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John's Pass Florida

by Doug & Gwen Campbell at Sun Bay Associates

John's Pass, on the Gulf Coast of the Tampa Bay area, is a fascinating village full of shops, restaurants, ice cream shops, parasailing and charter sport fishing.  It is a bustling area on the intracoastal waterway just a few miles south of Clearwater Beach with lots of family oriented activities.  Find a parking spot, then walk around.  Watch hand rolled cigars being made, then, if you smoke 'em, try one for a wonderful cigar smoking expeience.

As you walk along the boardwalk, get a hand packed ice cream cone or frozen custard, then watch the boats on the inlet coming and going, some jet skies, some charter sport fishing boats, some pleasure cruisers and some sailboats.  There are watercraft for everyone on the water at John's Pass.  And as you watch the boat traffic, be sure to keep your eyes peeled for dolphin sightings.  There are always dolphin swimming around the inlet and it is fun to watch as tourists see their first dolphin.

Try Gators restaurant for a good meal, a cold beverage, and during football season, be surrounded by Florida Gator fans every Saturday afternoon.  As you munch on a grouper sandwich in the evening, you just might see people on the dock dipping blue crabs from the water for a very fresh lunch the next day.  It is truly a Florida experience!

John's Pass is one more wonderful reason to own real estate in the Tampa Bay area.  It is a great place for a family to spend a day, having fun, seeing the unique sights of the Florida waterfront lifestyle, eating good food, and just maybe even sighting a dolphin.

So c'mon to the Tampa Bay area.  Enjoy the laid back Florida lifestyle  Take a look at buying real estate in the Tampa Bay area.  The time has never been better for getting a home in this terrific part of the country.

For information about other communities in the Tampa Bay area, visit our website, www.SunBayAssociates.com.

Deed in Lieu of Foreclosure

by Doug & Gwen Campbell at Sun Bay Associates

Basically, a deed in lieu of foreclosure is the action a homeowner takes to give his/her house back to the lender in exchange for being forgiven the debt of the mortgage.  When considering a deed in lieu, be sure that the lender will accept it, and get the acceptance in writing.  As part of the written agreement, have the lender agree to forgive any amount that is not covered when the house is later sold by the lender.  Some experts believe that a deed in lieu looks better on a credit report than a foreclosure. 

 

From a lenders perspective, this is an act of last resort because banks really do not want property that needs to be maintained and hopefully resold.  The banks really want cash so they can continue to issue loans. Some lenders require that the house be placed on the market for at least three months in a good faith effort to sell it.  Many lenders will not consider a deed in lieu if there are other liens on the property. 

 

Another issue to cover in detail with the lender is to see how the lender will deal with the outstanding balance due.  Will the debt be forgiven or will the lender provide, in writing, assurance that it will not sue the homeowner for the balance at a later date.  Some lenders will keep the mortgage and not cancel the debt until the property is resold.  Be sure you know all the details of any agreement concerning the mortgage, your debt and what the lender is, in fact, agreeing to.

 

A short sale is preferable to a deed in lieu because in a short sale, the bank has agreed to forgive the difference between the sales price of the home and the amount owed to the bank, and the property is sold outright, freeing the homeowner from further obligation to the bank.  A short sale also frees up funds for the bank to lend instead of having to manage a piece of real estate.

 

As with short sales, it is wise to determine the impact a deed in lieu may have on your tax obligations before entering into any agreement.

 

For legal advice, consult a real estate attorney in your area. 

 

To learn more about short sales or other solutions to your real estate issues, visit www.EquityOptionsGroup.com or visit www.YourHouseOptions.com.

 

Remember, you have options.

 

Call Gwen at 727-939-1515 or Doug at 727-741-4189.

Or email Gwen@EquityOptionsGroup.com or Doug@EquityOptionsGroup.com

Forebearance of Mortgage Agreement

by Doug & Gwen Campbell at Sun Bay Associates

Forebearance agreement

 

Previously, we talked about different options to avoid foreclosure on a mortgage.  Today we will address a forebearance of mortgage agreement.  This is not a definitive discussion and we strongly suggest you consult with an expert in your area. 

 

A forebearance agreement is only one of several ways to avoid foreclosure.  It is simply an agreement between the bank and the borrower or homeowner to delay payment of the monthly payment for a specified amount of time.  The borrower usually has to be able to make a payment of at least 50% of the delinquent amount and can pay back the full amount due within two years.  If there is a lot of equity in the house, the borrower might be able to refinance the house to cover the amount due.  Refinancing could salvage the house, but is very likely to result in a much higher interest rate on the new mortgage.  The higher interest rate may be worth it to save the equity in the house.  Of course, if there is little or no equity in the house, refinancing is not likely.

 

Unfortunately, national statistics show that it is very likely that the borrower/homeowner who has fallen behind on the present mortgage is going to default on the new note within just a few months to a year.

 

Next time, we will address the relative merits of seeking a forebearance agreement or going with the short sale option.  To learn more about the short sale option to avoid foreclosure, visit www.YourHouseOptions.com.

You Have Options

by Doug & Gwen Campbell at Sun Bay Associates

Do you live in the greater Tampa Bay area and love it, but are having a hard time making your mortgage payments?  If you purchased a house in the last few years when the market was hot and now that the market has cooled off you might have a house with no equity that is simply not worth what it cost only a couple years ago.  With the economy in the condition it is in now, people are struggling to make their mortgage payments.  No matter the reason, if you can’t make the mortgage payments you are in a very stressful situation.

 

There are options, however, to avoid foreclosure.  Among the options available are:  forebearance; deed in lieu of  foreclosure; restructured loan;  renting the property, or, there may be an option most people don’t even consider, called a short sale.  This is when the house is worth less than what is currently owed to the bank, based on the current market conditions, there is no chance of selling it for enough to recoup the original investment, and the bank will agree to it. 

 

In the next few blogs we will discuss a little more of each of these options.  In our next discussion we will address a forebearance of mortgage agreement.

 

Remember, there are always options, foreclosure does not have to be the only way out of a temporary financial difficulty.  Visit www.YourHouseOptions.com for more information.

Should I Buy a Home Now?

by Sun Bay Associates

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.  For more information visit www.SunBayAssociates.com

Displaying blog entries 51-55 of 55

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908