Category Archives: Real Estate

Bank of America is offering up to $30,000 for short sale

Posted on May 28, 2012 by Blick Law

Bank of America released a press release Tuesday, May 15th, announcing the launch of a nationwide program offering delinquent homeowners more assistance with relocation expenses upon the completion of a qualifying short sale.

Qualifying borrowers could receive anywhere from $2,500 to $30,000 in cash upon the close of a short sale. The amount of assistance provided under the new program is determined on a case-by-case basis, taking into consideration the value of the home, amount owed and other considerations not clarified in the press release.

Bob Hora, an executive in home transition services for Bank of America, stated that the company is committed to providing alternatives to foreclosure whenever possible. This program will benefit homeowners when all other home retention offers have been exhausted.

To see if you qualify for the relocation assistance payments under the new program, call Blick Law Firm today.  The short sale must be initiated by the end of the year and close by Sept. 26, 2013.  If you have already started a short sale process and have not closed, you may still be eligible for this program. 

Bank of America is currently the only bank offering this program to its homeowners.  While it is available nationally, the greatest response is expected from borrowers in California, Nevada, Arizona, Florida and the other states hit hardest by the housing market.

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Are you struggling to pay your mortgage?

Posted on May 15, 2012 by Blick Law

Have you fallen behind on your mortgage payments?  Is your home now worth less than you owe on the mortgage? Are your payments and interest sky high and unaffordable? Are you facing foreclosure? Has your lender denied you assistance?

If you answered “yes” to any of these questions, call a Loan Modification attorney immediately to see if you qualify for a loan modification program.

A Loan Modification is a permanent change in one or more of the terms of a Borrower’s loan, allows the loan to be reinstated, and results in a payment the Borrower can afford. *This is not a short sale or refinance program.

Loan Modification programs have been initiated to provide the homeowner, who has experienced financial hardship, options to reduce the interest rate or principal balance of their home loan, or both. These programs make monthly mortgage payments affordable according to the homeowners financial situation in order for the homeowner to remain in their home.

Why hire a lawyer to assist with your loan modification? Struggling homeowners may benefit from hiring a lawyer to try to modify a mortgage or avert foreclosure, and avoiding being caught up in scams, saving overall costs of fees as well as time wasted. With a lawyer you may have a better chance to quickly and accurately get your home approved and modified.

Some homeowners try to take this challenge on themselves and while successful at times, it is a battle to win when it comes to dealing with lenders. Lenders deal with many struggling to keep up with their mortgage payments every day. Trying to work with the lenders directly may absorb much of your time. Those who have the assistance of a loan modification lawyer are more likely to get responsiveness from the lender; pushing your loan modification documents aggressively through the piles of other pending approvals.

With the help of Blick Law Firm, we will screen you to see if a loan modification is your best option and if so assist you to get your loan modification approved. Call Blick Law Firm today at 813-931-0840 and ask about your modification options!

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Consequences to your credit following a short sale

Posted on May 3, 2012 by Blick Law Firm

After selling your home in a short sale, many factors must be taken into account to determine your ability to obtain a mortgage.

Your post-short sale credit score may drop, usually around 100 points or more. This could prevent you from obtaining a favorable interest rate on any new home loan. Also, you may have to put more money down. In many cases, it often takes two to three years before you’re eligible for another mortgage.

As long as you were current on your older home mortgage before short sale, you will have to wait at least two years for a loan that is federally backed, such as those from the Federal Housing Administration (FHA). If you are delinquent, it could take as long as three years. Private lenders, of course, are free to set their own time requirements.

Your credit score generally suffers a similar hit after a short sale or a foreclosure. However, most federally backed home loans don’t weigh your actual credit score or history too heavily when you go for a new home loan.

When you are ready to consider purchasing in the real estate market again, call attorney Michael Blickensderfer and let Blick Law Firm handle your proceedings and title closing.  As an experienced real estate lawyer, he understands the aftermath of a short sale and how to recoup and move forward with your life. Call us today at 813-931-0840.

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Bank of America test pilots ‘Mortgage to Lease Program’ letting those facing foreclosure rent their home

Posted on April 25, 2012 by Blick Law Firm

Bank of America launched a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.

About 1000 homeowners facing foreclosure in Nevada, Arizona and New York are test piloting this “Mortgage to Lease” Program offered by the bank.

Underwater homeowners who are struggling to make hefty mortgage payments are giving their homes to the bank and turning around and renting for up to three years at a lower monthly cost.  If the program is successful, it may be rolled out in other states.

How to qualify for the program?

Participants must be at least 60 days behind on their mortgage, have a deficiency in the loan to value, no second mortgage, exhausted their mortgage-modification alternatives and make enough income to pay the rent.  *The loan must be owned by Bank of America.

The goal of this program by Bank of America?

The goal is to see potential benefits from helping to stabilize housing prices in the surrounding community as well as, curtail neighborhood blight by keeping a portion of distressed properties off the market.

Homeowners can’t apply for the program. If you qualify, Bank of America will contact you. Fannie Mae has a similar program, though it is not widely used.

Will this program work?

Depends on the homeowner’s individual circumstance. While some might want to stay in their home, others might be better off moving.

How will the bank benefit?

Bank of America will avoid costs of foreclosure and earn money when the home is eventually sold.

Although this program is not yet available in Florida, contact a Tampa real estate attorney today to discuss your housing options.  Attorney Michael Blickensderfer is experienced and able to assist you with your short sale transactions, loan modification or foreclosure defense. Call us today at 813-931-0840.

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What about the deficiency owed when I short sale my home?

Posted on April 4, 2012 by Blick Law Firm

This is a question every seller asks when they consider a short sale of their home.  And it is a very legitimate question.

While some lenders may forgive a deficiency balance, not all do. It is often an unsound economic decision for a lender to sue you for the deficiency balance. For one, you may not have any resources to pay them. You likely would not have defaulted on your mortgage if you could have afforded to pay it.

Some states protect their citizens with anti-deficiency laws. Rules vary from state to state.  Unfortunately, Florida does not have such a law mandating the lenders to forgive a deficiency.  Attorney Michael Blickensderfer will advocate for the seller in an attempt to convince their lender to waive the difference between the amount owed and the amount for which their property sold.

If you are considering a short sale of your primary residence, you want to consider contacting a Tampa real estate attorney.  Michael is experienced in dealing with mortgage companies.  While they are all governed by the same guidelines, they each have their own idiosyncrasies which Blick Law Firm deals with routinely on a daily basis.

Every seller in a short sale will receive a 1099-C, which is a notice to the IRS that the financial institution has forgiven or canceled a debt of $600 or more.   Although this must be reported on your tax return as income, the Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. This act is in place through December 31, 2012. The forgiveness is restricted to mortgage debt that you incurred to purchase your home. If you took out cash from the equity in your home in a refinance, as many Americans did during the real estate boom period, you are not covered by the Mortgage Forgiveness Act. Even if you cannot use the protections of the federal act, you may still be able to avoid declaring the dollars listed on the 1099-C.

Call Blick Law Firm today to see if you meet the IRS rules regarding your assets and liabilities and can use the IRS Form 982 to avoid declaring the 1099-C as income.

If the financial institution issues a 1099-C to you, it will probably not pursue you for the deficiency balance because it has deducted the loss on the loan from its taxes. However, there is no guarantee the financial institution will not pursue you for the deficiency balance and then later amend its tax returns.

If you end up with a deficiency balance, consider negotiating with your lender in an attempt to reach an out-of-court settlement on the debt. If necessary, enroll the debt in a debt negotiation program.  Another option is to negotiate the debt yourself. Consider offering the creditor 10 cents on the dollar for a lump-sum settlement.

Blick Law Firm can assist you, should this negotiation be necessary. Call today 813-931-0840.

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Why hire a real estate lawyer?

Posted on March 21, 2012 by Blick Law Firm

In the past, it has been thought that a real estate agent is the only other team member you need while selling or purchasing your property.  A third member, just as necessary as the agent, is a real estate lawyer.

While the real estate agent can assist you with the logistics of selling/buying, along with negotiating a price and closing date that is right for you, Attorney Michael Blickensderfer can review any offer you make or receive and make sure that your rights are protected and your duties clearly defined.

You may benefit from hiring a real estate attorney to assist you with the process.

If you’re buying a home, Blick Law Firm can:

  • Help you understand the purchase contract, including how you will take title on the property.
  • Check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it.
  • Prepare and register all the legal documents.
  • Clarify the terms of the mortgage and work with your bank, if necessary, to modify them.
  • Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing.
  • Oversee the closing and review all the papers you will be required to sign.
  • Arrange title insurance protection to protect you from losses due to title defects.
  • Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.

If you’re selling a home, Blick Law Firm is able to:

  • Review the binder and review or prepare the purchase and sale agreement, including negotiating its terms.
  • Prepare the deed and power of attorney if necessary.
  • Deal with title issues as they arise and help correct them.
  • Oversee the closing and review all the papers you will be required to sign.
  • Arrange for transfer of security deposits.
  • Arrange for insurance certificates if needed.

Hire a Tampa real estate attorney who understands not only the standards, but the law, that must be met.

Although many legal forms used in real estate are similar, binder or purchase and sale agreement forms vary from state to state. Get the help you need today.

Further, some title insurance companies and mortgage lenders require you to use a lawyer to ensure that, among other things, the title is good, there are no liens against the property and that the deal will close as expected.

If you’re ready to make or accept an offer on a property, call Blick Law Firm today and ask to speak to our real estate team.  *You can still sign the offer with the contingency that you want Michael to review first.

Other services: short sale negotiation, foreclosure defense, probate and wills, bankruptcy.

Think quick, call Blick! 813-931-0840

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