2813 Winnes Circle is a spacious  Pro Am Estates  home for sale in Navarre Florida. This Navarre short sale home has an appealing floor plan and architectural features! The living room is cathedralled with a corner fireplace. Kitchen is light with plenty of counter space and an adjacent laundry room. The master bedroom is oversized with a big private bathroom and double vanity. The covered patio with ceiling fan overlooks the large yard. It’s fenced, roomy and has a brick barbecue grilling center. There are three bedrooms, two full baths, a two car garage and it’s over 1900 square feet. You can see its attractive looks from the photos. This Pro Am Estates home is well-located for commuting to Hurlburt Field and Eglin Air Force Base. The Gulf of Mexico beaches are nearby.

2813 Winners Ci., Navarre Florida – short sale – offered for $168,900.  There is only one Chase mortgage, which will make the short sale process faster.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Navarre Florida short sale specialist

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

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Valencia Townhome in Fort Walton Beach. This is an JP Morgan Chase FHA HUD pre foreclosure short sale. A brick townhome with private fenced back yard. Needs work, but some started for you! Welcoming shutters and bay window. Living Room has new floor. Master bedroom has walk in closet and new carpet. Kitchen has pass-through breakfast bar. Half bath downstairs and full bath upstairs with the bedrooms. Bathroom shower nicely done with tile in shower. Backyard is private and has storage shed. Covered patio with extra storage room attached. Flooring needed upstairs in bedroom – just has subflooring.  Good commute to Eglin Air Force Base and Hurlburt Field

127 Valencia Dr., Fort Walton Beach Florida – Chase FHA HUD short sale offered for $58,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

The post 127 Valencia FHA HUD Short Sale Fort Walton Beach FL first appeared on Rulnick Realty.

Do you have a  Mary Esther Florida home with multiple mortgages and liens that you need to short sale?  This synopsis of a recent short sale will give you an idea about possible outcomes.  An older home in Miramar Estates, Mary Esther, Florida was just approved for short sale, and had four liens.  It was a very difficult process,  but in the end – success!  Here are the details:

Senior Lien: Chase

Balance: $140,000 appr

Junior Lien: BBVA Compass

Balance:  $35,000 appr

Junior Lien: Eglin Federal Credit Union – two separate judgments

Balance: $40,000 for both liens

Current Market Value: $85,000 appr

Notes: When you list a short sale in Florida, one of the most important things you need to do is get a title search at the beginning of the listing.  That will reveal any outside liens or judgments the seller may not be aware of. In this case, there were two outstanding judgments for car loans and other credit from a local lender, Eglin Federal Credit Union. In Florida, these types of judgments or liens normally have to be released or settled in order to sell a property and transfer a clear title. They don’t have to be related to the property itself, they automatically attach to any property sold in the State of Florida. There are some exceptions to paying judgments on Florida homestead properties with a short sale. This was not one of those cases. The seller was not aware of the judgments.  That is not uncommon. Many people think a creditor has dropped its case because they haven’t been contacted in a while.  It can happen with credit cards, car loans, personal loans and  even utility bills.

Eglin Federal Credit Union was the most difficult part of this transaction. The senior lien, Chase, acted in their standard manner. The junior lien, BBVA Compass, did as well. But Eglin Federal would not budge on demanding almost 25% of its balance to settle its liens in full. They would not agree to simply “release” them for a smaller dollar amount to allow the closing.  Since the seller did not have the funds to pay them, the property had to be marketed with the stipulation that the buyer pay the settlement demand at closing.  We found a buyer who was willing to do this.  Chase agreed to pay BBVA Compass ten percent of its balance to release its lien.  The seller was satisfied with the results.  Many agents would have given up on this challenge.  It was not easy. but it was successful.

If you have multiple mortgages or other liens, and need to sell your Mary Esther Florida home as a short sale, contact an experienced Mary Esther Florida short sale specialist.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

The post Mary Esther FL – Chase, Compass, Eglin Federal Short Sale first appeared on Rulnick Realty.

This waterfront home in the Holley area of Navarre Florida was just approved as a short sale.  The log home needs some work, is on over two acres, and on a bayou leading to East Bay.  It went under contract in 74 days. Here are the details of the Chase short sale approval.

Lienholder: Chase
Other Liens: none
Original Mortgage: Appr $280,000
Market Value: Appr $128,000
Approval Time: 90 days

Notes: This Chase short sale had to go through layers for approval. The seller was originally offered a Freddie Mac HAFA short sale, which was later denied by Chase. Subsequently, it was approved by Freddie Mac, and also a mortgage insurer (MI) for a cash contribution from the seller of $1500.  Why? The seller made a good income.  What was the end result for the seller? Complete waiver of deficiency.  If you didn’t know, Florida is called a “deficiency state”, where a creditor can take many years to collect on a judgment.  Check with your attorney before you attempt a short sale, and hire a Navarre Florida short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

The post Navarre Florida Short Sale – Approved by Freddie Mac, Chase first appeared on Rulnick Realty.

This Church Street home in Santa Rosa Beach Florida was originally purchased as a short sale in 2009.  For the second time, it is being sold as a short sale, just approved by J.P. Morgan Chase. The mortgage was backed by Ginnie Mae, and was a USDA loan, which offers  mortgages to rural areas throughout the U.S.

Lender: Chase
Mortgage Type: Ginnie Mae USDA
Balance: appr $220,000
Junior Liens: none
Sale Price appr $200,000
Seller Cash Contribution: -0-
Seller Promissory Note: -0-
Deficiency: none

Although Chase’s short sale approval letter did not specifically address a waiver of deficiency, the Chase negotiator quoted me USDA loss mitigation guidelines, which state there is no pursuit for the balance of the unpaid note.  I researched online and found the following information about USDA loans sold as short sales, which the USDA calls “pre foreclosure sales” or “PFS”:

“A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency.”

Other things to note about USDA short sales – you must have a hardship, and be at least 31 days late on your mortgage payment or facing “imminent default”. For more information about Ginnie Mae or USDA short sale help in Santa Rosa Beach, Florida, email me at itswendy@rulnickrealty.com

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Chase is getting better as a short sale servicer.  They approved an Ariel Dunes, Miramar Beach, Florida condo short sale in 45 days! 

The nitty-gritty:

Chase Senior Lien: $500,000 balance

Chase Junior Lien: $70,000 balance

Sale Price: about $300,000

Chase would not pay past due association fees because the association had not filed a lien.

We did obtain a waiver of deficiency (monies owed on the unpaid balance) by settling with a small seller cash contribution at closing.  Chase also considered the fact that the HELOC was not used to purchase “toys” and other tricks we’ll give to our next Chase short sale seller!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Chase Approves Ariel Dunes, Miramar Beach Florida Short Sale first appeared on Rulnick Realty.

Chase

Details?

Senior Lien:  Chase Home Finance

Balance:  $185,000

Junior Lien: JP Morgan Chase Bank

Balance: $25,000

Sale price: $90,000 appr

For you sleuths who like to analyze investors, this one was Freddie Mac. The mortgage also had a sub-investor pool who utilized MGIC for credit enhancement.  Basically, MGIC was the mortgage insurance company for this group of investors.  MGIC only allowed $500 to the JP Morgan Chase junior lien.

The interesting thing about this process was that Chase Home Finance communicated strangely with JP Morgan Chase. Even though they are part of the same company, they had me act as a go-between to relay information, get each other’s email addresses and move the process along.  A good word of advice when you are dealing with any Chase division as both the senior and junior liens- initiate the process with each division separately.  It may speed up your approval time.

Bottom line – this Destin Florida short sale was approved in 36 days.

If you are considering short sale to avoid foreclosure, consider hiring an experienced Destin short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Chase Approves Destin Florida Short Sale – Quick! first appeared on Rulnick Realty.

This home at 213 Concert Court in Hammock Bay, Freeport Florida, has been approved to close as a short sale. 

Purchase Price:  $170,000 appr

Wells Fargo mortgage balance:   $230,000 appr

Chase mortgage balance: $60,000 appr

Factors:  Wells Fargo delayed their approval process until the junior lien, Chase issued their own approval.  Chase delayed their approval due to reorganizing internal departments.  Chase also got aggressive with a settlement demand from the seller, which took time to negotiate.

Reminder:  Consider keeping your second mortgage or equity line current if you are doing a short sale.  If you don’t, your file may be sent to a debt collection agency, or to the lender’s charge-off department.  You can still do a short sale, but the creditor may not be as lenient.

If you are trying to avoid foreclosure, consult an attorney and an experienced Freeport Florida short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Freeport Florida Real Estate

Freeport Florida Short Sales & Pre Foreclosure Help.

Read Wendy’s Freeport Florida Real Estate Blog

The post Wells Fargo and Chase Approve Hammock Bay Short Sale, Freeport Florida first appeared on Rulnick Realty.

What a swift approval for this Santa Rosa Beach Florida short sale home in Driftwood Estates, the Mack Bayou area!  In fact, Chase approved the short sale in about three weeks!  Regions, the junior lien holder, took four weeks. Details:

Home:  66 Driftwood Point Rd., Santa Rosa Beach FL 32459

Original Purchase Price: $464,000 in May 2008

Sales Price:  appr $230,000

Terms:  Chase accepted the offer as “settled”.  Regions, always more difficult, asked for a $100 per month promissory note to pay back 60% of their balance of $25,000.  The note will be re-adjusted in a year.

Seller:  Delighted!

I put this home under contract in four days.  The seller almost didn’t list because she thought there was no time to beat the foreclosure.  I thought otherwise.

Consider hiring an experienced Santa Rosa Beach Florida short sale agent if you are facing foreclosure, and get your property sold.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Driftwood Estates, Mack Bayou, Santa Rosa Beach FL Short Sale – Sold & Approved FAST first appeared on Rulnick Realty.

Are you a U.S. military service member at Eglin Air Force Base who has been relocated by the government to a new base? Do you have to do a short sale?  Is your lender Chase? If so, you may not get any special consideration, despite PCS (permanent change of station) orders.

I am currently in negotiations with Wells Fargo and Chase, as junior lien holder, for a Fort Walton Beach Florida short sale.  The Eglin Air Force Base seller was transferred, or PCSd (permanent change of station), to a new base and had to sell his home.  Of course, he was substantially upside-down in his mortgage balance compared to his market value.  He has no choice but to follow orders and relocate.  He was not qualified for HAP due to the original purchase cut-off date of July 2006.  There is little hope of renting out the property to cover the mortgage payments.  This is a common scenario in my neck of the woods around Fort Walton Beach and Crestview Florida.

In the past few years, I have sold dozens of Eglin Air Force Base and Hurlburt Field military service member homes as short sales or VA Compromise sales.  U.S. government orders were never questioned and always deemed a sufficient hardship. These are not voluntary relocations.  They are required to ensure our safety and freedom. Not once have I had a request for cash or a promissory note from a short sale lender.  That is, until now.

It seems that Chase, after sending its loan to a collection agency, feels that the open line of credit my military airman has on a charge card is sufficient for him to cash advance $25,000.  With no release of the rest of his deficiency balance. There is no consideration to the new debt service our Eglin Air Force Base airman would incur.  Chase’s stance is that he either pays $25,000 and remains liable for deficiency balance, or he pays $35,000 to settle the account in full. 

That is, while he is fighting for us in Afghanistan. 

(Stay tuned for the end of the story.)

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Eglin Air Force Base Real Estate

Eglin Air Force Base Short Sales & Pre Foreclosure Help.

Read Wendy’s Eglin and Hurlburt Field Real Estate Blog

The post U.S. Military PCS Short Sale? Chase Tells Eglin Air Force Base Airman – They Don’t Care first appeared on Rulnick Realty.