IS YOUR HOME UNDERWATER?

Your home is worth less than you owe on it, and you need to sell. So what to do? Instead of skipping town, consider a short sale. Short selling your home is a better way of avoiding foreclosure or bankruptcy. The goal is to obtain a waiver of deficiency judgment, this way the bank cannot come after you ever for the difference between what you owed them and the sale price. Find yourself an experienced real  estate agent to help you out, the bank will request for you to obtain the services of one in order to list your property. 
Now is the time to short sale because the banks are not foreclosing on properties as fast as they were in 2010, eventually they will catch up and when they do short sales will be harder to get approved. Remember the banks make more money foreclosing on your property than short selling it. 
If you have any question regarding this subject, please feel free to contact me: robertbenenati@365realtyinc.com

ADVICE FOR HOMEBUYERS

MOST COMMON MISTAKES TO AVOID:

1- Not getting pre-qualified before home shopping

2- Skipping the home inspection

3- buying more house than you can afford

MOST IMPORTANT FACTORS TO CONSIDER WHEN CHOOSING A HOME:

1- Location, location, location

2- Value for the price

3- Condition of the home

CHOOSING A NEIGHBORHOOD:

1- Does the neighborhood meet your needs

2- What is the condition of the homes in the neighborhood

3- What are the safety levels in the area (check police reports)

WHAT TO CONSIDER WHEN CHOOSING A REALTOR

1-His he/she licensed in the state?

2-What is their experience?

3-What is their reputation?

Foreclosures down 27%

On the surface, the foreclosure crisis seems to be easing. The number of foreclosure notices filed during the first three months of 2011 fell 27% compared with the first quarter of 2010, according to a report from RealtyTrac released Thursday.

This also explains why banks are being more responsive to negotiate short sales much quicker than before and for those buyers out there looking for the right house is becoming a bit tougher. This might indicate property prices to go up due to the lack of inventory worth buying.

www.ForeclosedHomesInOrlandoFlorida.com

Do It Yourself Loan Modification

Negotiate your own loan modification, you do not need to pay someone to submit paperwork on your behalf and charge you $1,000`s.

1. First you need to know and have clearly set in your mind that the banks are not here to help you.
2. You only get one chance to submit your financials the right way in order to qualify.
3. Payments will be considered at 31% of your gross monthly income.
4. A financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage.
5. All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
6. The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for Homeowners refinancing are acceptable alternatives.
7. The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner’s association and/or condominium fees. Monthly income includes wages, salary, overtime, fees, commissions, tips, social security, pensions, and all other income.

If you have any questions regarding do it yourself loan modification, email me at RobertBenenati@365realtyinc.com and I will try to answer them as best I can. Good Luck!!

5 Quick Credit Tips

Better score = lower rate 5 tips for better credit

1) Keep all balances on credit cards below 30% of available credit

2) Never pay late. If you are disputing a cell phone bill; pay and then dispute. Cell phone companies report to collection companies fairly quickly and this can hit your score fast and hard. Better to pay the $30 then pay higher interest rates for 7 years. Even if they agree you are right, getting a collection off your credit is not easy task. Utility companies and medical billing companies report quickly too so beware.

3) Do not close credit cards and do not open credit cards you do not need. Opening a new line of credit for 10% off is not worth it.

4) Be on top of your credit. Check it once a every 4 months with one bureau. Through the free credit you can check it with each bureau once per year. If you check one bureau in January and the next in May and then in October you will monitor your credit for free for the year. Look for credit cards you do not recognize and new addresses. If your address is wrong alert the bureaus. That is the first sign of ID theft.

5) Check out www.optoutprescreen.com This website, developed by the credit bureaus, gives consumers the opportunity to opt out of receiving credit offers in the mail. Signing up (it is free) can bump your score a few points and it eliminates credit card offers in the mail which cuts opportunites for ID theft.

Robert Benenati

Real Estate Broker

365 Realty, Inc.

www.365realtyinc.com

What is Lake Nona?

Lake Nona is located minutes fro the Orlando International Airport, where you will find some serious research and development of the biomedical science. Structures located in the 600-acre vicinity are to include:

• University of Central Florida`s College of Medicine & Healthcare Campus
• Sanford-Burnham Medical Research Institute at Lake Nona.
• University of Florida Academic & Research Center.
• Orlando VA Medical Center.
• Nemours Children`s Hospital and Research Campus.
• M.D. Anderson Orlando Cancer Research Center.

Buying a home in Lake Nona is investing in your future.

It`s The Monthly Payment That Matters!!!

Everyone is so caught up and worried about home prices going up or down, let me ask you, does it matter what the sale or purchase price of the home is? Really all you have to be concerned about is, one, that the loan you about to sign for, is a 30 year FIXED(the interest rate does not change) monthly payment that you can afford and number two, that you are happy with the house your about to call home.

If you have been renting all your life and have paid rent to a landlord receiving no kind of benefit or tax break, why are you so worried now?

Remember!! If you can comfortably pay the monthly mortgage, give yourself and your family the pleasure of becoming a homeowner.

First time home buyer?

Believe It or Not, It’s a Great Time to Buy!

There is plenty of doom-and-gloom going around in real estate news, but the amazing story I rarely hear anyone talking about is this: Interest rates are CRAZY low! How low? As of this writing, 15-year fixed rates somewhere around 3.8% and 30-year fixed are only about a half-point higher than that. These are truly historic rates that are making homes, for those that are buying right now at today’s prices, outrageously affordable.

Have you been thinking of buying a home and have not taken the time to run your credit to see if you qualify, give yourself and your family the opportunity of owning a home. If you don`t know where to start, I can help. Email me at RobertBenenati@365realtyinc.com

Before you buy a home.

www.365realtyinc.com

www.freecreditreport.com

www.annualcreditreport.com

How Much Would Total Monthly Payment Be?

Rule of thumb is to multiple the loan amount by the interest rate and add the monthly real estate taxes plus home insurance, if the community has an HOA (Home Owners Association) that payment is separate.

Example:

$100,000

x 5%

-----------

$ 500

+ $ 200 ( assuming the taxes are $2,400 per year)

+ $100 ( home insurance)

-----------

$800 (This is an estimated and quick method to calculate your monthly payments on the go)

I hope this is useful, for a more accurate amount visit www.365realtyinc.com

How Long Until I Can Buy Another Home?

Don`t feel alone if you have lost your home to foreclosure, If your loan on the house you lost was an FHA loan, you should be able to get a new loan in three years, if it was conventional, it will take about four years. Look at this as a new start to your financials, hopefully all this has made you a wiser person, so keep your credit clean for the next seven years. All the best to you in the meantime!

Before You Start Looking To Buy A Home...

Before you start looking to buy a home, find out how healthy is your credit score, most buyers are hesitant to pulling their credit in fear of finding out how bad their credit is, due to their own errors based on a lack of education or how to manage their credit cards and loans. By law you are allowed to pull your own credit once a year for free, try www.annualcreditreport.com

This will determine how far you are from being able to buy your dream home, all you need is a minimum credit score of 620 or higher, 24 months job history and 24 month rental history and your on your way!!! For more information email me: robertbenenati@365realtyinc.com or visit my website: www.365realtyinc.com