Peoples First Denies Short Sale - Despite Cancer Diagnosis

I am writing about a very disturbing short sale situation. The property is a lot in Windswept Estates, a golf course community in Freeport, Florida. The mortgage is held by Peoples First, "Florida's Community Bank". After several months of price reductions on my seller's lot, we finally got a short sale offer of $29,900- fair market value. The mortgage balance is $183,000.

My seller's husband has just been diagnosed with kidney cancer, age 36. She herself has lost about half of her income in the past year, as assistant to a financial advisor and another part time job. Her charge card balance is around $60,000 - she used credit to keep making mortgage payments. She has struggled to make the interest-only payments on the lot - around $800 a month- as her partner, a real estate agent, has little income to contribute.

When my seller found out about her husband's kidney cancer about a month ago, she stopped payment on the check she had sent to the bank. Peoples First called her when they received notice and left a voicemail message that the manager would be "furious" and would start foreclosing.

Today, Peoples First just told me they will NOT do a short sale, period. When I talked to them I mentioned the diagnosis of kidney cancer, wondering how this woman could keep up with her payments. I also asked, "Why would your company not consider a short sale in this economy?" I was told they had "not given any subprime loans, they were well-capitalized, and when they lent money, they expected to get it paid back". I said, "So you'd rather foreclose?" They said "Yes".

I then got a call from another party at the bank, who reiterated they don't do short sales. I mentioned I would write about the situation in my national blog. I was told "I caution you not to do that."

Well, guess what? I am writing about it.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes.

All Rights Reserved. *Peoples First Denies Short Sale - Despite Cancer Diagnosis* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

Indian Lake Unit 351, Destin FL Condo

Indian Lake Unit 351, Destin FL Condo
1 BR 1BT 920SF Built 2004 $98,900

Delightfully decorated unit. Wonderful ground floor access with two outside entrances, one from patio and one from large covered exterior hallway. Very open floorplan lives "big". Owner has upgraded with grand farmer sink, top of the line LG washer and dryer with 7 year warranty, added shelving. Electric bills as low as 36-80 per month! Cable t.v. included with two HBO channels! Extra storage closet off patio. Access to pool, fitness room, bbq. Fabulous location for shopping, beach. Short sale subject to seller's mortgage holder's approval. (Note: seller has curtained off some moving boxes to left of living room, covering second doorway). Investors note: Seller willing to rent back for one year.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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Short Sale Seller: "I Just Want OUT!"

I recently listed a Short Sale condo for sale in Destin Florida. The property had been converted from apartments a few years ago. It is a one bedroom, 920 square foot ground floor unit. There are 32 units for sale in the complex. The condo fees are a whopping $225 per month. The last and only recent sale was for $115,000 back in June. My seller, whom I'll call "Ms. Samuel", paid about $170,000 for the property in December 2005. We put it on the market for $98,900. You can see the challenges in selling it.

Anyway, while I was at the seller's home taking photos, we chatted about her financial circumstance. Her lender is Countrywide. She said when she bought the unit, she was making $13,000 per year in income. How is that possible? How can anyone making $13,000 qualify for a purchase of a $170,000 unit, even with a substantial downpayment? Ms. Samuel told me she never got a truth-in-lending statement until the closing, and did not even know how much money she would need to bring until she was at the closing table. This Destin seller also said her mortgage broker never explained what type of loan she was getting. She didn't care about that anymore. She just wants out. She lost one of the two jobs she had, and her current position, in the resort rental industry, has cut her hours by 25%. She hasn't made a mortgage payment in three months.

As I always recommend to my sellers, I asked Ms. Samuel if she tried speaking with Countrywide to find a solution to her high mortgage payment. "Yes," she said, "I track everything. I've called them 17 times. 17 times! I could not get anywhere. I even tried calling Bank of America, since they purchased Countrywide. I am done with it!" She said she knew her options were short sale, deed-in-lieu of foreclosure or foreclosure. I told her that a short sale would be better on her credit in terms of repurchasing another home more quickly than the other options. Ms. Samuel said, "CREDIT? I don't care about my credit. I'm not buying anything again anytime soon. I just want OUT."

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Short Sale Seller: "I Just Want OUT!*" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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