Short Sale in California
Is Short Sale the right option for you?
Short sale is a better alternative to foreclosure. If you are currently behind on your payments or expect to be delinquent on your mortgage payments on an underwater home or rental property, explore your many options to find a solution. You may contact your lender to find a workable loan modification. You may continue to make good on your mortgage payments from other personal savings and accounts. If you qualify, apply to refinance your loan to lower monthly payment. If you are willing to become a landlord and you have the financial and emotional stamina to deal with tenants, vacancies, and repairs, then you could rent your home to offset some of your monthly expenses. If the market gains in your favor, then you could sell when the property is no longer underwater. If keeping your home or rental property is not a feasible option in the long run and you need an exit strategy to avoid foreclosure then short sale could be an option for you. If you have already received a Notice of Default letter from the bank, you know that foreclosure is looming for you. Foreclosure may be avoided through a short sale if approved on time.
Let us take a few moments to clarify what a short sale is and how it affects home sellers in California by watching the videos below. Be sure to read about favorable short-sale related laws in 2014.
Questions? Please fill out the contact information request below or call us at 760-798-9024. We have a team of experienced short sale agents who are ready to help you.
Considering a short sale? We are here to help you!
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What is a Short Sale Video
How a Short Sale Process Works
What is a Short Sale
In a short sale, the bank or servicer allows the homeowner to list and sell their property, agreeing to accept the proceeds from that sale, even if the netted proceeds are less than the total amount due on the outstanding loan (or loans), to satisfy the loan contract. It is possible to do a short sale on your first mortgage, second mortgage, or all of your loan depending on the value of your home.
Take control and Avoid Foreclosure
Homeowners choose a short sale to avoid foreclosure proceedings. A foreclosure will severely effect your credit score in a negative way. By conducting a short sale, as a homeowner you can reduce losses while having an easier time saving money, rebuilding your good credit in order, and if you want to, buy a home again in some cases in as little as 24-36 months.
Most short sales occur due to the following reasons: The home is now worth considerably less than the amount you owe to the bank – this is the typical “underwater property” we hear so much about. Or, the homeowner has stopped making their mortgage payment all together because of loss of income or an upwardly adjusting mortgage rate that they can no longer afford. These homeowners must provide the bank proof of a real financial hardship in order to get the short sale approval. The short sale process is also initiated when the homeowner or landlord expect to be delinquent on mortgage payments due to a job loss, divorce, reduced wages or self employment income, rental property vacancy and repairs, relocation to another job, etc.
The Good News about Short Sales
The short sale process can be daunting, but with an experienced short sale agent team who knows the way, and knows how to properly negotiate a short sale to strike a win-win outcome for all involved, success CAN be achieved! Lenders like short sales because homes are less likely to be trashed or vandalized because the owners may still reside there and take good care of the property as best they can. With the wave of foreclosures hitting California, short sales now take a significant portion of home sales in the state. Federal and California State laws including the IRS and California Franchise Tax Board have also made short sales a lot easier for homeowners in eliminating worries about lender deficiencies and tax consequences for homeowners who qualify. Read more about short sale laws in California here.
If you ever have any questions about short sales – if you might qualify or how to go about attempting one – don’t hesitate to call us and ask questions at 760-798-9024.
Want to learn everything you need to know about short sales and whether this is the right action to take?
Request a FREE, CONFIDENTIAL, and NO OBLIGATION consultation. Remember that there is no cost to you as a seller. You do NOT pay for our services as the approving lender pays for real estate commission from the proceeds of the short sale.
Get your questions about short sales personally answered. Our commitment to you is sound advice, honesty, professionalism and lend you our expertise and knowledge in providing you all the options available to you to help guide you. Call us at 760-798-9024.
Behind on Your Mortgage Payments and need help?
If you find yourself getting further behind on your mortgage payments, don’t wait for a foreclosure notice. Call us now at 760-798-9024 to have friendly discussion about your many options.
Has the value of your home declined?
If you find that the outstanding balance on your mortgage(s) exceed the current value of your home and and you need professional help with an exit strategy (short sale), we can help you with a Short Sale. Whether you have multiple loans on your home, are behind on your mortgage payments or recently had a life event happen such as job loss, relocation, marriage/divorce, health issues, that is affecting your ability to make your mortgage payment, we can get your home sold fast, with NO costs to you! In most cases, in as little as 24-36 months you can once again get back in the market as a new home buyer.
We take pride in our ability to get the job done right the first time and serve your best interests. Give us a call and let us begin serving YOU! Learn more about us by reading our client testimonials.
We are a Short Sale Agent Team and We have a 100% Short Sale Closing Ratio!
If you are considering a short sale, then you should know that there are favorable short sale laws in California and mortgage debt tax relief that exist today that help the homeowners avoid future liabilities or deficiencies, and avoid tax consequences after a short sale for those who qualify.
Get Real Estate Help now from your most trusted and experienced local real estate team in San Diego County. Read Client Testimonials here. We can help you. Contact us today.
- How California Homeowners Avoid Foreclosure
- California Foreclosure Timeline
- Short Sale- Frequently Asked Questions by home sellers in California
- HAFA: Home Affordable Foreclosure Alternative Short Sale
- Short Sale: What to do when considering a short sale
- What are the effects or consequences of a short sale?
- Should you do a short sale in 2012? Short Sale Laws that favor home sellers in California in 2012
- Tax Relief for Homeowners
- Short Sale Agents Help Homeowners with underwater mortgages
- Short Sale Agents San Marcos CA
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