Q: How does the process work?
A: As soon as you fill out the application located on the “Home” or “Application” page, one of our examiners will then contact you within 24 hours. Once we evaluate your circumstances and property details, we can then provide you with specifically tailored solutions to your specific situation and help you reach your goal.
Q: Will I have to pay a Realtors commission, closing costs, or any other fees?
A: No. These fees are paid by your Lender.
Q: Once I fill out the application am I obligated to anything?
A: No. The decision when to move forward now is yours to make. At Florida Real Estate Essentials we are here assist you with the essential solution that you are most comfortable with.
Q: I owe too much on my property, I’m upside down, I have no equity, I can’t sell it. Can I?
A: Yes you can sell your property today! In this “under water” market, you are not alone, as many properties across the county have experienced the same where more is owed currently value of the property. For more details click on the Short Sale tab at the top of this page.
Q: Do you purchase houses anywhere?
A: Yes, our buyers properties regardless of condition, throughout the state of Florida
Q: I am already behind on payments, I even have a Foreclosure Sale Date; can you still work with me?
A: Yes we can. It’s NEVER too late, though do keep in mind time is of the essence. Click on the “Application” link at the top of this page. Once we have received your information an examiner will schedule an appointment to meet and discuss your case.
Q: How will a Foreclosure affect me?
A Foreclosure can negatively affect you in many ways:
- Foreclosure is attached to your personal credit report for up to 7-10 years
- The Lender(s)/Lien Holder(s) may seek a court ordered Deficiency Judgment(s) which may personally attach to you and your credit
- The Deficiency Judgment may lead to the garnishment of your future wages
- The Deficiency Judgment may negatively affect your current and future employment
- Foreclosure may make it difficult for you to obtain future loans, especially qualifying for a new mortgage for a new house
Q: How will a Short Sale affect my credit?
- A Short Sale will show as a “Satisfied Account” on your credit report
- Typically, creditors understand a Short Sale was necessary and it is possible for a Homeowner to obtain a loan within 2-3 years, possibly sooner
- Quite often, as part of the Short Sale negotiation, the deficiency may be waived by the Lender and therefore a Deficiency Judgment will not be obtained against you
Q: Why would the bank accept less than what is owed on my Mortgage?
A: Simply put a Foreclosure is a major liability and is very costly to Lenders. The Federal Government regulates how many liabilities each bank can have at any given time. Since it’s a non performing asset, the bank would rather sell it for less than have to go through a costly and time consuming Foreclosure process.
Q: Will I receive a Deficiency Judgment when I short Sale my property?
A: Our goal is to have the loan settled in FULL with your lender reliving you of deficiency judgment. We exhaust all possibilities to accomplish this.
Q: Will I receive a 1099 if I Short Sale my property?
A: The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). This information was copied directly from the IRS. website. For futher information please visit: http://www.irs.gov/individuals/article/0,,id=179414,00.html or consult with your CPA for further information.
Q: Do you have references?
A: Absolutely! Please also view our “Testimonials” page.
Wait I have more questions…
Great! For additional questions Contact Us link above and type in your questions. An examiner will contact you within 24 hours.
To fill out an application at no cost Click Here