I owe more money now that my neighbors are selling their homes for!!

The

"Short Sale"

 My interest rate adjusted and my payments jumped a few hundred dollars!!!
I can't afford my payments anymore, things have happened!!! My company's transferring me & I don't have equity to sell!!!
They said I could refinance in a couple of years to a fixed rate & now they say I can't!!! I lost my job and we can't afford the payments!      We're divorcing!
I received a "Notice Of Default" (NOD)!!! They say they're foreclosing!!!     An accident put me on disability!!!
 
     
Do any of the above statements express what you're facing? 

If so, it is natural that you feel mixed emotions including despair,

anger, helplessness and fear over what will happen next.

Let me assure you, you are not alone.

This downturn in the Real Estate industry is affecting everyone, and

there are many people in your situation.

 

Banks are taking back properties in record numbers! 

This isn't good news for the banks. Did you know that it costs the

banks around $80 thousand to take a home back, put it on the market

and sell it?

 

This happened about 10 years ago (for different reasons). Property values

went down, and many people were "upside down" on their loans.  When

circumstances such as divorce, injury, transfer, job loss, death of partner, etc. happened, they had no way to save their credit.

 

That's when the Real Estate Industry came up with a creative solution called the "short sale".  The owner, with the help of an agent, sells the home for the best possible price and the bank accepts it.

 

Sometimes, the seller has to pay the bank the balance, sometimes they don't, but they might have to pay taxes on the "forgiven debt". There is a bill in the works that may give adjustable loan "casualties" a tax break.  Ask your tax person about this.

 

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Call me if you need to sell your home.

951-500-8969

 The "Short Sale" concept is based on the fact that if the property owner lists the property with a RealtorŪ or agent who properly markets the property to get the best possible market value at the time, it will save the bank money and be a win-win situation.

I don't want you to believe that this is a quick and simple process.  There is a lot of extra negotiation and work on the part of the agent, and the banks can be overloaded with "short sale" packages to process.  This results in long waiting times once an offer is received, to see if the bank will approve the offer, and sometimes buyers become impatient and back out before the approval is received.

However, if successful, the sellers credit will be in much better shape than it would be if they simply allowed the bank to foreclose.

How much better? Short sales, could give the sellers a chance at homeownership again within 18-24 months (depending on overall credit worthiness). A foreclosure will probably prevent them from purchasing a home from upwards of 7-10 years. Why? By cooperating in a short sale, it shows the lenders that the homeowners did everything they could.