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 Foreclosures. Show all posts
Showing posts with label Foreclosures. 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
Tuesday, May 24, 2011
Break Free From Unaffordable Mortgage Payments!
Break Free From Unaffordable Mortgage Payments!
A recent study in Nevada
The Realtors Association of York and Adams County (RAYAC) and the local Multiple List Service report for York County
Clearly, too few distressed homeowners know their options and the fallout of foreclosure. If they did, they’d soon realize that there’s nothing ‘strategic’ about foreclosure, and that avoiding foreclosure is always the best plan to create financial stability.
Millions of Americans feel alone and trapped by mortgage payments they can no longer afford. In fact, 27% of Americans with mortgages now owe more than what their home is worth. However, more and more of them are finding education on the responsible alternatives to foreclosure is helping them move toward financial stability.
Education is key. The more distressed homeowners know about solutions, the more likely they are to overcome their financial challenges. I’ve seen this firsthand.
I can help with the education part—it’s up to you to contact me!
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, January 10, 2011
2505 Tara Lane, York, PA 17404
PRICED TO SELL!
This home was just relisted today and won’t last long at this price. No longer a short-sale, buy this home outright for $26,605.00 less than it was offered just a month ago. This home was on the market just last month for $196,505.00 as a short-sale and is now being offered for $169,900. Now you can buy it with less risk and in less time (with cash or proper financing, in most cases you could settle and be in this home in less than 30 days). Let me show you how!
This two story colonial in Stillmeadow Farms was built in 1993 and offers 4 bedrooms and two and a half baths. Situated on a corner lot with .2859 acre, this home has 2000 sq.ft. of finished area on the first and second floors with another 680 sq.ft. of unfinished area in the basement. Features include things such as Natural Gas Heating, Central A/C, Two Car Garage, Refrigerator, Oven/Range, Built-in Dishwasher, and Built-in Microwave Oven.
Do you commute out of York a lot? You can be on I-83 or US Rt30 in less than two minutes from this home. Shopping is only minutes away as well. Close to tons of stores and restaurants, you’ll save on gasoline costs for sure.
To schedule a private showing and see this home for yourself or for more information on this or any other homes for sale in York, PA, call Dennis Harbold. Dennis is a Buyer Specialist with The Pilgrim Team at Professional Realty Associates. You can reach Dennis on his cell phone any day or evening by calling 717-887-3302 or by emailing him at dharbold@pilgrimteam.com.
This information is deemed reliable, but not guaranteed
Listing courtesy of Morgan-Collins, Inc
This home was just relisted today and won’t last long at this price. No longer a short-sale, buy this home outright for $26,605.00 less than it was offered just a month ago. This home was on the market just last month for $196,505.00 as a short-sale and is now being offered for $169,900. Now you can buy it with less risk and in less time (with cash or proper financing, in most cases you could settle and be in this home in less than 30 days). Let me show you how!
This two story colonial in Stillmeadow Farms was built in 1993 and offers 4 bedrooms and two and a half baths. Situated on a corner lot with .2859 acre, this home has 2000 sq.ft. of finished area on the first and second floors with another 680 sq.ft. of unfinished area in the basement. Features include things such as Natural Gas Heating, Central A/C, Two Car Garage, Refrigerator, Oven/Range, Built-in Dishwasher, and Built-in Microwave Oven.
Do you commute out of York a lot? You can be on I-83 or US Rt30 in less than two minutes from this home. Shopping is only minutes away as well. Close to tons of stores and restaurants, you’ll save on gasoline costs for sure.
To schedule a private showing and see this home for yourself or for more information on this or any other homes for sale in York, PA, call Dennis Harbold. Dennis is a Buyer Specialist with The Pilgrim Team at Professional Realty Associates. You can reach Dennis on his cell phone any day or evening by calling 717-887-3302 or by emailing him at dharbold@pilgrimteam.com.
This information is deemed reliable, but not guaranteed
Listing courtesy of Morgan-Collins, Inc
Monday, November 15, 2010
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
Searching for York PA Foreclosures?
If you are searching for Bank Owner Property (REO'S) we offer a free list of foreclosures and also pre-foreclosures of real estate in York County PA. Go to our web site or our link at www.yorkpabankowned.com for your list. We have agents who are experienced with this type of property and who are trained in dealing with lenders so we may be able to get you the best deal possible. Contact The Pilgrim Team at Professional Realty Associates.
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
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
Tuesday, October 20, 2009
More Homes Going into Foreclosure in 2009
Tips for homeowners in distress to avoid foreclosure.
Most people have options when it comes to foreclosure, very few people know exactly what to do or where to go! Whether is be refinance options, modifying your loan, or short sale, seak advice from someone who has the training, knowledge, and tools to help you in a time of financial hardship (free of charge). An agent who has earned CDPE© Certified Distressed Property Expert© designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with.
So if you or anyone you know is considering bankruptcy and in fear of going into forclosure, now is the time to learn your options. Feel free to call Jerry Pilgrim today! 717-757-5955 or visit www.YorkShortSales.com . He is available to explain the options and paths in front of you, to help you choose the best solution for you and your family.
Most people have options when it comes to foreclosure, very few people know exactly what to do or where to go! Whether is be refinance options, modifying your loan, or short sale, seak advice from someone who has the training, knowledge, and tools to help you in a time of financial hardship (free of charge). An agent who has earned CDPE© Certified Distressed Property Expert© designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with.
So if you or anyone you know is considering bankruptcy and in fear of going into forclosure, now is the time to learn your options. Feel free to call Jerry Pilgrim today! 717-757-5955 or visit www.YorkShortSales.com . He is available to explain the options and paths in front of you, to help you choose the best solution for you and your family.
Wednesday, September 16, 2009
Foreclosures on the rise
According to the publication "Residential Specialist" one million foreclosures were filed in the first 5 months of 2009 and could reach 2.4 million by the end of the year. The Center for Responsible Lending (CRL), a nonprofit policy group, CRL estimates that these foreclosures could affect as many as 70 million nearby households and contribute to lost property values totaling $502 billion, or about $7,200 per family.
My goal as a Certified Distressed Property Expert (CDPE) is to help people to avoid foreclosure either by Loan Modification or a Short Sale. If you know someone who may have a reduction of income or job loss or may have experienced time off work due to health issues or possibly some other valid reason for not being able to make a payment please contact me for a confidential meeting. I am here to help.
My goal as a Certified Distressed Property Expert (CDPE) is to help people to avoid foreclosure either by Loan Modification or a Short Sale. If you know someone who may have a reduction of income or job loss or may have experienced time off work due to health issues or possibly some other valid reason for not being able to make a payment please contact me for a confidential meeting. I am here to help.
Sunday, August 09, 2009
Foreclosure and Short Sale List
We can now provide you a list of all the current homes that are going to be a short sale or a foreclosure even before theyare on the market! Go to: http://www.yorkpabankowned.com/
Foreclosure and Short Sale Seminar
"The Pilgrim Team" at Professional Realty Associates would like to invite you to a Free Informative Home Buying Seminar.
Thursday August 20th at 7:00pmat Professional Realty Associates3921 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 AssociatesWill 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 http://www.pilgrimteam.com/ and click on the link to register online.
Thursday August 20th at 7:00pmat Professional Realty Associates3921 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 AssociatesWill 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 http://www.pilgrimteam.com/ and click on the link to register online.
Tuesday, July 28, 2009
Buyers Market for Foreclosures and Shortsales
Tuesday, July 28, 2009
by Jerry Pilgrim
People in Useful Information about York PA are looking for housing deals and they are looking for help to find those deals before the Homes for sale in york pa go on the market with a local real estate agent. There a many Homes for sale in york pa that sellers want to sell but they have not listed them with a Realtor. We can provide buyers who are looking for pre-foreclosure Homes for sale in york pa or short sales with lists of Homes for sale in york pa. Email or call us today so we can find that home for you at a greatly reduced price.
by Jerry Pilgrim
People in Useful Information about York PA are looking for housing deals and they are looking for help to find those deals before the Homes for sale in york pa go on the market with a local real estate agent. There a many Homes for sale in york pa that sellers want to sell but they have not listed them with a Realtor. We can provide buyers who are looking for pre-foreclosure Homes for sale in york pa or short sales with lists of Homes for sale in york pa. Email or call us today so we can find that home for you at a greatly reduced price.
Tuesday, July 14, 2009
House Deals in York County PA Neighborhoods
There are a lot of folks out looking to take advantage of the current slumping housing market here in York County PA. The best deals seem to be in the neighborhoods built since 2003. To name a few comunities that have the most short sale and foreclosure activity they would be; Logans Reserve, Stewartstown Station, Peacefields, Chatham Creek, Sage Hill, Springwood, Wellington Hills, Hunt Club, Colonial Crossings, Pahagaco Heights,Rosebrook, Whisper Run, Wallingford, Brownstone Manor, Hunter Creek, Bennet Run, Chestnut Valley.
Monday, June 22, 2009
Foreclosures in York PA
Jerry Pilgrim Is a CDPE (Certified Distressed Property Expert), If you are thinking about listing a house or buying think of me in York PA. The Foreclosure process is a little more complicated and confusing for most other real estate agents. You need someone who has the training and experience to help you find the home at the absolute best price and knowledge of what to look out for that could either save or cost you thousands of dollars. Don't make a mistake call the Pilgrim Team Today!
Friday, June 05, 2009
You Need Time and Patience to Buy a Foreclosure or a Short Sale!
by Jerry
Are you thinking about buying a distressed property? If you are, you will need TIME - a short sale or an REO (Bank Owned property) will both take longer than the typical sale. There are certainly benefits to buying a foreclosure or short sale, that being a lower price. However since we have a Lender involved in the final acceptance of the buyers offe to the seller it could take 60 - 90 days for the negotiator for the lender to make the decision. The decision isn't always that they will accept the offer. As a buyer you must be prepared to counter-offer what the negotiator has proposed. This could take another 2 weeks or so for the final decision. If you don't have the time or patience to wait this is not for you. However, if you do you could make yourself a considerable savings.
Are you thinking about buying a distressed property? If you are, you will need TIME - a short sale or an REO (Bank Owned property) will both take longer than the typical sale. There are certainly benefits to buying a foreclosure or short sale, that being a lower price. However since we have a Lender involved in the final acceptance of the buyers offe to the seller it could take 60 - 90 days for the negotiator for the lender to make the decision. The decision isn't always that they will accept the offer. As a buyer you must be prepared to counter-offer what the negotiator has proposed. This could take another 2 weeks or so for the final decision. If you don't have the time or patience to wait this is not for you. However, if you do you could make yourself a considerable savings.
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