How To Improve Your Credit Score After Short Sale or Foreclosure
January 26, 2010
Are you one of the many Americans recently affected by financial woes? Have you missed payments, racked up your charge card, gone through a short sale, foreclosure or bankruptcy? As a result, your credit score has probably dropped, maybe substantially. If so, there is a great resource that may help you rebuild your credit.
MyFico.Com is a website recommended by my favorite financial guru, Suze Orman. MyFico will allow you to monitor your score and will send you email alerts whenever your score might be affected, for example:
1. You increase your balance on your charge cards (higher overall debt)
2. You apply for a car loan or other installment debt (credit inquiries)
3. You get the car loan (higher debt)
4. You pay late
5. Your credit card company lowers your limit (balance to available credit ratio)
By monitoring your score, you will be more conscious of how you can improve it. You can even set a target score – to alert you when you reach your goal. For example, if your score is 650 and your goal is 700- you will get an alert when you reach it! The other great thing MyFico does is offer a simulator to see how your score will change if you take specific action, like pay $10,000 down on your overall credit, or pay on time for five months.
What can you do to improve your score? Pay down credit cards, pay your bills on time and don’t take on new installment debt. The more consistent you are with taking those actions, the quicker your score will improve. MyFico offers a 30 day free trial. If you sign up, the fee is $9.95 a month or $99.95 per year.
To get an annual free credit report, also consider the official Federal Trade Commission site www.annualcreditreport.com. You can get a report once a year from the three credit reporting bureaus, Experian, Equifax and Transunion.
Watch your score and be aware of your spending. Your credit will improve… maybe sooner than you think!
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Florida Real Estate
Destin Short Sales & Pre Foreclosure Help.
www.ShortSaleSuperstars.com for real estate agents
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, Destin short sale agent, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine.
Gorgeous Windswept Estates short sale home in Freeport Florida set on golf course. Unique architectural touches, curved designs, archways, dramatic foyer and entrance highlighted with columns. Huge kitchen with extra long counterspace with more cabinets above for plenty of storage, banquet area. Wood laminate floors, high ceilings, corner angled fireplace. Formal dining room with French doors. Spacious screened porch accessible by living room and master bedroom. This golf course home has a great view of the 3rd hole and green. Windswept Dunes golf course is on 700 acres, and is noted as the longest course in the Florida! Windswept amenities include: clubhouse with a pool, tennis courts, volleyball area, and a playground. Added feature: electronic pet fence!
This Windswept estates short sale home is offered at $197,900
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Crestview Short Sale Approved By GMAC as HUD / FHA Short Sale
December 4, 2009
This beautiful home at 610 Adams Drive, Crestview Florida was just approved for short sale by GMAC.
Mortgage Type: FHA /HUD
Approved Price: $115,000
Approval Time: 108 DaysSince this was an FHA/HUD short sale, special procedures had to be followed. The seller was required to write a letter explaining why the home was vacant. FHA short sales typically require the owners to occupy the property. In addition, because of the HUD short sale guidelines, the approval stated the sellers would receive $1000 upon closing.
Sales notes:
Do you need to sell your FHA-insured home as a short sale? Here is the updated summary of requirements for HUD Short Sales, also called “Pre-Foreclosure” Sales:
- You must be delinquent 31 days or more at the time of sale.
- You must list the property with an un-related Licensed Real Estate Broker
- You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the “as-is” appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the “as-is” appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the “as-is” appraised FMV.
- The property must be an owner-occupied, except for cases of job transfer, death, divorce, job loss
- There should be written proof of your decrease in income showing inability to pay the mortgage, job loss, etc.
- HUD will pay up to 1% of buyer’s mortgage as part of closing costs if the new mortgage is also FHA, plus reasonable “seller” costs
- HUD allows 6% Realtor commission
- HUD will not pay for Home Warranties, points or lender’s title insurance
- You must get approval to participate in the HUD Pre-Foreclosure Sale Program in advance
- Upon acceptance into the program, you will be given Approval To Participate Form which will outline program restrictions
Here are details of the HUD Short Sale (Pre-Foreclosure) Sale Program. Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements. These guidelines are subject to change.
HUD Frequently Asked Short Sale Questions
For more information contact the HUD National Servicing Center. Contact me to help you with your short sale.
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, to list and sell your home or condo on the Emerald Coast of Florida in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast. Wendy has been interviewed by Kiplinger Personal Finance Magazine and Business Week magazine, and has had her short sale articles appear in Florida Realtor Magazine.
Destin, Santa Rosa Beach Florida Foreclosure Help
August 22, 2009
Did you know that almost 1 in 4 Florida home loans are delinquent? Even though most of my real estate business in Destin Florida is short sales, this news has stunned me. According to an article by the Miami Herald, 23% of Florida mortgages, or 807,000 of 3.5 million loans are in foreclosure or have late payments by a month or more.
So, if you live in Destin, Niceville, Fort Walton Beach or Navarre Florida, look up and down your street. If you are out buying groceries in Crestview or Santa Rosa Beach Florida, look at the people in line with you.
Your neighbors, co-workers, gym buddies, friends and aquaintances are part of this group of homeowners who are hurting. They have lost jobs or income. They may not tell you, but how can they not be affected? You do know someone who is behind in their mortgage, don’t you?
Or maybe it is you? Don’t be ashamed, and please don’t be afraid. There is help for you to avoid foreclosure or avoid losing your home. You are not alone.
Your first step, if you are in financial trouble, is to contact your mortgage lender. Your lender may be able to:
Modify your mortgage terms for lower payments by extending the length of the loan
Reduce your mortgage interest rate
Temporarily suspend payments
Allow missed payments to be paid back over time
Decrease your total mortgage amount
If you cannot keep up with your bills contact the Consumer Credit Counseling Service or the National Foundation for Credit Counseling. Groups like CCCS help people with debt management. They may be able to arrange a plan with your creditors to lower monthly payments and save a dire financial spiral. Organizations that work with consumers to manage debt usually charge a small monthly fee, but only if there is capacity to pay.
If you have already been served a complaint for foreclosure on your Destin, Niceville or Santa Rosa Beach property, it is not too late to see if your lender can help you. If not, seek legal counsel and consider your alternatives.
Finally, a “short sale” may spare you from foreclosure and allow you to sell your home for market value, even if that is less than your mortgage balance. A short sale is better for your future financial future than foreclosure, and you may be able to buy another home in two years or even less. Many lenders allow this option. But don’t wait until it is too late.
Take action and pick up the phone today. Be “pro-active”, and take care of yourself, your family and your future.
It’s Wendy!
Wendy Rulnick, Broker, Short Sale Specialist
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine”and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
I Helped My Destin Real Estate Competitor- On Purpose
April 6, 2009
As a Short Sale Specialist on the Emerald Coast of Florida, I sometimes run into a situation where a property cannot be saved from foreclosure. Either the seller contacted me too late, or the property combined with the market was so fraught with problems, that a sale could not be obtained. Luckily, we can often save a property from foreclosure right up to the sale on the courthouse steps.
I recently had a townhouse listed for sale in a gated subdivision in Destin, Florida. The property was encumbered with association fees of $800 per month. In my area, that is outrageous for a non-waterfront property. In fact, to overcome objections to such high fees, the list price had to be lowered substantially, and then the numbers still did not make sense to a typical purchaser.
Well, the day before the foreclosure sale we got a contract on the property. My team scrambled to get it to the short sale lender, in this case, EMC. They failed to cancel the foreclosure in a timely manner, and despite efforts to rescind the sale, they let it stand.
A few days later I got a call from the “new” listing agent, who let me know she had received the assignment from EMC. Without hesitation, and without being asked, I sent her all my information on the property. I sent her details on the new association fees, the contact numbers for the association, and the name, telephone number and email address of the agent who wrote the offer. I also emailed the buyer’s agent directly to let him know he should contact the new broker, so perhaps he could make his deal work.
I gave it my all. I wish the new listing agent and the buyer’s agent the best. And I hope they succeed.
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.
How to Sell Your HUD Short Sale Home
April 4, 2009
Do you need to sell your FHA-insured home as a Short Sale? Here is the updated summary of requirements for HUD Short Sales, also called “Pre-Foreclosure” Sales:
- You must be delinquent 31 days or more at the time of sale.
- You must list the property with an un-related Licensed Real Estate Broker
- You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the “as-is” appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the “as-is” appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the “as-is” appraised FMV.
- The property must be an owner-occupied, except for cases of job transfer, death, divorce, job loss
- There should be written proof of your decrease in income showing inability to pay the mortgage, job loss, etc.
- HUD will pay up to 1% of buyer’s mortgage as part of closing costs if the new mortgage is also FHA, plus reasonable “seller” costs
- HUD allows 6% Realtor commission
- HUD will not pay for Home Warranties, points or lender’s title insurance
- You must get approval to participate in the HUD Pre-Foreclosure Sale Program in advance
- Upon acceptance into the program, you will be given Approval To Participate Form which will outline program restrictions
Here are details of the HUD Short Sale (Pre-Foreclosure) Sale Program. Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements. These guidelines are subject to change.
HUD Frequently Asked Short Sale Questions
For more information contact the HUD National Servicing Center, your lender, and an experienced Short Sale Specialist.
endy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2009 By Wendy Rulnick. All Rights Reserved. *How to Sell Your HUD Short Sale Home * Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
Fort Walton Beach Homeowners: Help To Save Home and Credit
January 26, 2009
The best part of my day trumped any real estate sale I could ever make. I was chatting a friend, whom I’ll call Jessica, in Fort Walton Beach Florida, when her cell phone rang. Jessica is a small business owner on the Emerald Coast, and I have bought her products for many years. Whenever I see her we talk about our lives and our businesses – one entrepreneur to another. Anyway, her phone rang and she looked at it, checking the caller id. “I am not answering that! It’s a bill collector”, she told me. Jessica proceeded to describe how her company’s profits had dwindled in the past year, so that now her income was reduced to one-third of what it was. “People put off buying my product, they want until they absolutely have to or just stop altogether,” she said. Jessica told me she had been getting behind in her credit card bills, and her mother had to pay her last three months mortgage payments. When creditors called, she would start into her sad story, “I am a single mother” and hope for any reprieve. She did not know how she was going to be able to make it. “I don’t want to lose my house!” she admitted.
I advised Jessica to take immediate action and first call her mortgage lenders. They might be able to help with one of the following steps:
- Modifying the mortgage terms for lower payments by extending the length of the loan
- Reducing the mortgage interest rate
- Temporarily suspending mortgage payments (forbearance)
- Allowing missed payments to be paid back over time
- Decreasing the total mortgage amount
Next, I told her to go online to Consumer Credit Counseling Service or the National Foundation for Credit Counseling. Groups like CCCS help people with debt management. They may be able to arrange a plan with creditors to lower monthly payments and save a dire financial spiral. Organizations that work with consumers to manage debt usually charge a small monthly fee, but only if there is capacity to pay. Suze Orman, the well-known financial guru, endorses such programs for those in need. The Consumer Credit Counseling Service of West Florida can be reached directly at (850) 314-9888 and is located at 913 N. Beal Pkwy, Ste H, Fort Walton Beach, FL 32547.
“Don’t delay!” I told Jessica, “Take action right away. If you take these steps now, you may be able to save your home and your credit.” She thanked me profusely, and said she had not known there was help available, and she would immediately call her lenders and the consumer credit counselors. If you are in a similar situation, don’t deny it or wait to take action. If you wait, it might be too late to save your home, your credit and your well-being.
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Fort Walton Beach Florida real estate
Short Sale Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.
Rights Reserved. *Fort Walton Beach Homeowners: Help To Save Home and Credit”* Contact Wendy Rulnick regarding Fort Walton Beach Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick. This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
Today I received an email from an attorney in the Niceville and Destin Florida area regarding helping homeowners facing foreclosure. The attorney, Mark A. Violette, noted that there are several federal laws that will protect the homeowner, notably the Fair Debt Collection Practices Act. He said that lenders are required to provide a copy of a loan history report to the borrower upon request. Most mortgage lenders use loan servicing companies, and these companies are unable to comply with such a request. The good news is that if the lender does not provide the report, collection efforts and the impending foreclosure are halted. Attorney Violette kindly provided the following example:
Step One:
Lender files a Foreclosure Complaint.
Attached to the Complaint is a Notice Pursuant to the Fair Debt Collection Act (“FDCA”) stating the homeowner has 30 days to contest the amount due.
Step Two:
Attorney Violette files a Motion to Stay and Request for Loan History Report pursuant to FDCA.
The lender must cease all collection efforts until the lender has provided the mortgagor with complete verification of the disputed amount of debt.
Step Three:
Wait for Lender to provide the loan history report, WHICH NEARLY ALL LENDERS ARE UNABLE to produce.
This may allow time for the homeowner to complete a Short Sale, or find another satisfactory resolution to the foreclosure.
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Wendy Rulnick has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients’ advantage. She is supported by a team of top buyer agents. Wendy specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
1-877-487-9639 or 850-650-7883
email itswendy@rulnickrealty.com
All Rights Reserved. *Facing Foreclosure? The Fair Debt Collection Act May Help You* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information
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Foreclosure Vultures
October 7, 2008
I am truly sickened and disheartened by an offer received today on one of my Emerald Coast short sales. I will alter some basic information for the sake of confidentiality, but will tell you the key points of the story. My sellers, like many homeowners in the Destin Florida area, have lost more than half their income in the past couple of years. They are in sales, (and we know how that is going). They have a beautiful home they built in 2005. They also have three children. In the past year, one of the children was diagnosed with a serious medical condition. As a result, they have been unable to pay their mortgage. Their only mistake was to call me too late. In a higher price range, with only four weeks in a declining market, even after continually dropping the price, we have three days until the foreclosure sale. In the past week, one of my agents was contacted by an individual from Texas regarding buying the house. He had obtained the sellers’ telephone number independently and had been conversing with them about his “terms”. One was that they not accept any back-up offers if they agreed to his. He even got them to sign such an addendum before faxing his offer. Well, I just received it. The house is listed for $300,000. The offer is for $150,000. The offer states, among other things:
- The purchasers are real estate investors who buy and sell real estate for a profit.*****Acknowledged and SIGNED by Sellers _____________________________________________
- Purchaser may show the property at any time with advance notice to the seller.
- The purchaser is free to resell or otherwise dispose of the property in any manner that is legal
- Purchasers may perform renovations to property prior to Close of Escrow.
- Paragraph 5 of “Short sale addendum to purchase contract” is deleted and not applicable. No offers shall be submitted to sellers’ lender unless this contract is cancelled prior to submittal.
You know what this is? Preying on people in a desperate situation. In my opinion, it is unconscionable.
It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Specializing in real estate sales, both short sales and traditional real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
email itswendy@rulnickrealty.com
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Foreclosure Vultures* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
Subscribe to It’s Wendy’s Blog by Email
