Short Sale As An Alternative To Foreclosure

Short Sale as an Alternative to Foreclosure

The Benefits Of A Short Sale and Where To Get Help?

619.928.9006 | http://shortorstay.com/thegoodhoodsgroup/ | San Diego Short Sale Agent Team Getting YOU Results

What is a Short Sale? –

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In addition, the property owner cannot afford or chooses not to repay the liens full amounts. Therefore, the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.

Short Sale vs. Foreclosure – How does it help me? –

Are you delinquent on your mortgage payments and facing foreclosure? Some lenders will agree to accept the proceeds of a short sale and forgive the rest of what you owe them on the mortgage. With foreclosures on the rise on the US, banks are looking for any way they can to minimize their foreclosure losses. Basically, it is much more cost effective for a bank to agree to a short sale rather foreclosure on a home.

Effects of a Short Sale on your credit –

Lenders report to credit bureaus differently, with some not reporting a short sale at all. However, with a foreclosure a FICO score can drop considerably about 200-400 points. Generally, a foreclosure will remain on your credit report in the trade-lines section for 7 years.

Buying again after a Short Sale – 

Depending on if your payments had fallen behind 30 days late and the lender does not require that you pay back the loan; you may buy another home immediately. In other cases you may have to wait 2-3 years. In the case of a foreclosure, it takes 5-7 years to become eligible to buy another home.

Benefits for a Short Sale –

• Retain some dignity in knowing that you sold your home.
• You won’t suffer the social stigma of the “F” word: foreclosure.
• No mortgage payments to make, unless you choose to make them.
• You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.
• If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home immediately.

HAFA Short Sale Program –

The Home Affordable Foreclosure Alternatives (HAFA) program is for homeowners who are eligible for the government Home Affordable Modification Program (HAMP), but are not able to secure a permanent loan modification or cannot avoid foreclosure. HAFA provides protection and money to eligible homeowners who decide to do a Short Sale.

Short Sale Help –

If you are considering doing a short sale on your home then it will help to get some FREE advice and find out the details of how a short sale may benefit you based on your individual mortgage and financial situation. Act NOW and call us today at 619.928.9006 or visit our website at http://shortorstay.com/thegoodhoodsgroup/ and get a FREE report of an estimated market value of your home.

~SAN DIEGO SHORT SALE AGENT, SHORT SALE PACKAGE, PROCESS~

619.928.9006- http://shortorstay.com/thegoodhoodsgroup/ – When Ready to sell your San Diego Home – if you owe more than the mortgage, we can help.

The SHORT Sale Hardship Package and FREE Short Sale Kit

1. Call 619.928.9006 to speak with a San Diego Short Sale Specialist and Request your San Diego Short Sale Kit.

2. Complete the Quick Qualifier with the Short Sale Agent to determine if you would be a good candidate for a Short Sale in San Diego and what short sale program may apply.

3. Consult with your attorney and CPA in regards to your specific situation. Remember, San Diego Real Estate Agents are not trained nor licensed to give advice on legal ramification or credit consequences of a short sale. We do have an attorney standing by to consult with you. Ask the agent about it when you call 619.928.9006

4. Meet in our office with the short sale listing agent to authorize the listing and prepare your short sale hardship package. This is where your help truly starts and the Short Sale Process gets underway.

5. We Market your home aggressively using our Comprehensive Good Hoods Method to Marketing homes for Sale in San Diego.

6. We find you a Ready and Willing Buyer

7. Your designated Good Hoods Group Short Sale Manager will work with the negotiators to determine and discuss the San Diego property value and the buyers offer as well as your hardship situation.

8. We receive your approval letter and present to you for decision making.

9. It is suggested that at this time you meet with your attorney and accountant to determine your choices now that the terms are stated in writing from the lien holder(s)

10. CLOSE the short sale transaction and you are able to move on with your future.

DON’T WAIT – CALL 619.928.9006 TO REACH A
SHORT SALE SPECIALIST IN SAN DIEGO
or visit us at http://shortorstay.com/thegoodhoodsgroup/

THE GOOD HOODS GROUP – James Renfro