Foreclosure & Short Sale Resource | Sacramento Short Sale Realtor

Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

1. Have a verifiable hardship, like unemployment, medical bills, or relocation
2. Must have a monthly income shortfall
3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale: (more…)

“Zero dollars, 30 minutes of my time and a few phone calls and we are walking away from this thing in much better shape. You cant even compare the shape we are going to be in after doing a short sale compared to if we had just let it foreclose”

-John Chuma

Take a moment and watch as my client’s discuss how I was able to successfully do a HAFA short sale on their Sacramento home. Not only were they able to get out from under a mountain of negative equity they also collected $3,000 at close of escrow which helped finance their cross country move to start fresh. Sound to good to be true? It’s not, most of my clients are able to short sale their home with no money out of pocket, no tax debt and no mortgage deficiencies.

“In the long run it [the loan mod] was garbage…and a complete waste of time….”

-John & Tanesha Chuma

“Any help anybody needs, Peter is a great person for that…”

-Elpidio Plasencia

Take a moment and listen to a Elpidio & Hortencia, a couple of our satisfied clients give a testimonial about how we were able to help them successfully short sale their home in Rocklin and the troubles they had with other agents and their lender PHH mortgage. Doing a short sale does not have to be a difficult thing as long as you choose the right professional to work with you.

What is a Deed in Lieu of Foreclosure -

A “Deed in Lieu of Foreclosure” is just another foreclosure alternative.  It is when a borrower is in foreclosure and

Bankers always win...

decides to sign over the grant deed to the lender in exchange for cancelling the loan and halting foreclosure proceedings if they have been initiated.  While a Deed in Lieu of Foreclosure will generally look better on a credit report there are a few issues with them:

Issues with a Deed in Lieu of Foreclosure -

Lenders will not always agree to Deed in Lieu of Foreclosure, they do not want to own real estate, they want cash.  Another issue can be if there are any other liens on the property;  If a lender agrees to a Deed in Lieu of Foreclosure they will have to take care of any liens before they will be able to resell the property, and since a foreclosure typically wipes out most junior liens this can be an attractive route for them.    So why would a lender agree to Deed in Lieu of Foreclosure?  Foreclosure are expensive and usually the value of a property is substantially less at a foreclosure auction versus a more typical real estate transaction. (more…)

The “Making Home Affordable” program is really a group of programs put out by the Departments of Treasury &

Questions about Making Home Affordable

Housing and Urban Development.  These  programs have been designed to help homeowners who are having trouble paying their mortgage.  I’ll go over 2 of the more interesting of the programs encompassed within the Making Home Affordable suite of programs.

Home Affordable Modification Program (HAMP)

HAMP aims to help those homeowners having a tough time making their mortgage payments by lowering your mortgage payment to 31% of your gross income.  One thing to remember is that in order to qualify for HAMP you must not be unemployed.  Some of the other criteria   for qualifying are below:You occupy the house as your primary residence. (more…)

Where is the market headed?

Which often leads to: Are we at the bottom?  Will homevalues start increasing?

These are not just common questions I hear everyday, they are VERY important questions to anyone who owns or is planning on owning real estate in the next decade.

While many folks out there keep guessing, I’ve found it much more productive to actually look at the facts and take educated action.

Key indicators help us identify when the market ‘might’ begin to recover:  Consumer spending, consumer debt levels, Government intervention (which has ‘propped up’ our falling Real EstateMarket), standard Real Estate Cycles and Stock Market trends all play a major role in our current economic woes and the length of this real estate down turn.

Historically, when home values decline, they go downsteadily for about 5 years.  This down turn, on a national level, started about mid 2006 which, based on this trend, would put us at the ‘bottom’ around 2011 or 2012. (more…)

It is time to take action!

I should really have this post written by a neutral third party because many of you reading this will think….

“What else would a Realtor advise?  Doing short sales is how you get paid….”

I can certainly understand that frame of mind, but read on to understand why NOW is the time to short sale your property if you are upside down in equity and are having trouble paying your mortgage.
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“Sometimes it is better to be lucky then good and I was lucky to have stumbled on to Peter and his team”
- Chris Daste, former owner of 9482 Lyndley Plaza, a satisfied short sale client -

Lyndley Plaza, Elk Grove

Please take a moment to listen to a Q&A session with one of Peter’s short sale clients where he describes why doing a short sale was the best option for him and his family and why Peter Parker was the absolute right agent to handle it.
(more…)

Weigh your options carefully....

Short Sale Vs Foreclosure

Sometimes you may wonder….

“why bother with the hassle of a short sale when I can just let the bank foreclose…”

I would like to examine the key effects the decision to choose a short sale over a foreclosure can have on your life. (more…)