Foreclosure Prevention / Short Sale Help
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Unfortunately it looks as if the number of distressed sales specifically the Short Sale and Bank Owned sales will continue to stay a good percentage of our local market for at least the next few years. There is still a large "shadow inventory" in California. Shadow inventory of distressed properties is defined as outstanding properties whose borrowers are (or recently were) 90 days or more delinquent on their mortgage payments, properties currently or recently in foreclosure, or properties that are real estate owned. At the end of fourth-quarter 2010, S&P estimated it will take 49 months, or more than four years, to clear the supply of distressed homes on the market in the U.S. as a whole.
Unfortunatley most of the time foreclosure prevention options (loan modifications, etc.) available to homeowners are unsuccessful. But do not let that discourage you from exploring your forclosure prevention options before doing a short sale or walking away and allowing the foreclosure process to go through. If you ar having trouble making your payments you should contact your lender immediatley to discuss some options they may have for you. You do not have to always wait until you have missed a payment to talk to your lender to try and work something out if you are facing a hardship. If selling your property is an option you are considering do not wait until you have to sell to make an appointment with a Realtor to discuss your foreclosure prevention options and the sales process. You should know the approximate value of your home and what is involved in the short sale or conventional sale process so that if it comes to that option you are prepared. There are items and issues that need to be addressed as well before listing the property for sale.
I have both a SFR (Short Sale and Foreclosure Prevention certification from the National Association of Realtors) and CDPE (Certified Distressed Property Expert) designations. With both of these designations and Alain Pinels backing my client's real estate needs are in very good hands. If you have recieved a notice of default you must act immediately. The foreclosure timeline is ticking and the longer you wait to take action the fewer options you have available to prevent foreclosure. To request a free consultation give us a call at 408-410-6645 or send us an e-mail and we will respond asap. Our consutlation will be informative, confidential and of course free. It is worth taking the time to protect what you have worked so hard for. The sooner you take action the more you increase the chances of keeping all your options open. Below is a list of topics homeowners should be aware of when facing a possible foreclosure or when facing a short sale as a homeowner:
Below are some links that will answer most of the above questions brought to you by the National Association of Realtors and the Federal Government. For further answers to your questions simply send us an e-mail by clicking on the contact me tab on the left side of this page. We will respond ASAP.
http://www.houselogic.com/guides/finances-insurance/home-finance/foreclosure-guide/ http://www.houselogic.com/articles/when-foreclosure-removed-your-credit-report/ http://makinghomeaffordable.gov/ http://www.irs.gov/individuals/article/0,,id=179414,00.html http://homebuying.about.com/od/shortsale/qt/061710-Bank-of-America-Short-Sales.htm https://www.chase.com/ccpmweb/chf/document/ChaseShortSaleFull.pdf
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