Free seminar Monday for underwater homeowners

6:51 AM, Nov 12, 2012   |    comments
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Odessa, Florida -- A free seminar is being held for underwater homeowners, realtors and builders on Monday, Nov. 12, from 6-8 p.m., at Phi Delta Kappa Hall at 11301 Phi Delt Way in Odessa.

Organizers of the event are from the real estate, legal, financial and credit fields and they will talk about how to regain back lost equity if you stay in your underwater home.

Some of the other topics to be discussed include:

  • Entering a short sale while keeping credit intact: Why is this so important? 
  • Introduction of FHFA requirements that allow underwater homeowners proceed with short sale while being current on mortgage payment with 58 Making Home Affordable lenders. 
  • The new list of hardships on form 710, revised August 2012
  • A little known tip: You have to qualify to get the short sale and entering the short sale process at the right place. 
  • 3-way calls with lenders, where to report if your lender still states you must be delinquent.
  • For past short sellers, correcting erroneous short sale credit, most often listed as a foreclosure that prevents mortgage approval even after required wait period! Why does this happen? There is no credit code for a short sale!
  • Dual Tracking": Why foreclosure credit still shows up on short seller credit. Erroneous credit doesn't just affect mortgage credit 
  • Consumer credit, prolonged effects of erroneous foreclosure rating

Panelists will also talk about short-term and long-term fixes like how to challenge and get a specific credit code for short sales; how to regain back lost equity if you stay in your underwater home; and how to refinancing to a shorter term with a lower interest rate.

The seminar is open to the public and there will be an open question and answer time during the seminar. 

Tammie Fields, 10 News

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