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…)

“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.

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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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…)

Do I have enough time to stop my foreclosure?

In a perfect world we would prefer 30+ days before a trustee sale to give us enough time to list the house, get an offer and submit the short sale package to the bank in order to give the lender enough time to postpone the trustee sale.

Unfortunately we rarely live in this perfect world.

We have, in the past, managed to get a trustee sale postponed with a 2 weeks notice.   Back in November 2010 we received a panicked call from a prospective client who owned a property in Elk Grove, he had received a “Notice of Trustee Sale” while he was out of town (more…)

How long after a short sale will we need to wait until we can buy again?

This is a complicated question.

The main reason for that is for all the waiting periods I have seen quoted by Fannie Mae (they provide the lending guidelines for conventional loans) and FHA (they provide the lending guidelines for FHA loans) they do allow for exceptions that could reduce the waiting period if the borrower can document extenuating circumstances.  I will go into what would count as an extenuating circumstance in a little more detail at the end of this post….
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“…commit to Peter Parker and his associates, because they will take care of you….”

-Yanni Smyrni, former owner of 43618 Galewood Way in Carmichael, a satisfied short sale client

Galewood Property Photo

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.

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Understanding the differences can be a real head scratcher!

When attempting a short sale you MUST always make sure that your Real Estate professional understands the difference between the short sale lender releasing the lien & LIABILITY and when all they do is release the lien.  Not only should your real estate professional understand the difference they should also be working towards having your debt COMPLETELY discharged and working towards this goal from day one! (more…)