Santa Rosa County had an issue reporting votes. Apparently is has been fixed. A preliminary vote count is at this web page.
These Ohio based short sale experts service the entire state of Ohio. Ohio
Short Sale Agents
If you are in need for short sale help or are trying to keep your home out
of foreclosure these folks can help.
Terri Carter Columbus Ohio Realtor
Hello my name is Terri Carter Realtor from Columbus Ohio,
I have been working in business for myself since 1989. My exstensive business background varies from interior design and home staging to running a sales team for the largest fitness club in the United States Lifetime Fitness. My history in Real Estate covers nearly 10 years and my expertise include all aspects of residential real estate such as New Homes, Foreclosures, Short Sale Services, Rental Leasing Services and working with Buyers and Sellers in the normal every day real estate transaction.
Wherever your real estate needs take you I have the experience and the knowledge that will bring success to your transaction.
This is a MUST READ if you are considering a Short Sale in Columbus Ohio on your House!
For Short Sale Help on Your Home in Central Ohio Call
Scott Marvin with Remax Champions 614-581-9497
This Blog is part of the Columbus Ohio Short Sale Web Page. I am a Columbus Ohio Short Sale Agent and I specialize in keeping distressed home owners out of foreclosure . I have a complete understanding of short sales in Ohio and deliver quick results. To start your short sale in Central Ohio call:
Scott Marvin at 614-581-9497.
Short Sale Defined – A short sale is a situation where a distressed seller must sell their house for less money than the mortgage balance. A short sale is suitable for owners whose financial situation requires that they sell their interest in their home and are unable to qualify for other loss mitigation techniques. A simple definition of a short sale is when the owner must sell their property and the property value has fallen below the loan amount.
Will my bank allow a short sale? – Banks DO NOTwant to do a foreclosure. A foreclosure cost the bank lots of money and data has shown that after a bank gains a property by foreclosure it is in much worse condition than other solutions because of unhappy owners who leave the property a mess or in damaged conditions. A short sale helps the bank preserve losses and helps the home owner maintain their credit. When you are in a distressed situation your bank is more willing to allow a short sale as opposed to foreclosing on your home.
Will my FHA loan be considered for a short sale? – Yes a bank will allow a short sale on an FHA loan. In fact FHA has introduced the Pre-Foreclosure Short Sale Program or PFS that will pay the seller up to $1,000 at the end of the short sale just for participating in the program. This allows you to transition to more affordable housing without the impact of foreclosure.
Can I do a short sale if I’m current on my payments? – No you do not need to be late on your payments to to get short sale approval. There is additional info below on what is required for short sale approval but it is important to know that a short sale can be done simply because the value of the house has fallen below the mortgage value or if the seller has faced hard times. Basically you don’t need to be late just in a hardship situation. A short sale will not be approved if you want to move because the house next door has a loud barking dog or if kids keep running through your yard. A distressed situation is necessary for short sale approval.
Will I have to pay a tax loss if I do a short sale? – In most cases you will not be required to pay taxes on the loss. in 2007 the Mortgage Debt Relief Act was passed that did away with taxes paid on the loss in a short sale. It was common practice for banks to deliver a 1099 tax form to the recent short seller that ordered the seller to pay a tax on the banks loss. These activities have been temporarily halted due to our current economic state. Currently the Mortgage Debt Relief Act has been scheduled to last through 2012. It is important to consult a certified accountant in regard to your personal situation because not all short sales are protected. For example investors selling an investment home through a short sale are not exempt from paying this tax.
How many months will a short sale last? – A well thought out short sale plan will get fast results. Many uneducated real estate agents will fumble through a short sale for 7 months to over a year and at frequent times fail in attempt to ever get a short sale approval. A good short sale real estate professional will rapidly finalize the short sale process and get your home sold in about 60 days from contract date. Short sales are a highly technical business and it takes qualified experts who will finalize the process at a quick pace. Our Columbus Ohio Short Sale Package is designed for quick results.
Call (614) 581-9497 for an informative phone consultation.
We are ready to help.
I am a Columbus Ohio Short Sale Realtor and my goal is to get your home sold and keep you out of foreclosure. I will also discuss other options with you that you might consider before starting a short sale.
Let us now dig a little deeper into what a short sale is and some other possible alternatives.
When a seller must sell and there is not enough equity in the property to pay off the mortgage it is call a short sale. A short sale is needed for home owners whose financial situation or predicament dictates that they sell their home and they are unable to qualify for other loss mitigation options. A short sale is when the value of the property has dropped below the current mortgage balance that needs to be paid off.
Knowing your options before a short sale is important to know. Often times if you are behind on your loan it is "curable" and there is a good possibility that you are able to replace lost wages or cut your expenses. Here are some curable options to consider before a short sale:
Special Forbearance – A special forbearance is a payment agreement between you and your lending bank that comprises of a plan to reinstate your loan after it is in non-payment status. Some options could include repayment over a time period, a reduction of your monthly payment for a limited time, or a plan for you to resume complete monthly payments but holding off on missed installments. In a sense your bank is allowing you to get caught up on your missed payments.
Loan Modification – A loan modification is a permanent alteration to your mortgage. It designates that your loan will be reinstated and sets in place a monetary obligation that you can afford. Loan modifications allow for a number of options such as decreasing your interest rate, or expanding the time available to pay back the mortgage by re-amortization the amount owed. It’s similar to applying for a new loan but be forewarned not all will get approved for a modification.
Combining Options – Your lender can also combine the above to accomplish a preferred conclusion. All mortgage companies are a little different on how they deal with these issues. The idea behind the mitigation process is to keep you from losing your property and help you recover from a adjustment in your economic condition.
So what happens when there is no way of helping you recover and keeping you in your home? If mitigation doesn’t work or can not be considered you are looking at a potential foreclosure. If you are in this situation don’t give up too quick because there are still some options that remain.
Deed-in-Lieu – Deed-in-lieu of foreclosure is when you as the property owner deed your house over to the bank. Basically you hand over your property to your lender. This sounds like an easy out compared to foreclosure but there are some things to consider.
1) A deed-in-lieu effects your credit just like a foreclosure.
2) Mortgage companies don’t want your house. It results in a property on their books and selling properties is not what they are in business to do. Many banks will not accept a deed-in-lieu and suggest you try some other option and will often tell you to do a short sale.
Short Sale – This is what I do in Columbus and Central Ohio. A short sale will eliminate most of your mortgage loan and your bank will charge off the balance with no further obligation from you. Most lenders are willing to accept a short sale instead of going through a lengthy and expensive foreclosure. As previously stated this option is for borrowers whose financial situation demands that they sell their home.
A short sale is a highly technical procedure and requires a huge be filed with your lender. As Columbus Ohio short sales realtors our short sale service makes the process simple for you. We handle the fine details while you simply provide us with the information we need to start the process and then relax knowing your short sale is in good hands. As for your lender they will tell you to find a realtor who does short sales and put your house on the market. We are able to do this for you quickly and put things into motion so that you don’t sit for months with little or no activity.
Below are a few circumstances that will allow for a short sale:
A declining home market – This motive does not take into effect your credit or your financial situation. This is when you are just upside down in your home and owe more than it’s worth. Don’t forget a short sale means you must sell your home. This does not apply if you want to move because of crime in your neighborhood.
The loan is in default or close to it – This is an obvious situation where a bank will do a short sale. There was a time when lenders would not do a short sale if all the payments were current. Mortgage lenders have now realized that in many circumstances it makes sense to do a short sale before the payments are in default.
The Seller has Faced Hard Times – This is a short sale condition where there is a real hardship the home owner is facing. A hardship letter is required in all short sales explaining the reason you are in need of a bank short sale. Sometimes a hardship letter can go over the top. It’s good to know the guidelines for writing a good hardship letter. You should always cite that you seek a short sale so that you won’t have to do a foreclosure. Here are a few common hardships: (Divorce, Illness, Unemployment, Death). Our Columbus Short Sale Package details how to write a good hardship letter.
Assets are something to consider when doing a short sale. Part of the short sale paper work is to fill out a sheet detailing all of your assets. If your lender finds that you have a bunch of money lying around they could deny the short sale because they see that you have funds to get caught up on payments. It is still possible for you to be granted a short sale but they could demand that you to pay back the shortage with a promissory note. This can still become a win win option for homeowners who need to sell their home and has the ability to pay back a reduced amount of their mortgage loan.
Negative Amortization – Some loans that were put in place prior to the housing bubble allowed for negative amortization. This means that each month the amount the borrower pays is not enough to cover the interest on the loan. A lender will consider a short sale in these situations.
Aggressive Secondary Financing – During the housing expansion period some lenders were creating second mortgages for more than the house was worth. When a seller is in this situation it is often a scenario that will get approved for short sale. These types of loans situations get a bit more difficult but can still be considered as a short sale.
The importance of a knowledgeable realtor cannot be overlooked when doing a short sale. Our Central Ohio Short Sale Service and staff is equipped to handle your situation.
GET YOUR HOME SOLD…
PRESERVE YOUR CREDIT…
STOP THE BANK FROM CALLING…
MOVE ON WITH LIFE…
Call Today (614) 581-9497
for an informative phone consultation.
We are ready to help.
Just reviewing our closings for July, everything in the red parts of the portrait is individuals that we are assisting to evade foreclosure. Those are all written approvals.
Today we would love to speak to you about your choices. If you are falling behind on mortgage payments or are looking to hinder foreclose, you have about 4 or five choices in this market.
The first decision is to wait it out. However, the number of short sales and foreclosures are ever-increasing. Therefore, waiting it out is only an option if you can continue to pay your mortgage.
Your next option is a deed in lieu of foreclosure. A deed in lieu of foreclosure will include the identical affect on your credit as a foreclosure. However it will protect you from the risk of the bank coming back and sueing you.
The 3rd option is to go to foreclosure. You stop making your payments and hand the keys over to the bank. The home goes to auction and the bank buys it or else an investor purchases it. After that, you will have 30 to 60 days to get out of your home before the sheriff shows up to remove you.
The final alternative is the short sale. We complete a high volume of short sales in Columbus. Foreclosure will include the most negative effect on your credit in addition to your ability to buy in the next five years. Short sale is typically your smartest choice. Most lawyers would advise you to execute a short sale as your smartest option.
If you would like further information, check out our short sale survival guide on our web site. It might answer a lot of of the concerns that you might have.
**UPDATE** May 17, 2010 – I just called Sole Vacation Club to schedule a vacation at Dreams Tulum in July and was told that they have halted all reservations and that I need to call the hotel. They referred to the letter sent out concerning the extra fees and would not give any more information. It seems our timeshare has been FROZEN until further notice.
I recently received a letter from TC Servicios Riviera telling me I need to pay $950 by June 30, 2010 for my time share at Dreams Resort in Tulum. I am looking for anyone who can shed some light on what is going on with Sole Vacation Club and Dreams Resort. Apparently the name has been changed to Tulum Vacation Club and there has been some restructuring of the time share. I also understand that they want me to sign a new contract.
- My concerns are what happens to my old contract?
- The new contract is only for 5 years instead of the 20+ I had before?
- Have they begun construction of the timeshare units?
- How do these new fees effect the annual maintenance fees?
Any input anyone can give on Sole Vacation Club or Tulum Vacation Club or Dreams Tulum or TC Servicios Riviera in Quintana Roo would be greatly appreciated. Trying to get someone on the phone is nearly impossible.
NEW INFO I FOUND THANKS TO SOME HELP FROM READERS:
This is the House YOU built, and you are being kicked out!!!
May 9th, 2010
Sorry that I have not been more active on the site.. The time has come for us to become active in our defense of our contracts with the Sole Vacation Club. Mr. Gilberto Sandretto is clearly trying to dump all the members with the latest scam, a new timeshare company contract and new fees.
Do not sign the new contract. It eliminates all your rights under the legal agreement you have with Sole. The letter from Sandretto (club owner) claims that PROFECO has approved this sidestep that allows him to eliminate the old legal agreements. This is a lie. He has merely applied for and been granted a new case file to create a new timeshare company…nothing more.
In the last week of May, I and several others are meeting with management of the timeshare companies and hotel management in Tulum. We will be accompanied by a representative from US Consulate and hopefully a Profeco exec. We will lay all the cards on the table and see what comes out. We have Mexican Attorneys attending as well.
In the meantime, do not sign the agreement. Send no money. Here is what you can do;
Write the US Consulate Officies in Merida and Playa Del Carmen and complain. They have opened a case file on us and the more names we have, the more weight we have. Here is the address;
This is the US Consulate office in Playa Del Carmen
Att: Samantha Mason
And also write:
To the Consulate office in Merida at;
And finally, write to;
Department of Conciliation
Services for Foreign Residents PROFECO
In every letter, describe your circumstances and ask that they attend the meeting with Sole Club management in Tulum on Wednesday, May 26, at 11 AM.
If this meeting is not successful you should consider making as much noise on the internet about the Dreams Tulum hotel as possible on websites that recommend vacation sites, such as;
Don’t trash them yet, wait to see what happens in the meeting. I will keep you informed as the scenario progresses. Contact everyone you know that has a timeshare with Sole and forward this information to them.
Were Mad as HELL and we are not going to take it anymore.
link back to main site http://solevacationclub.org/
RESULTS OF MEETING ON MAY 26 , 2010
Dreams Resort, Tulum
On May 9th I sent you an email stating my understanding of the new contract offered by TC Servicios Riviera, S.A. de C.V. for the creation of Tulum Vacation Club and the dissolution of the Sole Vacation Club. I am writing to give you the information gained in meetings held at the resort last Wednesday, May 26th.
The meetings were held in a room reserved for us by Alejandra Izaguirre in the new convention center at the back of the resort.
Attendees for Sole Vacation Club;
Jim and Penny Moore – members
Tom Holiday – Member
Samantha Mason – US Consulate – Playa del Carmen
Claudia Hurtado Valenzuela – Translator and Internet Marketing Specialist
Augusto Rivero Bolio – Attorney
Attendees for TC Servicos;
Alejandra Izaguirre – Club Administrator
Marcos Jassan Mizrahi – Lawyer
Jorge Aguilar de Alba – Lawyer
Müggenburg, Gorches, Peñalosa y Sepúlveda of Mexico City
The seller mentioned in our contracts, Efrain Eliecer Canul Zarate never showed up at the meetings but his lawyers did.
We spent 3-4 hours Wednesday going over all the details in both the contract and the instruction packages. We fought, at first, the notion that our current contracts are not in effect anymore, but that is the reality. Tom and I discussed possible legal avenues with Augusto Rivero, our attorney and Samantha Mason from the consulate. Samantha worked for 4 years in timeshare sales before moving to the US Consulate services.
Our emails to Profeco finally produced a response that basically said that if our meeting did not produce results we should sue in a Mexican Court…basically telling us that Profeco was not going to get involved. We are both tired of the conflict and decided to not start a 3-5 year long suit in a Mexican court that would probably fail. If you want to take it on yourself, go for it. When we asked everyone to get on board and signup with us to hire a lawyer, only 1 customer, other than Tom and I joined up.
It became clear during the meetings that the following is true;
1. SVC is no longer in business as Sole Vacation Club…nor is the parent company.
2. TC Servicios is the only entity that can grant use of the timeshare units at Dreams.
3. The contracts we all signed were not approved by Profeco…that means that they are not enforceable.
4. Mr. Rivero (our attorney) confirmed that the contracts and rules from TC have been registered and approved by Profeco (which means that they are enforceable), and we were told that this is the reason why the contracts cannot be modified.
5. The term of the new contract is 5 years, and will renew automatically until the original term of Sole contract is reached. In our case that was 2032, since we signed for 30 years beginning in 2002 (our lawyer confirmed us that TC is honoring the term of our contract).
6. In accordance with Mexican legislation, TC fixed the premises where the timeshare services are going to be rendered, which give us the certainty that there is premises destined to render the timeshare services. (TC Servicios wording here)
7. TC has selected units in the Garden area where they will provide units for the timeshare owners. They can be adjoining units or single hotel rooms. All have new fixtures and are nicely appointed. Also, the old White buildings near the beach are part of the offering, for an upcharge that has not been determined. See photo page
8. Alejandra is still the administrator for the club and will send you a contract with your specific information included in the variable information. Her email address is now; email@example.com
TC Servicios has made great efforts to process paperwork and approvals through Profeco, so as to be considered a serious, legal company. (Their wording)
I ask that you stop writing to Samantha Mason at the US Consulate in Playa Del Carmen. You guys covered them up in the last two weeks, which did get them to the meeting. They were very supportive, but by attending the meeting, she has done all she can. You can, if you wish, continue to write to Profeco or the US Consulate in Mexico City or in Merida.