eating Space In Kitchen, Formal Dining Room Separate, Formal Living Room Separate, Split Bedroom, Volume Ceilings
Kitchen Features	Closet Pantry, Desk Built In
Location	Cul-De-Sac, Flood Zone, In City Limits, Level, Street Paved, Wooded View
Master Bath Features	Dual Sinks, Tub with Separate Shower Stall
MLS Area - Zip	North Port/Venice
New Construction	No
Pool	Private
Pool Type	Auto Cleaner, Gunite/Concrete, In Ground
Property Description	Two Story
Property Style	Single Family Home
Property Type	Residential
Roof	Shingle
Special Sale Provision	Short Sale
Square Foot Source	Public Records
Status	Active
Utilities Data	Cable Available, Cable Connected, Septic
Water Access	Canal - Freshwater
Water Access Y/N	Yes
Water Extras Y/N	No
Water Frontage	Canal - Freshwater
Water Frontage Y/N	Yes
Water View	Canal
Water View Y/N	Yes

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with COLDWELL BANKER RESIDENTIAL RE

(view all details for MLS #M5825218)

119k- 450 Bahia Beach Blvd

Joe — Mon, 23 Jan 2012 05:46:18 +0000

Short Sale. Florida Resort Style Living in a waterfront community. Luxurious amenities include tennis courts, private beach, private marina, health and fitness facility and spa with a top rated restaurant.Spectacular views across the bay to downtown St.Pete.

Doors open to over sized balconies and windows look over the water. Very convenient to Brandon, Tampa and St. Pete for world-class shopping and dining. Immaculate and ready to move into, this short sale is not going to last long. If you want VIEWS VIEWS VIEWS this is it!! Come see this beautiful BAHIA BEACH TOWNHOME! Listing price may not be sufficient to pay the total of all liens and costs of sale of Property at full listing price may require approval of seller’s lender(s).

450 Bahia Beach Blvd # 450, Ruskin, FL 33570 (MLS # M5819030)

(all data current as of 2/10/2012)

View Virtual Tour

Price	$119,000
Beds	2
Baths	1 full, 1 half
Home size	1,184 sq ft
Lot Size	1,537 sq ft
Days on Market	388

Short Sale. Back on the market. Lender approved price. Florida Resort Style Living in a waterfront community. Luxurious amenities include tennis courts, private beach, private marina, health and fitness facility and spa with a top rated restaurant.Spectacular views across the bay to downtown St.Pete. Doors open to over sized balconies and windows look over the water. Very convenient to Brandon, Tampa and St. Pete for world-class shopping and dining. Immaculate and ready to move into, this short sale is not going to last long. If you want VIEWS VIEWS VIEWS this is it!! Come see this beautiful BAHIA BEACH TOWNHOME! Listing price may not be sufficient to pay the total of all liens and costs of sale of Property at full listing price may require approval of seller's lender(s).

Property Type(s): Residential / All, Residential / Townhouse

Last Updated	1/28/2012	Tract	Bahia Beach Townhomes Ph 2
Year Built	2007	Community	Little Harbor
Garage Spaces	1.0	County	Hillsborough
Total Parking	1	Walk Score ®	3

Schools

Elementary School	Ruskin-HB
Middle School	Eisenhower-HB
High School	East Bay-HB

Additional Details

Taxes	4720	Kitchen (Approx.)	12x09
Master Bedroom (Approx.)	12x11	Total Acreage	Zero Lot Line
HOA Fee	287.0	Mo.Maint.$(addition to HOA)	95

Features

Additional Parcel Y/N	No
Air Conditioning	Central
Appliances Included	Dishwasher, Disposal, Dryer, Hot Water Electric, Range, Refrigerator, Washer
Area (Range)	Ruskin/Apollo Beach
CDD Y/N	Yes
DPR Y/N	Yes
Exterior Construction	Block, Stucco
Exterior Features	Balcony/Sun Deck, Outdoor Lights, Patio/Porch Screened, Sliding Doors
Fireplace Y/N	No
Floor Covering	Carpet, Ceramic Tile
Foundation	Slab
Garage Features	Attached
Garage/Carport	1 Car Garage
Heating & Fuel	Central, Fuel - Electric
HOA Payment Schedule	Monthly Payment
HOA/Comm Assn	Required
Homestead Y/N	No
Interior Features	Blinds/Shades, Ceiling Fan(s), Smoke Alarm(s), Stone Counters, Unfurnished, Walk In Closet, Washer/Dryer Hookup, Window Treatment
Location	In County, Sidewalk, Street Paved
Maintenance Includes	Building Exterior, Flood Insurance, Ground Maintenance, Insurance Building, Recreational Facilities, Roof, Security, Trash Removal
MLS Area - Zip	Ruskin/Apollo Beach
New Construction	No
Pets Y/N	No
Pool	None
Property Description	Townhouse 2-3 Floors
Property Style	Townhouse
Property Type	Residential
Roof	Metal
Special Sale Provision	Short Sale
Square Foot Source	Public Records
Status	Active
Utilities Data	BB/HS Internet Avail, Cable Connected, County Water, Electric, Fire Hydrant, Public Utilities, Street Lights, Underground
Water Access	Bay/Harbor, Canal - Saltwater, Gulf/Ocean
Water Access Y/N	Yes
Water Extras Y/N	No
Water Frontage Y/N	No
Water View	Bay/Harbor - Full
Water View Y/N	Yes

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with COLDWELL BANKER RESIDENTIAL RE

(view all details for MLS #M5819030)

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.

189k- Immaculate! 3 bed 3 car pool

Joe — Wed, 21 Sep 2011 17:39:32 +0000

12520 30th St Circle East

Parrish, FL 34219

3 bedrooms/ 2.5 baths/ 3 car garage / swimming pool

Just Listed, this is a very well maintained home in Chelsea Oaks. If you are looking for a home in Parrish for sale that is in immaculate condition, then this HAS to be on your short list!

This is a one mortgage (bank of america) short sale with sellers that need to move. Experienced short sale real estate agent and short sale attorney are here ready to make sure the deal goes smoothly on this Parrish Short sale.

The home has stunning Brazilian Cherry floors throughout the living room, and the downstairs master bedroom. The home has a very contemporary.

Located in the Chelsea oaks subdivision in Parrish, FL. Chelsea oaks is a gated subdivision that features a community pool, and a nice playground for the kids.

The exterior of this Short Sale home is beautiful, and features rubber mulch, and decorative concrete curbing all around the planters.

The kitchen has Corian counter tops, and upgraded Cherry finish cabinets, that have crown moulding. The home was built in 2007 and has been tested for Chinese drywall and has no issues or any Chinese drywall found.

The Dramatic great room is really accentuated with the 20 foot ceiling heights.

We're sorry, but we couldn't find MLS # M5824137 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

25k- Investor alert 3/1 Palmetto

Joe — Wed, 14 Sep 2011 15:13:55 +0000

122023rd Street West

MLS M5824007

A nice concrete block home at the end of a quiet street in West Palmetto. This home needs an A/C system, water heater, kitchen, paint, flooring. It has a lot of potential, and could be a great first time home or a rental property too.

We're sorry, but we couldn't find MLS # M5824007 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

199k-7435 39th Ct East- Sarasota Pool home

Joe — Mon, 06 Jun 2011 20:54:44 +0000

7435 39th Ct East
Sarasota, FL 34243

199,900

3 bedrooms
2 baths
2 car garage
den
heated caged pool
cul-de-sac
lake and preserve views (private)

Short Sale. Very nice pool home on a quiet cul-de-sac in Quail Run. Minutes to University Parkway, shopping, downtown.

Awesome location, yet on a nice quiet street too. 3 bedrooms, den, a very nice caged pool backing to preserve and lake view. master bathroom has a jetted tub, dual sinks, and nice big shower. The den can be accessed from the master bedroom or from the foyer. A very cool butler’s pantry lets you have a big pantry, and creates a passageway to the dining area.

Open floor plan, and very nice views. Low HOA fees ($52 1/4 yr), NO CDD fees, and only one lender to negotiate with too. This should be on your short list if you are looking for a 3 bedroom pool home in Sarasota! Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of property at full listing price may require approval of seller’s lender(s).

We're sorry, but we couldn't find MLS # M5822003 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

269k- 7740 Heyward Circle- University Park

Joe — Tue, 31 May 2011 23:56:37 +0000

7740 Heyward Circle

University Park, FL

University Place Subdivision

Short Sale…Nice curb appeal. Stone front with arched architectural windows. Foyer, with a seperate formal dining room that opens to a huge open family/living room. Soaring cathedral ceilings with big windows bring in loads of light and there is room to entertain. Elegant niches, columns and wall treatments create a nice ambiance. The kitchen features wood cabinets with tons of counter space. And a center island provides room to cook. Walk-in pantry, gas stove, big double sink and breakfast bar. Enhance this gormet kitchen. Seperate laundry room is roomy with shelves. Tray celing in the master bedroom with spa tub and seperate shower in the bath plus double sinks with vanity. You will enjoy every inch of this great home! Listing price may not be sufficient to pay the total of all liens and costs of sale, and Sale of Property at full listing price may require approval of seller’s lender(s). SINGLE MORTGAGE SHORT SALE ATTORNEY REPRESENTED SELLER EXPERIENCED SHORT SALE TEAM.

We're sorry, but we couldn't find MLS # M5820572 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

SOLD. Short sale Updated- 1 bed 1 bath Near MCC condo 5400 26th St West J150

Joe — Tue, 12 Apr 2011 17:04:23 +0000

Just Listed! Awesome investment opportunity in West Bradenton. Walking distance to MCC/ Florida State College. Owners paid 99,000 for the condo, and now comparable sales are less than 1/3 those prices.

Updated with a new, complete A/C system. The condo has a great location in Bradenton, low monthly fees ($178 a month), two pools, and a nice feel with plenty of mature shady oaks. This is an end unit top floor. Not big, but nice and quiet tucked away in the corner of the development. It has a nice screened lanai too. The bathroom has just had new tile installed. All Major appliances included even a stack able washer and dryer.

If you, or someone you know is interested in a great starter home, or a place near MCC this is a must see. It is a single mortgage short sale with an attorney representing the sellers. Experienced short sale team is in place

Call me today if you would like to see this great Bradenton, FL condo.

Joe Murphy, Coldwell Banker

941-780-3260

Real Estate Expert for Manatee and Sarasota Counties

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Posted via email from Joe Murphy Knows Real Estate in Bradenton

159k- 12422 24th E St-River Plantation

Joe — Thu, 31 Mar 2011 06:06:59 +0000

Just listed Short Sale in the River Plantation neighborhood in Parrish, FL. This is one of the cleanest homes, and in remarkable condition. This Parrish home for sale is really in New home condition. MLS Number M5820605.

Listed for 159,000. This is a single mortgage short sale with Wells Fargo holding the mortgage. Typical time frame for approval would be 45-60 days now, as wells fargo has become much better at timely processing of short sales here in Manatee county.

Please take a look at the photos as they tell the story of how great this home is. If you want an open floor plan, nice neutral tile floors, and a THREE CAR GARAGE, then this is a must see home. River Plantation has no CDD fees, and a very reasonable HOA fee of less than 900 annually. River Plantation has tennis, playgrounds, and a very nice pool too.

We're sorry, but we couldn't find MLS # m5820605 in our database. This property may be a new listing or possibly taken off the market. Please check back again.