If you're like 75% of homeowners in California, you'd rather stick it out than default on your mortgage. When we start to get "underwater" with our mortgage, or even fear that it's a possibility, the fear and guilt more than logic and rationality affect our future decisions. As the economy begins it's slow ascent and house prices continue to fall, most homeowners would rather hold on to their homes than face the stigma associated with a strategic foreclosure. Rumors of Short Sale failure, long wait times and the affect on our credit keep us from making a decision that will save us from the devastation of a foreclosure. Read more »
What is HAFA and How Will it Help Your Short Sale?
We’re not out of foreclosure trouble yet, but the government’s new Short Sale program should give some California homeowners renewed hope. With the help of the federal Treasury Department’s Home Affordable Foreclosure Alternative (HAFA) Program, Short Sales are becoming a little easier to initiate and complete. The HAFA program offers financial incentives to both the [...] Read more »
How To Improve Your Short Sale Success
Are you in distress and considering a Short Sale as an alternative to foreclosure? If you start the process properly, with plenty of time to spare, you drastically increase the chance of a successful sale. I get a lot of satisfaction from helping people who otherwise would end up in foreclosure, but often sellers contact me too late in the foreclosure process. This means I need to rev up my marketing, track down the lender, drop the price way below market and call everyone I know to drum up an offer at the last minute. And if you're too close to auction, your lender might pass on your request for a Short Sale. Read more »
Foreclosure Alternatives: Short Sales and Deeds in Lieu
If you've been denied a loan modification and can't afford to pay your mortgage, you still have a couple of options. To avoid foreclosure, consider a Short Sale or a Deed in Lieu of foreclosure. These options allow you to sell or walk away from your home without incurring liability for the loan deficiency. Read more »
3 Questions to Ask Before Considering a Short Sale
If you are thinking of pursuing a Short Sale because you're falling behind on your mortgage payments, you might want to consider these questions before listing your house. How Should I Price My Short Sale Property? Ask any Short Sale brokerage and they will tell you to price your property at or near fair market value, but it's a good idea to begin with the total debt amount owed to your lender. How frequently you reevaluate your price will depend on how far along you are in your foreclosure process and the value of the housing market at that point in time. Read more »
Are Short Sales the Answer to California’s Housing Market Woes?
Recently, the U.S. Treasury Department released new guidelines regarding real estate Short Sales. Under the Making Home Affordable program, their new plan aims to assist struggling homeowners by offering accessible aid and financial compensation. Essentially, this will make the inevitable happen more quickly, as the Short Sale process will be quicker than the foreclosure process, which should also speed up the housing market recovery process. Read more »
Top Reasons to Sell Your Home Via Short Sale
Perhaps you’re “upside down†on your house and can no longer afford your mortgage payments. Maybe you owe more than the property is worth and simply can’t refinance. Or, it may be that you still can’t handle your house payments even after modifying your loan or reducing your interest rate. Times are tight and you’re [...] Read more »
Short Sales 101: What’s All the Buzz About?
So you’re seeing the words “SHORT SALE†splashed all over real estate signs across town, on the news and in the headlines. Short sales are everywhere, but exactly WHAT ARE THEY and WHO BENEFITS from them? Let’s take a quick, painless, non-confusing look. You’ll be clued-in in no time, and if you have any questions, [...] Read more »
Do I Have To Be Behind On My To Do A Short Sale?
Probably one of the most common questions that I hear negotiating Short Sales in Los Angeles and Orange County, California is: “Do I have to be behind on my mortgage to do a short sale?” It is a totally logical and fair question. Unfortunately, there is no really clear cut answer. It all depends on [...] Read more »
