RSS
Print This Post Print This Post

Top 10 Pre-Forclosure Questions By Jim Soda

jim_soda

Top 10 Questions to Talk Over with Your Attorney Prior To The Pre-Foreclosure Decision

By Jim Soda

It is imperative that any homeowner seeking to determine if a short sale is in their best interest, be able to distinguish between their own interests and the interests of lenders, buyers, investors, and real estate-related professionals, and how these different interests may influence their decision. Following is a series of questions that will serve as an important precursor for homeowners to consider and discuss with their attorneys prior to their pre-foreclosure decision.
 
1. What are my options as a homeowner when my property is in or heading toward default? What is a better or more likely outcome for me and why?

        A short sale or a repayment plan?
        A short sale or a forbearance plan?
        A short sale or a loan modification?
        In the case of an FHA loan, a short sale or a partial claim?
        A short sale or a short sale/assumption agreement?
        A short sale or a deed-in-lieu of foreclosure?
        A short sale or a bankruptcy?

2. How do I know if my property and I may be considered for a short sale?

3. How would I initiate the short sale process?

4. Which process has a more adverse effect on my credit rating: short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure?

5. What types of hardships would a lender generally consider favorable toward my appeal for short sale consideration?

6. On average, how long does a short sale process take?

7. What are the tax implications of a short sale?

8. If a lender agrees to the short sale option on my property, can the bank still proceed with a foreclosure?

9. Is there a real estate commission paid in a short sale? If so, who pays it?

10. When is a bankruptcy preferable to a short sale or to a foreclosure?

Jim Soda, leader of the Jim Soda Group at Prudential Lakewood Ranch Realty, is a consistent Top Producer and Member of Prudential’s Chairman’s Platinum Circle , achieving a level of the Top 1% of Agents nationwide. Soda earned Chairman’s Circle Platinum honors for ranking among the top one-percent of Prudential’s 65,000 agents nationwide in 2007 and 2008, with sales of $24 million. In 2009, Jim was awarded the prestigious Prudential Legend’s Award. The award goes to top producers who have won the Chairman’s Circle Award, which represents the top two percent of the Prudential Network, (five/10/15/20) times during their association with Prudential Real Estate and Relocation Services, Inc. Jim also is a member of the Top5 Real Estate Network. Soda may be reached at (941) 809.7759 or jimsoda@prudentialpalmsrealty.com.

Share

Tags: , , ,

Leave a Reply


Featured Properties

Ads

REAL HAPPENINGS

April 2, 2020 Ringling Underground

April 2, 2020 Ringling Underground

CANCELLED Ringling Underground CANCELLED. Enjoy live music, and art in the Museum of Art Courtya[...]
CleanSlate Property Services Opens

CleanSlate Property Services Opens

CleanSlate Property Services, a local concierge handyman business. My name is Tim White, former [...]
March 5, 2020 Ringling Underground

March 5, 2020 Ringling Underground

Ringling Underground Returns. Enjoy live music, and art in the Museum of Art Courtyard 8:00pm -1[...]
March 6, 2020 Gettel Toyota Grand Opening

March 6, 2020 Gettel Toyota Grand Opening

You're Invited To Gettel Toyota Of Bradenton's Grand Opening. On Friday, March 6th, from 12pm-2:[...]
March 12-13, 2020 Pop Up Art Show

March 12-13, 2020 Pop Up Art Show

Sarasota Architectural Salvage Hosts Event To Support Local Artists. For more information and/or[...]
February 6, 2020 Ringling Underground

February 6, 2020 Ringling Underground

Ringling Underground Returns. Enjoy live music, and art in the Museum of Art Courtyard 8:00pm -1[...]
January 25, 2020 Spoons And Tunes

January 25, 2020 Spoons And Tunes

TheWineToBuy.com Hosts Innovative Wine Tasting. Tired of the same old BS? Then join TheWineToBuy[...]
February 7, 2020 Thunder By The Bay Kick Off Party

February 7, 2020 Thunder By The Bay Kick Off Party

White Buffalo Saloon Hosts Born To Be Wild! Join REAL as we kick off 2020's Thunder by the Bay. [...]
Curb Appeal Detailing Opens New Sarasota Location

Curb Appeal Detailing Opens New Sarasota Location

Auto Enthusiasts Take Note. Curb Appeal Detailing announced the opening of their new location i[...]
January 11, 2020 National Hot Toddy Day

January 11, 2020 National Hot Toddy Day

How To Warm Up On A Chilly Day. Today is National Hot Toddy Day! A hot toddy is a delicious drin[...]
Anheuser-Busch Launches New Hard Seltzer

Anheuser-Busch Launches New Hard Seltzer

Bud Light Seltzer Arrives Just In Time For The Super Bowl! Anheuser-Busch is launching a new har[...]
Ocala Gains New Urgent Care Center

Ocala Gains New Urgent Care Center

StatMed Urgent Care Center Ocala Opens January 2, 2020. StatMed Urgent Care Center is a step abo[...]
New Year's Eve 2019-2020 Tow To Go

New Year's Eve 2019-2020 Tow To Go

Everyone Have A Safe New Year’s Eve Tonight! Tow to Go is a partnership between AAA & Budweiser.[...]
Wyze Labs Data Breach

Wyze Labs Data Breach

Multiple Data Breaches Exposes Information Of 2.4 Million Customers. Wyze Labs' low cost, inter[...]
Westbound SR 70 Southbound I75 Ramp To Close

Westbound SR 70 Southbound I75 Ramp To Close

8 Months of New Detours Loom Large! Starting at 11 p.m. Thursday, January 2nd, the westbound on-[...]
Wawa Data Breach

Wawa Data Breach

Wawa Facing Wave Of Lawsuits Over Data Breach. On December 10, Wawa's information security team [...]
December 26, 2019 Deck the Halls @ Ca' d'Zan

December 26, 2019 Deck the Halls @ Ca' d'Zan

Ca' d'Zan All Decked Out. On December 26th, from 5:00pm – 8:00pm join The Ringling for Deck the [...]
January 22, 2020 Ringling's Wisconsin Pullman Tour

January 22, 2020 Ringling's Wisconsin Pullman Tour

Private Tour of the Wisconsin Pullman Car. Join Jennifer Lemmer-Posey, Tibbals Curator of Circus [...]
Commercial Investment Division Changes Name

Commercial Investment Division Changes Name

RASM Commercial Division Now Know As Commercial Real Estate Alliance. The Realtor Association of[...]
December 3, 2019 GivingTuesday

December 3, 2019 GivingTuesday

Join the GivingTuesday Movement. GivingTuesday is a global generosity movement unleashing the po[...]
Translate »