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Education & Training - Florida Luxury Homes Inc.



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 There are generally 6 different types of loans. Each type has it’s own unique features when negotiating a short sale. Fannie Mae and Freddie Mac - These loans will accept 92% of the BPO value as their NET proceeds. FHA – These loans are one of the easiest to negotiate. The lender does most of th...
This is the most crucial part of the short sale. EVERYTHING HINGES ON THE BPO - NO EXCEPTIONS. There are two types of BPO. Interior and exterior.  Usually the lender just prior to the filing of a foreclosure proceeding has already ordered the exterior BPO or drive-by BPO. The Mitigator has this r...
Here is a list of things you will need to know in order to submit your package successfully: 1.    Lenders will not talk to you unless they have written authorization from the borrower(s). It is always a good idea to get the Authorization to Release Information signed first so you can call the le...
This is the department that handles the loans that are in default. These departments in all banks are extremely overworked and this can cause you a lot of frustration. There will be more than once during a negotiation when a lender does something so inexplicable that all you can do is scratch you...
  Most lenders require the same information from the homeowner. Here is a list of required documents: 1.                            Authorization to Release Information. This will allow you to talk with the lender on behalf of your client.2.                            Handwritten hardship letter....
When you meet with your potential customer one of the first things to do is find out what debt is owed on the property. You can do this one of two ways. One way obviously is to ask the seller. They don't always know or understand the question. The way I like the best is to research the County Cou...
MAKE SURE YOU TELL THEM THE TRUTH and EXPLAIN what you are going to do for them several times until they have a clear understanding of the process.Homeowners are generally embarrassed about the whole situation and may not always want to share the whole story with you, so do your due diligence bef...
When a homeowner contacts you to list their property for sale you have to ask some key questions to be able to determine your strategy.In this current market most homeowners owe more on their property than it is actually worth due to the high increase of property values in Florida in 2004 and 200...
Also much talk focused on sub prime loans, but these loans are not necessarily a bad thing. They allowed homeownership for people who would not have been able to purchase a home. The key issue is to understand how a sub-prime loan can be used as a predatory loan.These loans can involve one or mor...
  Simply put, a short sale is the sale of a property wherein the purchase price is not high enough to cover the existing debt that is attached to the property. It is "short" of paying off the full balance of all the debts owed on the property. There are several steps that need to be taken in orde...

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