Along with it’s size, the 3-bedroom units at Long Beach are famous for having every bedroom located directly on the Gulf with access to a balcony. Each stack is located on either side of the towers and offer incredible views of the beach. If your already working with one of our agents, please contact them by email or phone.

Long Beach is one of the most desired resort in Panama City Beach, located directly on the Gulf with spectacular views of our white beaches and beautiful sunsets. The resort is situated on 13 acres and features 3 pools, lush tropical landscaping and is close to some of the Emerald Coast’s finest shopping and dining. See you at the beach! PROPERTY TO BE SOLD “AS IS”. Bank of America Prequalification required on all offers. Free appraisal and credit report if buyer finances through Bank of America Home Loans. Please allow 2-3 business days for seller response.

For HomePath Renovation Mortgage only, we will:

• Allow second home (one-unit up to 90 percent LTV) and investment properties (one-unit up to 85 percent LTV, two- to four-units up to 75 percent LTV)

• Expand the maximum renovation component in the loan amount to the lesser of 35 percent of the as-completed value or $35,000 (currently limited to the lesser of 20 percent of as-completed value or $30,000)

For HomePath Mortgage only, we will:

• Clarify that, even though an appraisal is not obtained by the lender for HomePath Mortgages, a market-rent schedule from an appraiser is acceptable for determining rent for qualifying purposes in accordance with standard policy.

• For both HomePath Mortgage and HomePath Renovation Mortgage, we will:

• Waive the investor property loan-level price adjustment (LLPA) for investor purchase transactions that have both an LTV ratio of 70 percent or lower and a credit score of 740 or higher

In nearly every case where a first mortgage of record exists on a property, the association’s lien is subordinate or inferior to that mortgage. This means if an association elects to foreclose its lien and takes title to the property, it will take title subject to the right of the first mortgagee to foreclose its mortgage.  Associations in the past were reluctant to foreclose when the mortgagee already commenced its own foreclosure action or when the value of the property did not exceed the amount of debt secured by the first mortgage.  That’s changing now.  

Associations are now making the decision to foreclose more often under these circumstances. The primary reason for this is serious delay in the prosecution of the mortgagee’s foreclosure case. These delays are brought on by a variety of factors including the sheer volume of cases handled by the mortgagee’s law firm, protracted efforts to work with the borrower either to short sale the property or modify the loan, problems associated with serving necessary parties with the foreclosure complaint or locating original documents that are to be filed with the court, back log in the courts and even strategic decisions by mortgagees to slow down the process.

In some cases, associations can obtain favorable results when foreclosing, even against properties that have fair market values below their mortgaged amount.  Sometimes the homeowner has the means to pay the association but  has elected to spend money on other concerns.  Because foreclosure results in the owner losing title to the property, if the owner has the means to pay and does not desire to walk away, they pay rather than lose title.  Foreclsoure can be a powerful deterrent for owners who have the means to pay but elect not to or to pay late because they hear others doing the same.  Another option is the association’s right to rent the property once it takes title, if permitted by the association’s governing documents.  For some associations, the rental market is favorable and significant income can be recovered before the mortgagee forecloses and takes title.

Many times the owner cannot or will not pay and rental is not a viable option. However, associations still make the decision to foreclose for any number of reasons. Because so many mortgage foreclosures are being contested by owners raising defenses unique to the mortgage foreclosure action, and thus stalling the mortgage foreclosure case for months or even years, the association can effectively render those defenses moot as they relate to the mortgagee’s foreclosure by foreclosing the association’s lien.  When the owner is divested of title by the association, the owner will drop or lose the fight against the lender in the mortgage foreclosure action, thus paving the way for the lender to take title and begin paying assessments.  Another option for associations taking title is negotiating a short sale with the lender or tendering a deed in lieu of foreclosure to the lender.  I have also filed motions in mortgage foreclosure actions notifying the court that the association has taken title and does not contest the mortgagee’s foreclosure, therefore, speeding up the lender’s acquisition of title.  These associations understand the key is getting a paying owner into the property sooner rather than later.  That way, more in terms of future assessments are recovered rather than lost while a mortgage foreclosure lingers on for years and no one pays the assessments.

What every association should consider is each case is different and the association is well served if it carefully considers all of its options and selects a strategy that works best in any given case.  In this ever changing environment, there is no one size fits all approach.

Foreclosures in Panama City, Florida are affecting families, communities, the housing market and the local economy. One option many troubled homeowners are taking to reduce penalties and avoid foreclosure is a short sale. The question is, what is a short sale?

A short sale is the sale of real estate in which the sale proceeds fall short of the loan balance or payoff. It’s an alternative many homeowners are taking to avoid foreclosure and default penalties.

In order for a short sale to take place the lender must agree to a payoff on the loan for less than the remaining balance. A lender will accept a short sale in order to avoid the cost of foreclosure and increase the amount they will receive on the outstanding loan balance. This process also protects property values in the community and helps the homeowner preserve a higher level of credit compared to foreclosure. In most instances, specific criteria must be met to qualify for a short sale: mortgage in or near default stage, homeowner can provide evidence of economic hardship, property has little or no equity.

A short sale occurs when a homeowner lists a property for sale for less than the remaining loan balance. Once the homeowner receives an offer they submit it to the mortgage lender along with a short sale package. Before a short sale can take place the mortgage lender must agree to a loan payoff for less than the remaining balance. Lenders

A short sale is a more complex than the average real estate transaction. In a normal transaction you have the home seller, their agent, the buyer and their agent and their lender. In addition to those parties a short sale also involves the seller’s loan servicer, junior lean holders, mortgage investors, and possibly mortgage insurers.

The process of completing a short sale can be difficult without help. Hiring a qualified REALTOR to act as liaison between all parties involved and guide you through is very important. You will want a REALTOR with experience to expedite the short sale transaction with your best interests in mind. A REALTOR that can help you close the transaction in a timely manner while avoid common mistakes. Homeowners should consult with a tax expert and obtain the services of an attorney to protect themselves from future claims by the lender.

To learn more about Panama City and Panama City Beach Short Sales, click on one of the questions below.

What is the difference between a Short Sale and a Foreclosure?

What are the implications to my credit history?

Who decides if my home should undergo a foreclosure or a short sale?

How long will I have to wait to buy another home?

What will be the effects on my future loans?

Does it affect my employment opportunities?

How does a short sale versus a foreclosure affect the deficiency judgment?

Panama City Beach Commercial Foreclosure List

The Fannie Mae addendum states “The closing shall be held at a place designated and approved by the Purchaser. The Purchaser has the right to make an independent selection of their own attorney, settlement company, escrow company, title company and/or title insurance company in connection with the closing. “

This can be found on Fannie Mae’s Addendum on Page 1, Paragraph 2, Section B.

If the buyer choose to use their own title company there will be two title companies involved. Fannie Mae’s title company has to approve the hud and deed since they hold power of attorney. The two title companies must work together closely.

54 Sweet Bay Dr in Cassine Village is conveniently located just off Highway 30a, nestled behind Cassine Garden Townhomes, steps from one of Cassine’s community swimming pools and within walking distance to the Gulf of Mexico, bikeway, shops and eateries of 30a. Community amenities include 2 pools, updated tennis courts, meandering nature trails through a cypress forest and a green lawn with fishing pond. Walking up to the house, you’ll notice the easily maintained, professionally landscaped yard with flowers that bloom in every season and automatic drip irrigation, neighborhood paver sidewalks, and deep wrap-around porch. Out back provides a shower for rinsing off after a day at the beach or pool, yard building, and a covered screened-in back porch with tall ceiling. The floored, walk-in attic is wired for electricity, equipped with a wench to lift heavy items, and is accessible via the back porch. This open and bright Florida cottage with close to 10 foot ceilings provides maximum storage space and an open floor plan. The kitchen is equipped with extra cabinet space, large built-in pantry, granite countertops, an extra deep sink and decorative knobs on the custom maple cabinets. The master bedroom is large and offers his/her walk-in closets. The master bathroom has a spacious tiled walk-in shower and double vanity sinks. Both the master and second bedrooms have doors that open to the back porch. Other extras include 20×20″ porcelain tiles throughout the entire house, 8″ baseboards, newly painted exterior, and over 500 SF of porches. Come see for yourself today!

54 Sweet Bay Drive was a Fannie Mae foreclosure listed for $369,900. It went under contract July 22, 2010 and is scheduled to close August 27, 2010. We will post the final sale price after the closing.