Sci-Fi Housing

Saturday, August 30, 2008

The Inside Scoop on Short Sale Preapprovals

The definition of short sale preapproval is intriguing. There are many ways to have a short sale approved, although few people know the proper way to PREAPPROVE a short sale. We can discuss the short sale process and the means by which a seller can have a short sale preapproved prior to a buyer's purchase.

The preapproval short sale letter is important to the Florida short sale buyer. That buyer wants to close in thirty-days from the contract date. This is an impossibility with short sales unless there is a preapproved short sale prepared for that buyer.

Here is a Florida preapproval of short sales section of town. Volusia of Florida has short sales of real estate and there is financing available through various entities. Please be sure to examine the short sales in Florida throughouly prior to the preapproval of short sales. Thanks for listening. There will be more on Florida short sales in the near future.

Labels: ,

Sunday, August 10, 2008

Fun with the FHA Handbook

This FHA Handbook provides direction to FHA lenders and FHA mortgage staff in Florida and throughout the states and is based on FHA 's experience in insuring single-family mortgages. While it is not FHA's intent to insure mortgages that are likely to result in default, regardless of the borrower's equity, lenders may exercise some discretion in the underwriting of home mortgages where the borrower's financial and other circumstances are not specifically addressed by this Handbook. Please review the FHA 4155.1 and the FHA handbook in its entirety.

However, FHA Florida lenders are expected to exercise both sound judgment and due diligence in the underwriting of loans to be insured by FHA. For ease of reading, we have chosen to use “lender” in lieu of “mortgagee” throughout this user guide. However, “lenders of FHA loans” is to be interpreted as a FHA-approved mortgagee as described in 24 CFR § 202.10. Similarly, “loan” is to be interpreted as “mortgage” as also described in 24 CFR § 202.10

Labels: ,

Sunday, August 03, 2008

Explain What a DEFICIENCY JUDGMENT in Florida means

The deficiency judgment in florida is nothing new. The foreclosure action is brought by the plaintiff lender and the lender may request a deficiecny action in the foreclosure. This is common in judicial foreclosure of which the state of florida is a judicial foreclosure satte. This means the foreclosure is through the courts.

Many deficiency judgments in foreclosures are not requested at the time of the foreclosure. A lwasuit may be brought years later for a cause of action based on a written contract which has a 5 year stateute of limitations in the state of florida. The world will not be around as we know it in 5 years; nevertheless, a cause of action for a defeiciecny lawsuit years later is not something that a homowner shoudl desire to see. You should know whether or not the loan is recourse of non-recourse first and then try to meka the loan payments on time and not to default causing a summons or complaint to be filed and in-hand service on the homeonwer in the state of florida for a foreclosure lawuit.

There will be more on what a deficieny judgment is and what judgement is and this is regardless of whether or not the judgement is mispelled as judgement such as deficiency judgement where the judge can rule against the homeowner and cause a judgment for the deficiecnt. Incidentally, there is no 'e' in judgment. Well maybe there is one 'e' but there are definitely not two e's in judgment if you spell deficiency judgment correctly. Have a nice day and avoid the default judgment at all costs.


Labels: , , ,