I have noticed that there has been an increase by York Pa Real Estate Agents using companies to negotiate a Short Sale for them. The reasoning behind it is that the vast majority of agents don't have a clue how to negotiate a successful short sale, so use a company to do it for them. On the surface most people probably don't see a reason why not to do that. 1. it save the agent time. 2 Agent can list a short sale and think they can make a commission. 3. The agent can tell the seller he has an experienced company handling it for them.
The problem with this strategy in my opinion is that the Seller could really get damaged by this type of procedure. First of all the Seller is in a distressed situation with the home potentially going to foreclosure. The Negotiation company charges a buyer a fee that in most cases the buyer is not willing to pay. This will mean the property will get few if any showings. Secondly if an offer does come in the Negotiating company starts the process, they do not know either the Seller or the Buyer. That means they have no personal rapport with either party and with that in mind when the Lender wants a lot of information so they can make a decision on the viability of the short sale the effort on the Negotiating company is less than satisfactory. The success ratio of such a company must be much less than what a Certified Distressed Property Expert will be able to offer. What is really troubling is that when an Real Estate Agent uses this type of company basically because they don't know what they are doing in regards to short sales, but they think they will get a commission paid to them if it is successful. Unfortunately this practice ultimately pushes the Seller into foreclosure. No one wins when that happens.
If you live in York, PA and in are facing foreclosure, please consider a Short Sale and put your situation in the hands of an experienced team The Pilgrim Team of Professional Realty Associates and be confident you made the right financial choice.
Showing posts with label Short Sales Home Buying Seminiar Forclosures Mortgages. Show all posts
Showing posts with label Short Sales Home Buying Seminiar Forclosures Mortgages. Show all posts
Monday, April 30, 2012
Startegic Foreclosures Good or Bad?
Recently there has been some talk about "strategic foreclosures". Unfortunately there have been some individuals promoting to people who are in financial distress and don't know where to turn when they have fallen behind in their mortgage payments. They have taken the stand that it is O.K. to just walk away and never look behind them for the consequences that come with such a move.
Just last week Good Morning America had a special about walking away from your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Just last week Good Morning America had a special about walking away from your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Wednesday, August 10, 2011
Free Foreclosure Avoidance Guide
I wanted to get in touch with you about some startling statistics regarding the latest distressed property trends.
In a recent study by Lender Processing Services (LPS), 6.38 million people were at least 30 days late on their mortgage payments. If you or someone you care about is feeling the stress of an unaffordable mortgage, please take the time to review the free foreclosure avoidance guide I’ve place on my website:
[insert your website address]
As a Certified Distressed Property Expert (CDPE), I can navigate a homeowner through a variety of options. I’ve listed some of the most common alternatives to foreclosures that homeowners can take advantage of to get back on the path to financial stability.
I would truly appreciate your taking the time to refer any homeowners you know that may need my assistance. I’m sure that they would appreciate it, too! The sooner they contact me, the more time we’ll have to develop a strategy to avoid foreclosure.
With gratitude,
Jerry Pilgrim
CDPE, CRS, e-Pro, Broker/Owner
Professional Realty Associates
Thursday, March 24, 2011
Stopping Foreclosures One Home Owner at a Time
FOR IMMEDIATE RELEASE For more information, please contact:
Jerry Pilgrim
717-757-5955
jpilgrim@pilgrimteam.com
Local Agent Takes a Stance Against Strategic Default Online report outlines the realities of “strategic default”—or walking away from a mortgage—and provides solutions for homeowners struggling to make mortgage payments in York County, PA.
York, PA - Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.
“There is a growing trend of distressed homeowners who have heard that a strategic default may be their best option,” Pilgrim said. “With this report, I’m showing homeowners that there are alternatives to foreclosure that can actually help them move on to a more stable financial future, rather than further damaging their credit, security clearance, or current or future employment.”
This community resource is available at www.YorkShortSales.com and explains the benefits of short sales, or selling a property for less than the current mortgage amount owed. Benefits include less damage to credit scores, and the ability to qualify for a future mortgage more quickly.
In a recent study, the Chicago Booth/Kellogg School Financial Trust Index estimated that 36 percent of Americans would consider walking away from their mortgage if they were “underwater,” or owed more than the property was worth. Now that one in four Americans is currently underwater, Pilgrim sees the need for greater education.
“Individual homeowners as well as our entire community would suffer the consequences of strategic default,” Pilgrim said. “I can share solutions and alternatives that can help preserve the financial stability of distressed homeowners and the values of our neighborhoods.”
The CDPE Designation Pilgrim has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
To learn more, visit www.YorkShortSales.com.
For more information about the CDPE Designation, visit www. CDPE.com.
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Jerry Pilgrim
717-757-5955
jpilgrim@pilgrimteam.com
Local Agent Takes a Stance Against Strategic Default Online report outlines the realities of “strategic default”—or walking away from a mortgage—and provides solutions for homeowners struggling to make mortgage payments in York County, PA.
York, PA - Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.
“There is a growing trend of distressed homeowners who have heard that a strategic default may be their best option,” Pilgrim said. “With this report, I’m showing homeowners that there are alternatives to foreclosure that can actually help them move on to a more stable financial future, rather than further damaging their credit, security clearance, or current or future employment.”
This community resource is available at www.YorkShortSales.com and explains the benefits of short sales, or selling a property for less than the current mortgage amount owed. Benefits include less damage to credit scores, and the ability to qualify for a future mortgage more quickly.
In a recent study, the Chicago Booth/Kellogg School Financial Trust Index estimated that 36 percent of Americans would consider walking away from their mortgage if they were “underwater,” or owed more than the property was worth. Now that one in four Americans is currently underwater, Pilgrim sees the need for greater education.
“Individual homeowners as well as our entire community would suffer the consequences of strategic default,” Pilgrim said. “I can share solutions and alternatives that can help preserve the financial stability of distressed homeowners and the values of our neighborhoods.”
The CDPE Designation Pilgrim has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
To learn more, visit www.YorkShortSales.com.
For more information about the CDPE Designation, visit www. CDPE.com.
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Monday, November 15, 2010
Distressed Property Institute Stands Firmly Against Real Estate Fraud
Distressed Property Institute Stands Firmly Against Real Estate Fraud
Industry-leading organization publishes statements regarding mortgage modification scams, short sale flips, and other forms of fraud in the real estate industry.
The Distressed Property Institute, the premier organization educating real estate professionals on
how to help homeowners avoid foreclosure, is officially positioned against fraud in the real estate
industry, specifically as it pertains to mortgage modification scams, short sale flips and options
contracts.
“It is the firm stance of the Distressed Property Institute that fraudulent behavior perpetrated
against homeowners is deplorable, and there is no excuse for these actions, whether personal,
financial or otherwise,” said Alex Charfen, co-founder and CEO of the Institute. “The number
alleged cases of fraud against American homeowners is increasing, and in some areas arrests
are on the rise. We support the efforts of our administration and law enforcement to crack down
on these predatory practices.”
In 2009, the U.S. Treasury, U.S. Department of Justice, Federal Bureau of Investigation and
Federal Trade Commission issued statements affirming their unified stance on these issues:
• U.S. Department of Justice and U.S. Treasury Department
Press Release: April 6, 2009 – Federal, State Partners Announce Multi-Agency Crackdown Targeting Foreclosure Rescue Scams, Loan Modification Fraud
“This administration is deeply committed not just to providing at-risk homeowners with
assistance but also to cracking down on anyone who seeks to defraud them. … [The]
Treasury is also issuing an advisory alerting financial institutions to the risks of emerging
schemes related to loan modifications. The advisory identifies certain ‘red flags’ that may
indicate a loan modification or foreclosure rescue scam … Examples of possible signs of
fraudulent activity, such as requiring that fees be paid before services are provided, are
listed in the advisory.” i
• Federal Bureau of Investigation
Press Release: July 7, 2009 – FBI Issues 2008 Mortgage Fraud Report
“Mortgage fraud hurts borrowers, financial institutions, and legitimate homeowners. …
The FBI, in conjunction with our law enforcement, regulatory, and industry partners,
continues to diligently pursue perpetrators of mortgage fraud schemes.” ii
• Federal Trade Commission
Press Release: July 15, 2009 – Federal and State Agencies Target Mortgage
Foreclosure Rescue and Loan Modification Scams
“People facing foreclosure should avoid any company or individual that requires a fee in
advance, guarantees to stop a foreclosure or modify a loan, or advises the homeowner to
stop paying the mortgage company.” iii
• Freddie Mac
April 12, 2010 – Emerging Fraud Trends: Short Payoff Fraud
“Given increased defaults and declining property values in certain locations, the
mortgage industry is experiencing an increase in short payoffs, sometimes called short
sales. In fact, over the last two years, short payoff volume at Freddie Mac has grown
more than 1,000 percent (2007-2009). This upward trend in volume leaves the market
ripe for incidences of short payoff fraud.” iv
Addressing its membership organization of more than 22,500 real estate professionals
nationwide, the Institute has distributed this official statement among its members.
“Fear should not drive us to act ethically. The current market conditions have provided us with an
unprecedented privilege to help struggling homeowners like no other time we’ve seen. These
challenges are actually opportunities for us to become better agents, better citizens, and better people.
“Now more than ever, it is our personal responsibility to conduct our businesses and ourselves
with utmost integrity; this has never been more vital to the success of the real estate industry, the
recovery of our country, and to homeowners in need.
“We applaud the efforts of the branches of the U.S. government to stamp out this rampant fraud,
and have aligned the Institute with this goal. We will not tolerate the abuse and predatory actions
committed upon the most vulnerable homeowners.”
Following is the Institute’s policy on fraudulent behavior as it pertains to mortgage modifications
and short sale flips:
I. Mortgage Modification Fraud
It is the policy of the Distressed Property Institute not to educate or train students onthe process of facilitating a mortgage modification, beyond directing agents to have clients (homeowners) contact their lenders if a modification appears to be an option, and providing general information on mortgage modifications so homeowners can effectively contact lenders and pursue this option.
The Institute does not support, nor does it condone, the practice of agents accepting a fee for the service of facilitating a mortgage modification, even if there is a promise to refund the fee if the service expectation is not met. Our official stance is that thispractice constitutes fraud, which is in line with statements made by the U.S. Treasury Department.
II. Short Sale Flip (and Options Contracts) Fraud
It is the policy of the Distressed Property Institute not to educate or train students on the process of flipping short sale properties beyond providing a severe warning, which includes a basic overview of this process and detailed information on how to avoid unknowingly participating in fraudulent activity.
The Institute does not support, nor does it condone, the practice of flipping short sale properties due to the potential illegalities and blatant unethical nature of these transactions. We do make an exception in the case of rehabilitation projects – however, this process involves providing a measureable service to improve the condition of the property, and is different than the standard short sale flip.
“The Distressed Property Institute seeks to train agents on how to find the best solution for each individual homeowner,” Charfen said. “Agents who charge a fee for a service they’re not licensed or adequately trained to provide, and which the government has identified as fraudulent, cannot be tolerated.
“Additionally, agents or investors who misrepresent the true value of a short sale property, or participate in less than full-disclosure with the lender, are participating in fraudulent activity. These practices are not in line with our core values.”
About the Distressed Property Institute, LLC
The Distressed Property Institute trains real estate professionals to engage with and assist homeowners facing hardships. The Institute has developed a curriculum to provide the tools and knowledge to handle distressed properties, including short sales, deeds-in-lieu, mortgage modifications, forbearance, refinances, reinstatements, government programs or other options. After completing a comprehensive live or online course, graduates are awarded the Certified Distressed Property Expert® Designation.
About the CDPE Designation
The CDPE Designation provides real estate industry professionals with detailed information onhow to engage with and assist homeowners in distress. The CDPE designation has been endorsed by RE/MAX International, Keller Williams Realty and other major U.S. brokerages, as well as industry icons such as: Dave Liniger, chairman and co-founder of RE/MAX; Allen Chiang, Chairman of the Asian Real Estate Association of America (AREAA); Steve de Laveaga, Senior Vice President of Fidelity National Title; and Tino Diaz, Chairman and President of the National Association of Hispanic Real Estate Professionals (NAHREP).
For more information about the Distressed Property Institute and the CDPE Designation, visit http://www.cdpe.com./
i http://www.usdoj.gov/opa/pr/2009/April/09-opa-311.html
ii http://www.fbi.gov/pressrel/pressrel09/mortgage_070709.htm
iii http://www.ftc.gov/opa/2009/07/loanlies.shtm
iv http://www.freddiemac.com/singlefamily/news/2010/0412_payoff_fraud.html
© Copyright The Distressed Property Institute, LLC April 2010 Originally Published: July, 17, 2009
Updated: April 12, 2010
The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of this document. TheDistressed Property Institute, LLC is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
Local Agent Provides Resource on Foreclosure Alternatives, Short Sales
FOR IMMEDIATE RELEASE For more information, please contact:
Jerry Pilgrim
The Pilgrim Team
Professional Realty Associates
717-757-5955
jpilgrim@PilgrimTeam.com
Local Agent Provides Resource on Foreclosure Alternatives, Short Sales
For homeowners struggling with mortgage payments, website explains differences between foreclosure and short sales.
York, PA – 11-15-2010– Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has released an informational report comparing the consequences of a short sale and foreclosure.
The report can be found at http://www.stopyorkpaforeclosure.com/ and provides a thorough explanation of how a short sale may potentially improve a homeowner’s future financial stability.
“Considering how damaging foreclosure can be for the homeowner and the surrounding community, it is important that everyone knows all of the alternatives available,” Pilgrim said. “This report is the latest addition to my website, which gives distressed homeowners a way to inform themselves on their best options.”
Currently, one in seven mortgages is in some stage of delinquency. Once a mortgage payment has been missed, the lender has the ability to begin the foreclosure process. A short sale can potentially minimize the damage to one’s future loan eligibility, credit score, employment, security clearance and more.
“We often see homeowners enter the foreclosure process without any visible means of professional guidance,” Pilgrim said. “My hope is to inform the community that there are legal, dignified alternatives to foreclosure.”
The CDPE designation provides real estate agents with the tools and knowledge needed to efficiently, ethically and effectively pursue foreclosure alternatives, specifically short sales. In addition to their initial training, CDPE-designated agents are connected to a network of professionals via the Distressed Property Institute, allowing them to remain regularly updated on the complex and quickly changing real estate market.
For more information about the CDPE Designation, visit http://www.cdpe.com/.
Jerry Pilgrim
The Pilgrim Team
Professional Realty Associates
717-757-5955
jpilgrim@PilgrimTeam.com
Local Agent Provides Resource on Foreclosure Alternatives, Short Sales
For homeowners struggling with mortgage payments, website explains differences between foreclosure and short sales.
York, PA – 11-15-2010– Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has released an informational report comparing the consequences of a short sale and foreclosure.
The report can be found at http://www.stopyorkpaforeclosure.com/ and provides a thorough explanation of how a short sale may potentially improve a homeowner’s future financial stability.
“Considering how damaging foreclosure can be for the homeowner and the surrounding community, it is important that everyone knows all of the alternatives available,” Pilgrim said. “This report is the latest addition to my website, which gives distressed homeowners a way to inform themselves on their best options.”
Currently, one in seven mortgages is in some stage of delinquency. Once a mortgage payment has been missed, the lender has the ability to begin the foreclosure process. A short sale can potentially minimize the damage to one’s future loan eligibility, credit score, employment, security clearance and more.
“We often see homeowners enter the foreclosure process without any visible means of professional guidance,” Pilgrim said. “My hope is to inform the community that there are legal, dignified alternatives to foreclosure.”
The CDPE designation provides real estate agents with the tools and knowledge needed to efficiently, ethically and effectively pursue foreclosure alternatives, specifically short sales. In addition to their initial training, CDPE-designated agents are connected to a network of professionals via the Distressed Property Institute, allowing them to remain regularly updated on the complex and quickly changing real estate market.
For more information about the CDPE Designation, visit http://www.cdpe.com/.
Wednesday, June 16, 2010
Strategic Foreclosure? Is it really an option?
What is a "strategic foreclosure"? There has been a lot of talk lately on the news networks such as ABC, NBC, CBS, FOX News, MSNBC and others about these types of forclosures. I have heard the talk that if it is ggod enough for corporate america to walk away from the financial obigations it should be good enough for the private sector to do the same.
Think of it like this, and ask yourself these questions. Does the corporation have a family to feed? Does the corporation need a place to live? Does it need to have credit in the future to buy a house or even rent an apartment? Does it need a job? If you need any or all of these things STAY AWAY from the idea of a strategic foreclosure. They entice you to milk the system for all it can give you at the time, but remember payback can come back to hit you in a big way.
The only good foreclosue is NO foreclosure. You need an expert with the experience like a CDPE (Certified Distressed Property Expert) who can work closely with the Banks to negotiate a settlement that will not adversely affect you for a very long time such as a foreclosure can. Please go to my web site www.pilgrimteam.com and seach for my CDPE site for additional information that can help you or someone you may know who is struggling with the possibility of foreclosure.
Think of it like this, and ask yourself these questions. Does the corporation have a family to feed? Does the corporation need a place to live? Does it need to have credit in the future to buy a house or even rent an apartment? Does it need a job? If you need any or all of these things STAY AWAY from the idea of a strategic foreclosure. They entice you to milk the system for all it can give you at the time, but remember payback can come back to hit you in a big way.
The only good foreclosue is NO foreclosure. You need an expert with the experience like a CDPE (Certified Distressed Property Expert) who can work closely with the Banks to negotiate a settlement that will not adversely affect you for a very long time such as a foreclosure can. Please go to my web site www.pilgrimteam.com and seach for my CDPE site for additional information that can help you or someone you may know who is struggling with the possibility of foreclosure.
Tuesday, February 16, 2010
Strategic Foreclosures Good or Bad?
Recently there has been some talk about "strategic foreclosures". Unfortunately there have been some individuals promoting to people who are in financial distress and don't know where to turn when they have fallen behind in their mortgage payments. They have taken the stand that it is O.K. to just walk away and never look behind them for the consequences that come with such a move.
Just last week Good Morning America had a special about walking away form your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Just last week Good Morning America had a special about walking away form your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Saturday, January 09, 2010
Distressed Homeowners Beware of those We'll Buy Your House Ad's
Homeowners who are in financial distress here in York Pa and the rest of the country have been seeing a lot of advertising lately about buying homes for cash. Though these offers may seem legitimate and some may be, the vast majority of these companies are in my opinion scamming the distressed homeowner who is going through a financial crisis due to the downturn in the economy the last 3 years.
What homeowners must realize and question is how could a person offer to buy a home that the current homeowner is "under water" meaning the home is worth less than what they currently owe on it and then resell it and make money on it? As a homeowner if you have equity in the property why would you not want to put that in your pocket instead put it in someone else's, especially in this current economic climate?
What the intent is by these companies is to not only scam the homeowner but defraud the lender who has the mortgage on the property. How do they do that? They offer the homeowner to buy the property and write an contract on the home for x amount of dollars. The company has no real intention to buy it. What they will do is "shortsale" the property at the lower price and then put it on the market for sale at a much higher price than the contract price looking for a buyer willing to pay what really is fair market value. Once they find a buyer who is willing to purchase the property at the higher price they arrange a settlement date that will coincide with the 1st and 2nd contracts and settle on both concurrently. This settlement which we call a "double flip" they transfer the property from the current owner then to the buyer the company has found and the difference between the 1st contract and the 2nd contract that was written is pocketed by the company. This is done with very little money ever transferred by the investment company.
You say what is wrong with that? The lender who holds the mortgage was never aware of the 2nd contract and was lead to believe the companies 1st contract was fair market value, which in fact it was not. So in my opinion this is fraud committed on the lender and ultimately the american consumer and taxpayer who has paid billions with bailout money loaned to these institutions.
So if someone comes to you to buy your house for cash or you respond to one of those billboards you see out there, steer away from these companies. It will be only a matter of time to they get caught.
Labels: Buy Your House For Cash, Foreclosures, Selling Homes york pa, Shortsales, We Buy Houses, York PA, York Pa Real Estate
What homeowners must realize and question is how could a person offer to buy a home that the current homeowner is "under water" meaning the home is worth less than what they currently owe on it and then resell it and make money on it? As a homeowner if you have equity in the property why would you not want to put that in your pocket instead put it in someone else's, especially in this current economic climate?
What the intent is by these companies is to not only scam the homeowner but defraud the lender who has the mortgage on the property. How do they do that? They offer the homeowner to buy the property and write an contract on the home for x amount of dollars. The company has no real intention to buy it. What they will do is "shortsale" the property at the lower price and then put it on the market for sale at a much higher price than the contract price looking for a buyer willing to pay what really is fair market value. Once they find a buyer who is willing to purchase the property at the higher price they arrange a settlement date that will coincide with the 1st and 2nd contracts and settle on both concurrently. This settlement which we call a "double flip" they transfer the property from the current owner then to the buyer the company has found and the difference between the 1st contract and the 2nd contract that was written is pocketed by the company. This is done with very little money ever transferred by the investment company.
You say what is wrong with that? The lender who holds the mortgage was never aware of the 2nd contract and was lead to believe the companies 1st contract was fair market value, which in fact it was not. So in my opinion this is fraud committed on the lender and ultimately the american consumer and taxpayer who has paid billions with bailout money loaned to these institutions.
So if someone comes to you to buy your house for cash or you respond to one of those billboards you see out there, steer away from these companies. It will be only a matter of time to they get caught.
Labels: Buy Your House For Cash, Foreclosures, Selling Homes york pa, Shortsales, We Buy Houses, York PA, York Pa Real Estate
$8,000 and the $6500 Tax Credit Due to Expire April 30th
Home Buyers in York PA and surrounding area's don't forget to take advantage on the tax credits that are available to you. I know it is cold outside and seems like spring is a long time off but before you know it spring will be here. If you are going to be buying a home this year and it is your first home that you have owner in over 5 years you will eligible for up to $8,000. If you have owned a home in 5 of the last 7 years you may be eligible to get $6500. You must have a contract ratified by April 30th and settle on the home prior to June 30, 2010. Hurry before you lose out on it. Contact us here at The Pilgrim Team at Professional Realty Associates for more information.
Tuesday, December 15, 2009
Tuesday, December 15, 2009by The Pilgrim Team
Solving the foreclosure crisis one homeowner at a time.™
Short Sale Deed-in-Lieu of Foreclosure:
Dignified Solutions
©2009 Distressed Property Institute, LLC All Rights Reserved.
The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice.
It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
Possible Crisis? There are Dignified Solutions.
The state of the U.S. economy and housing market has brought many homeowners from security to uncertainty. But within this uncertainty, solutions have been created to assist those who need help. If you or someone you know is struggling to pay the mortgage, it is vital to understand ALL the options available.
The pressures of an upside-down mortgage are not just felt by the homeowner. Lenders are looking to avoid foreclosure and work with homeowners to find solutions to their financial situations. Lenders are not in the real estate business, do not wish to take ownership of a home, and do not want a house to sit idle on the market
So what options are available to YOU?
If you or someone you know is facing foreclosure and the damages it will cause to credit scores, employment or security clearance, you should consider a short sale or a deed-in-lieu of foreclosure (or “deed-in-lieu”). These options could allow you to sell or walk away from your home without incurring liability for deficiency.
What Are Your Options…
judgments from creditors, or tax lie
In both a short sale and deed-in-lieu, your lender can claim you owe a deficiency judgment on your remaining balance. This means the lender may have the right to pursue the difference of what you owed and the eventual sale price of the home.
In a foreclosure, all rights to your property are lost, while the lender retains the right to pursue a deficiency judgment. It will also remain on your credit history for ten years or more.
During negotiations for both short sales and deed-in-lieu transactions, it is imperative to understand whether your lender reserves the right to pursue a deficiency.
What Are The Possible Tax Consequences?
When it comes to the tax implications of a short sale or deed-in-lieu transaction, you will need to consult a tax professional. As a general rule, any debt forgiven by the lending institution will be considered income. Lenders are required to file a 1099-A with the IRS showing the deficiency, which could have tax implications for you. Once you have received Form 1099-A, you will need to complete IRS Form 982 to report how much of the debt was forgiven by the lender.
Again, consulting a tax professional is a vital part of this process, and can save you from future financial difficulties. Distressed Property Institute, LLC All Rights Reserved.
What’s Your Fastest Way Out?
A deed-in-lieu is the fastest solution out of a foreclosure, compared to the timeline of a short sale. However, very few lenders will negotiate a deed-in-lieu if a lien, or second mortgage has already been taken out on the home. Also, a deed-in-lieu will be a typicalqu estion asked on any future credit applications. Your history of short sales will not be a concern. In addition, a short sale provides the feeling of accomplishment for Listing York PA Homes your home.
What Should I Look Out For?
If you are considering either a deed-in-lieu or a short sale, it would be wise to review the terms and conditions of your transaction carefully. Make certain your agent can explain whether or not a deficiency balance is forgiven, or how long the lender can pursue this judgment.
Both options can save you from the distress that foreclosure will cause on your credit, finances, future employment and, most importantly, your stability.
I Heard About “Deed-For-Lease” ... What’s That?
You might have read about a new program called Deed-for-Lease™. Fannie Mae created this program as an option for homeowners who are in distress but not eligible for a mortgage modification. Through this program, qualifying homeowners have the option to remain in their Homes for sale in york pa as renters after voluntarily transferring the property deed back to the lender. The homeowners must prove they are able to afford market rent, and then sign a lease with the lender.
Deed-for-Lease provides an additional option for borrowers who do not qualify for, or have not been able to sustain other loan-workout solutions. While this program is unique to Fannie Mae loans, be sure to discover what options your lender offers to homeowners who do not qualify for loan modifications but wish to stay in their Homes for sale in york pa.
Following are a few of the homeowner qualifications for this program:
*The property is to be used as the occupant’s primary residence
*The occupant’s income is sufficient to cover rental payments
*Inspection shows that the property has been kept in good condition
*The occupant agrees to be responsible for regular maintenance
*The number of occupants is appropriate for the home
*The occupants signing the lease must agree to a credit review
*To learn more, please contact me or visit www.efanniemae.com.
With more than 1 in 7 U.S. homeowners not paying the mortgage, it’s clear that no one is immune to the current economic situation.
I believe every homeowner deserves the best information and education to protect themselves from losing their home to foreclosure and ruining their credit. For those already struggling to pay their mortgages and unsure of what to do next, understanding short sales and deeds-in-lieu can ease their stress and potentially save them from an impending foreclosure. Deciding on which route will be best for you and your family’s future is the most important decision you can make. Please use this information to better understand the options available.
As a CDPE, I have been trained to assist homeowners in these difficult situations. If I can provide you with more information or assistance, please don’t hesitate to contact me or go to my web page here.
Foreclosures Short Sales York PA Deed-in-Lieu of Foreclosure No comments have yet been submitted for this entry.
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Solving the foreclosure crisis one homeowner at a time.™
Short Sale Deed-in-Lieu of Foreclosure:
Dignified Solutions
©2009 Distressed Property Institute, LLC All Rights Reserved.
The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice.
It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
Possible Crisis? There are Dignified Solutions.
The state of the U.S. economy and housing market has brought many homeowners from security to uncertainty. But within this uncertainty, solutions have been created to assist those who need help. If you or someone you know is struggling to pay the mortgage, it is vital to understand ALL the options available.
The pressures of an upside-down mortgage are not just felt by the homeowner. Lenders are looking to avoid foreclosure and work with homeowners to find solutions to their financial situations. Lenders are not in the real estate business, do not wish to take ownership of a home, and do not want a house to sit idle on the market
So what options are available to YOU?
If you or someone you know is facing foreclosure and the damages it will cause to credit scores, employment or security clearance, you should consider a short sale or a deed-in-lieu of foreclosure (or “deed-in-lieu”). These options could allow you to sell or walk away from your home without incurring liability for deficiency.
What Are Your Options…
judgments from creditors, or tax lie
In both a short sale and deed-in-lieu, your lender can claim you owe a deficiency judgment on your remaining balance. This means the lender may have the right to pursue the difference of what you owed and the eventual sale price of the home.
In a foreclosure, all rights to your property are lost, while the lender retains the right to pursue a deficiency judgment. It will also remain on your credit history for ten years or more.
During negotiations for both short sales and deed-in-lieu transactions, it is imperative to understand whether your lender reserves the right to pursue a deficiency.
What Are The Possible Tax Consequences?
When it comes to the tax implications of a short sale or deed-in-lieu transaction, you will need to consult a tax professional. As a general rule, any debt forgiven by the lending institution will be considered income. Lenders are required to file a 1099-A with the IRS showing the deficiency, which could have tax implications for you. Once you have received Form 1099-A, you will need to complete IRS Form 982 to report how much of the debt was forgiven by the lender.
Again, consulting a tax professional is a vital part of this process, and can save you from future financial difficulties. Distressed Property Institute, LLC All Rights Reserved.
What’s Your Fastest Way Out?
A deed-in-lieu is the fastest solution out of a foreclosure, compared to the timeline of a short sale. However, very few lenders will negotiate a deed-in-lieu if a lien, or second mortgage has already been taken out on the home. Also, a deed-in-lieu will be a typicalqu estion asked on any future credit applications. Your history of short sales will not be a concern. In addition, a short sale provides the feeling of accomplishment for Listing York PA Homes your home.
What Should I Look Out For?
If you are considering either a deed-in-lieu or a short sale, it would be wise to review the terms and conditions of your transaction carefully. Make certain your agent can explain whether or not a deficiency balance is forgiven, or how long the lender can pursue this judgment.
Both options can save you from the distress that foreclosure will cause on your credit, finances, future employment and, most importantly, your stability.
I Heard About “Deed-For-Lease” ... What’s That?
You might have read about a new program called Deed-for-Lease™. Fannie Mae created this program as an option for homeowners who are in distress but not eligible for a mortgage modification. Through this program, qualifying homeowners have the option to remain in their Homes for sale in york pa as renters after voluntarily transferring the property deed back to the lender. The homeowners must prove they are able to afford market rent, and then sign a lease with the lender.
Deed-for-Lease provides an additional option for borrowers who do not qualify for, or have not been able to sustain other loan-workout solutions. While this program is unique to Fannie Mae loans, be sure to discover what options your lender offers to homeowners who do not qualify for loan modifications but wish to stay in their Homes for sale in york pa.
Following are a few of the homeowner qualifications for this program:
*The property is to be used as the occupant’s primary residence
*The occupant’s income is sufficient to cover rental payments
*Inspection shows that the property has been kept in good condition
*The occupant agrees to be responsible for regular maintenance
*The number of occupants is appropriate for the home
*The occupants signing the lease must agree to a credit review
*To learn more, please contact me or visit www.efanniemae.com.
With more than 1 in 7 U.S. homeowners not paying the mortgage, it’s clear that no one is immune to the current economic situation.
I believe every homeowner deserves the best information and education to protect themselves from losing their home to foreclosure and ruining their credit. For those already struggling to pay their mortgages and unsure of what to do next, understanding short sales and deeds-in-lieu can ease their stress and potentially save them from an impending foreclosure. Deciding on which route will be best for you and your family’s future is the most important decision you can make. Please use this information to better understand the options available.
As a CDPE, I have been trained to assist homeowners in these difficult situations. If I can provide you with more information or assistance, please don’t hesitate to contact me or go to my web page here.
Foreclosures Short Sales York PA Deed-in-Lieu of Foreclosure No comments have yet been submitted for this entry.
SyndicationCategoriesAcreage for sale (1)Buying a York PA Home (7)CDPE (4)Events in York County (15)Featured Home Listings (20)Fishing in York County (1)Foreclosure list (1)Home Buyers Tax Credit (6)Homes for Sale (2)I want to sell my home (1)Investors (2)New Home Community in Lancaster County PA (2)New Homes (2)New Property Listing (2)Open Houses (2)Real estate for sale in York PA (2)Real Estate Statistics (6)Relocation to York PA (6)Selling a York County Home (5)Short Sale List (2)Short Sales and Forclosures (16)York County Neighborhoods (2)York County Parks (3)York PA homes for sale (2)York PA real estate for sale
Sunday, November 08, 2009
York PA Shortsales and Foreclosures
Hi Everyone,
It's that time of year again, and even I'm planning some travel and setting my affairs in order for the next few months. I hope you and your family are happy and healthy headed into the end of the year, and I look forward to catching up soon.
But I'm finding this time of year is also proving difficult for a lot of people in our community who are upside-down on their mortgages in York PA and surrunding area's and don’t know what to do. I'm seeing it often lately, and in these cases I'm also finding a lack of good information.
This is why I became a Certified Distressed Property Expert. I want to make sure the people of our community have the right facts to make the right decision for their individual situations. And to help, I made this website dedicated to the issues affecting distressed homeowners, and the solutions available to them:
http://yorkshortsales.com/
Download my free report on the myths concerning short sales. Because in reality, a short sale could be the best solution for a homeowner in trouble. Use this report to gain insight on your situation, or to help someone you know. Don't let your path to a stable financial future get derailed by a myth.
Feel free to contact me to learn more about this or just to talk ... either way it would be great to hear from you.
Sincerely yours,
Jerry Pilgrim
Professional Realty Associates
The Pilgrim Team
It's that time of year again, and even I'm planning some travel and setting my affairs in order for the next few months. I hope you and your family are happy and healthy headed into the end of the year, and I look forward to catching up soon.
But I'm finding this time of year is also proving difficult for a lot of people in our community who are upside-down on their mortgages in York PA and surrunding area's and don’t know what to do. I'm seeing it often lately, and in these cases I'm also finding a lack of good information.
This is why I became a Certified Distressed Property Expert. I want to make sure the people of our community have the right facts to make the right decision for their individual situations. And to help, I made this website dedicated to the issues affecting distressed homeowners, and the solutions available to them:
http://yorkshortsales.com/
Download my free report on the myths concerning short sales. Because in reality, a short sale could be the best solution for a homeowner in trouble. Use this report to gain insight on your situation, or to help someone you know. Don't let your path to a stable financial future get derailed by a myth.
Feel free to contact me to learn more about this or just to talk ... either way it would be great to hear from you.
Sincerely yours,
Jerry Pilgrim
Professional Realty Associates
The Pilgrim Team
Tuesday, July 07, 2009
Free Foreclosure/Short Sale Buyers Workshop
"The Pilgrim Team" at Professional Realty Associates
would like to invite you to a Free Informative Home Buying Seminar.
Thursday August 20th at 7:00pm
at Professional Realty Associates
3921 E. Market st, York PA 17402
We will cover the following topics:
* Purchasing Foreclosures and Short Sales
* This Current Buyers Market
* The Settlement Process and Title Insurance
* Buying your first home and taking advantage of the New $8,000 First Time Home Buyers Credit
* Loan Options and New Loan Guidelines
Jerry Pilgrim, Professional Realty Associates
Will speak to buyers interested in purchasing foreclosures and short sales.
Refreshments and snacks will be provided.
If you've given any thought to making a move, whether into your first home or your fourth, we'd love for you to join us at our FREE seminar!
Anyone who attends will receive a buyers orientation book. All Attendees who purchase a home with us will receive a Free 1 yr. Home Warranty.
For More Information or to make reservations for the Free seminar call Professional Realty Associates at 717-757-5955 or visit our webpage at www.PilgrimTeam.com and click on the link to register online.
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