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Jackie Colson-Miller

Jackie Colson-Miller
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3401 Henderson Blvd
Tampa, FL 33609
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'Short Sale'

        

Lenders Pursue Deficiency Judgments in Florida Foreclosures and Short Sales

Filed under: Short Sale, Tampa Foreclosures

The Latest news in the Tampa Real Estate Market, International Real Estate and Living in Tampa, every day on The Real Estate Sizzle

In the wake of the number of foreclosures and short sales in the Tampa Real Estate market, I have been predicting that lenders will start to issue “deficiency judgments”( the difference between the mortgage amount and the sale price in short sale or foreclosure) for those property owners who sold their homes in a “short sale” or let the property go in a foreclosure proceeding, without the protection of a bankruptcy to erase the debt.  And…months later…my prediction has come true!  Property owners should be aware that Florida law allows lenders to pursue a deficiency judgment for a period of up to 5 years after the date of the “short sale”, or foreclosure and allows TWENTY years to collect such a judgment.

With the number of “short sales” on the market, many homeowners have the mistaken impression that once the lender “accepts” a lower sales  price for the property than the amount of the mortgage payoff, they are “off the hook”. NOT SO.

Unless the “short sale” agreement between the mortgagee and the mortgagor specifically states that the lender will not pursue a deficiency judgment and the purchase price, upon sale,  constitutes a “full” payoff of the loan amount, the lender will have the option to pursue a judgment against the property owner for a period of 5 years, for both the principal amount, interest and legal fees!

If you are considering a short sale, or foreclosure, you should consult a Real Estate Attorney.


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For more information about the Tampa Real Estate market, Tampa Neighborhoods, including Culbreath Isles, MacDill AFB,  South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, Wesley Chapel, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Houses in the Plant High School District, Tampa Schools, Luxury Homes in Tampa, Condos in Tampa, the Best Tampa Neighborhoods, or International Real Estate contact me.

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   01.28.2010

“Work The System”…It’s a Buyer’s Market, So Get In The Game…Tampa Real Estate Market News

Filed under: Buying a House in Tampa, First-Time Homebuyers, Short Sale, Tampa Foreclosures, Tampa Real Estate Agent, Tampa Real Estate Market

Should you Work The System or try to Beat The System ? Great advice from marketing guru Seth Godin, in one of his latest articles can be applied to the Tampa Real Estate market. Prices are the lowest they have been in yearsfar below the boom years of 2005 2006. At the same time, interest rates are also very low. That combination: low prices and cheap money havent occurred at the same time in decades! Some analysts say it has been 40 years! I certainly havent seen it, in my 14 years in Real Estate, or my 25 years as a homebuyer. Buyers have learned to Work The System make low offers on several properties and ultimately get the deal of the decade.

And, not surprisingly, sales are up! Prices are down 10 20% over the same period last year in the Tampa Real Estate Market and Inventory is down 2% since January. When will we bottom out ? Looks like were about there.

Sellers who think they can Beat The System are ignoring the simple law of supply and demand . Unless they want to get in the game and price their homes according to current market value, they might as well take their homes off the market and wait until 2013, when they can expect the prices of yesteryear.

Personally, I am Working the System helping Tampa buyers and European Investors find the bargains in this market of opportunity . A recent buyer picked up a 3 year old property for $224,000 less than the last sale price! That was 35% below the price in 2006!

I have two words for buyers in the Tampa Real Estate Market:

BUY NOW

I have just one word for the Sellers who dont want to Work The System :

ADIEU

If you want help Working The System in the Tampa Real Estate Market, contact me today813.629.5757or via email.

The Best Source for Tampa Real Estate News, Tampa Schools and Relocation Information for Families Moving to Tampaevery day on The Real Estate Sizzle.

For more information about Tampa Neighborhoods, including Culbreath Isles, South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   05.26.2008

The Mortgage Forgiveness Debt Relief Act of 2007…How About Credit Amnesty?…Tampa Real Estate Market News

Filed under: Real Estate News, Short Sale, Tampa Real Estate, Things to Ponder, mortgage news

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.

 

The Mortgage Forgiveness Debt Relief Act of 2007 Debtwas passed recently. This is a big help to homeowners caught in the Real Estate market downturn who sell their homes for less than the mortgage amount, where the lender forgives the difference between the loan amount and the sale price. This is commonly known as a short sale .

Prior to the passage of the Act, that forgiven amount was considered taxable income by the IRS. So, not only did the homeowner lose their home, they had to pay taxes on the unrealized income. Horrible!

Some suggest that, along with Mortgage Forgiveness, we need some legislation concerning Credit Amnesty. Many homeowners caught in the trap of lowered home values, along with adjusting mortgages and tightened mortgage underwriting have a history of excellent credit. They have good FICO scores, excellent payment history and find themselves in dire financial straits with no options besides foreclosure, short sale and perhaps bankruptcy. Should some legislation be passed to help these, otherwise, good credit managers who found themselves in the “credit crunch”. I think it is worth some consideration.

Roberta Murphy, at Luxury Home Digest, writes an excellent article on that topic. What do you think?

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

 

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   11.07.2007

Foreclosures in Tampa and Mortgage Fraud…Who Missed the Signs?…Tampa Real Estate News

Filed under: Real Estate News, Short Sale, Tampa Real Estate, mortgage news

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.

A recent story about Five foreclosures in upscale Tampa Mortgageneighborhoods recently made the National news. As an ethical Real Estate agent, who doesnt miss a trick, I found myself reading the story and wondering how anyone involved in these transactions wasnt suspicious about the unusual circumstances in each one. I know hindsight is 20/20, but when something smells like a rat and looks like a ratusually its a RAT

All of the clients who have contacted me about the need to do a short sale, or trying to avoid foreclosure, werent trying to defraud anyone. They have gotten caught in the trap of higher payments and lowered market values. They have good credit and a good payment history, but they have reached the end of their financial rope. I wish the national news would spend more time talking about those buyers. Watch for my thoughts this week on THAT topic

Read the story and post your comments below

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

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Posted by Jackie Colson-Miller   |   2 Comments »   |   11.04.2007

Short Sales in Tampa..The Numbers are on The Rise..Tampa Real Estate Market News

Filed under: MLS Listings in Tampa, Real Estate News, Short Sale, Tampa Real Estate, Tampa Real Estate Market

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.

I have been working on a number of short sales this weeksituations where the property will sell for less than the mortgage amount and the lender agrees to forgive the difference between the sale price and the loan amount. It is far more complicated than a normal real estate transaction and the seller must prove hardship the inability to continue to pay the mortgage and the lack of assets available.

There are several common factors among these sellers:

-They have good credit scores and have not yet missed a mortgage payment. They are trying very hard to preserve their credit as much as possible. That excellent credit allowed them to get the no doc and no income verification loans that are now a problem in the current market.

-They have adjustable loans that have just adjusted, or are about to adjust to a payment they can no longer afford.

-They purchased new construction during 2005. Their property taxes are no longer based on vacant land and have increased.

-There is new construction still available in those neighborhoods and the developers are selling the same product for far less than the sellers paid, so Tampa neighborhoods with new construction are more likely to have a high inventory of short sales.

In a nutshell, they are in a financial bind, and a short sale may be a better option than foreclosure. A short sale involves plenty of paperwork and diligence on the part of the seller and the agent, because the lender must agree to the short sale vs. foreclosure. Given that a typical foreclosure can cost a lender up to $60,000, many lenders are willing to allow a short sale. The process from offer to closing may take up to 90 days.

Two words to remember in a short sale situation.PATIENCE and PERSISTENCE.

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

 

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   10.18.2007

More News About Short Sales…Get Professional Help

Filed under: Real Estate News, Short Sale, Tampa Real Estate Market

THE LATEST NEWS ON TAMPA REAL ESTATE, AND REAL ESTATE AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE….

I wrote an article about Short Sales vs. Foreclosures earlier this week and I have gotten several calls from readers who had additional questions, or needed some help.

One of the most important issues to understand is that the Lender, who agrees to the short sale, will pay ALL OF THE EXPENSES, including the real estate commission. An agent experienced in the short sale process will handle all of the details of the transaction and all of the negotiations with the lender, AT NO EXPENSE TO THE SELLER. The short sale process is somewhat complicated, so a seller should use an experienced agent to handle all of the details.

I can assist you with a short sale, or refer you to an agent experienced in short sales, anywhere in the U.S. If you have any questions, you may call me at 813.629.5757 or email me Jackie@RealEstateSizzle.com.

If I can help with any other Real Estate questions, or you are interested in buying real estate in Tampa, or anywhere in the world, please contact me.

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   09.28.2007

Short Sale vs. Foreclosure in Tampa…What Should You Do?

Filed under: Real Estate News, Real Estate Trends, Sellers, Short Sale, Tampa Real Estate Market

Facing Foreclosure in Tampa? A “short sale” might be the answer…
The drop in Real Estate Values this year, along with Adjustable Rate Mortgages, Sub-prime loans and zero down financing have created a situation where homeowners cannot meet their mortgage obligations.

When a homeowner is facing this issue, he should consider a short sale . What exactly IS a short sale ? A property is sold for LESS than what is owed on the loan and the lender accepts that payment in FULL. The Seller escapes foreclosure and the lender does not report a foreclosure to the credit bureaus, which would affect the sellers credit for 7 10 years. A short sale will have a smaller affect on the sellers credit rating and will show late payments on the mortgage, but it is a much better option than foreclosure.

Foreclosure is a very COSTLY process for a lender, so many lenders are willing to accept a short-sale, in order to cut their losses.

What is the first step in the short sale process? Call your lender and contact the loss mitigation department as soon as you have missed a mortgage payment. Explain your financial situation and ask for a short sale package, to see if you are a candidate for a short sale. You will need to provide them with your financial information and also write a “letter of hardship”., explaining the reason you cannot continue to meet your financial obligations. Next, contact your real estate agent and tell her you are facing a short sale . Your agent is a critical part of the short sale process, and will be negotiating with the lender, on your behalf, after you have submitted all of the short sale paperwork required.

If you have any questions about the short sale process, or think you may be a candidate for a short sale and need representation in the sale of your home.please contact me!

All costs involved in the short sale are paid by the lender, so do not attempt to maneuver through this process without professional help.

You can contact me at 813.629.5757, or via email: mailto:Jackie@RealEstateSizzle.com

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   09.24.2007