My New Blog

My favorite homes in S Florida are those built and finished so that once you enter you are in a private tropical paradise of your own. This home is all of that plus has a Zen feeling to it. The homes in Hammock Reserve are built by Divosta... they are solid. Charming and made of poured concrete. No need to paint a...nd very sturdy in a big storm. You can't beat the location. 5 minutes to downtown Delray, Boca, the beach, I95 or the turnpike.

Open the link below and take a look for yourself!  Let me know if you have any questions.  Betsy

http://picasaweb.google.com/indigorealtygroup/HammockReservePoolHome349#

What is a CDPE?

A Certified Distressed Property Expert^® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact a CDPE in your area.

CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.

Homeowners who have defaulted on mortgages today may be surprised to find years from now that they still owe thousands of dollars – and a collection agency is coming after them to get it.   Lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim.

The only relief a home owner will have is debt negotiation or bankruptcy.   Most people are so stressed out and exhausted by trying to save their homes today that they are unaware they could face another hit later. And many who are losing homes don’t get the advice necessary to prevent future fallout, say nonprofit loan counselors. many of these are people with 750 or 800 credit scores who made a bad decision or they’re people who suffered income cuts. These are people, in terms of the economy, whom we need to participate.

But an entire industry is gearing up to buy their debt at deep discounts and collect what they can.  It’s a big business and investors are coming out of the woodwork. It’s a very lucrative business.

Nationally, about 3.4 percent of those loans are currently delinquent.  Owners are generally, but not always, on the hook for the second loans left over from a foreclosure or short sale. Most investor mortgages, too, leave the borrower liable for potential unpaid debt. In many short sales, experienced real estate agents or attorneys can negotiate away debt obligations for the second-lien loan. But many inexperienced borrowers don’t know that, and sign final-hour agreements giving lenders the right to pursue them later.

The best advice for homeowners in trouble is to seek advice.

A new Obama administration short sale program aims to prevent banks that hold second-lien loans from pursuing collections from homeowners after the short sale. It goes into effect April 5 and works this way: Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders “in exchange for release and full satisfaction of their liens.”

This release would apply only to short sales done through the administration’s Home Affordable Foreclosure Alternatives program.

For more information about rhis or other programs you shoupd contact an agent that is a CDPE.  Certified Dirstressed Property Expert.

How to Stop Harassing Debt Collector Phone Calls

Paying credit cards and other unsecured debts are your lowest priority. An unsecured debt is a debt where they can't take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.

The most commons unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don't have any other way to collect from you.

They can't come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them. For example, there are Federal Laws that regulate what they can do or say. They aren't allowed to threaten to sue you, but then not follow through and actually file suit. To get around this rule, they will use language that sounds legal, but isn't.

In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O'Brien to make it sound like they were a law firm. They would then leave messages on people's answering machines. They would say they were with the office of Hoffman, Weinberg & O'Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042. If you didn't know any better, you would think the case number was for an actual lawsuit against you. Scary, right?

Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages. A lot of judgments expire without getting paid. But, a lot of them get paid off when a person's income increases, or that person sells a valuable asset such as a house.

Here is how to stop the harassing calls. Simply ask the person who calls for their fax number or mailing address. Then, fax or mail them a letter that requests them to stop calling you.

Here is some sample language you can put into the letter.

"Under my rights in the Fair Lending Law and the Fair Debt Collection Practices Act, I hereby request you stop any and all phone calls to me or any other person. At this time, I do not wish to speak with you, anyone at your company, or anyone representing you concerning this matter. Do not contact me by phone regarding this matter. I demand that you stop calling my at home, on my cell phone, at work, at my relatives house, or any other location. Please make any future communication with me in writing. I am aware of my rights under section 805(b)2 of the Fair Debt Collection Practices Act and am willing and able to exercise them. I am keeping track of all calls from your company and may consider recording calls."

Make sure that when you mail the letter, you send it return receipt requested. If you have access to a fax machine, then fax it out. It's much easier and stops the calls quickly. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

Another tactic you can use to shut down any debt collector is to tell them you are recording the call. They back off when they realize they are on tape. You can buy an inexpensive call recorder at Radio Shack or Amazon.com. Just hook it up to your phone and you're ready to go. In addition, you may want to keep a log of all phone calls from debt collectors. This can be useful if you ever have to go to court.

After reading the Fair Debt Collection Practices Act, in my opinion, the following acts are prohibited:

Violation #1: Call you before 8 AM or after 9PM.

Violation #2: Tell your relatives, family, or friends that you owe them money, or state that they are in the debt collection business when they contact any relatives, family, or friends.

Violation #3: Contact you after you send a written request that they cease further communication.

Violation #4: Contact you after you request they cease.

Violation #5: Threaten you with violence. In addition, they are prohibited from using obscene or profane language.

Violation #6: Publicize a list of people who owe them money.

Violation #7: Cause your phone to ring repeatedly or continuously to annoy you.

Violation #8: Call you without telling you who they are and why they are calling.

Violation #9: Mislead or falsely represent the amount owed, that they are an attorney or law firm, that if you don't pay then you'll go to jail, state or claim that you committed a crime, or threaten to take an action that is not allowed legally.

Violation #10: Not informing you that any information obtained can be used for the purpose of collecting their debt.

Violation #11: Threaten to repossess any property that they legally don't have the right to repossess. I remember hearing a lady calling a national talk show and saying that a debt collector had threatened to repossess her cat. What is this world coming to?!! That is definitely a violation! Cats, dogs, and children are not normally given as collateral against loans. These are not the middle ages!

Violation #12: Threaten to sue you and then not follow through with it. In addition, they are not allowed to threaten to do anything unless they actually intend to follow through with it.

There are many good lawyers who specialize in helping consumers when a debt collector violates the act. Just google "Fair Debt Collections Lawyer." Many of them can help you at no cost out of your pocket. They will take on your case on a contingency basis and get paid from the money they collect from the debt collector.

If you have any specific questions or need help, please give me a call. Remember I'm here to help you in any way that I can.

Delray Stop Foreclosure Institute

Indigo Realty Group, CDPE

(561) 278-2230

Just as the Home Buyer Tax Credit is about to expire (April 30, 2010) the Fed is jumping in with some new hope for the recovering real estate market.  The new Treasury Department rules are designed to help expedite Short Sales.  This relief cannot come soon enough!

In a short sale, a homeowner sells the property for its current market value, which is less than what's owed on the mortgage, and the lender agrees to accept the lower amount. The new rules that offer participating lenders cash incentives to get them to approve more short-sale deals also allow them only 10 days to approve or reject short-sale purchase offers.

To help speed up short sales, the program calls for lenders to use standardized paperwork and to establish an acceptable sale price before the home is put on the market. Sellers will be allowed at least 120 days to market the home and possibly as long as one year. During that time, the lender cannot foreclose. At closing, the government will give sellers up to $1,500 to cover relocation expenses.

So if you are thinking about buying or selling a short sale, things are about to get a whole lot easier!