Call (818) 675-1268 “We pay upto $50,000 for upside down houses / negative equity”, “sell your Los Angeles house quickly”, 90044, 91406, 90045 … Foreclosure is a fairly well-understood process, but as “short sale” signs sprout like weeds, you may wonder what they are all about.
When a lender agrees to accept a mortgage payoff amount that is less than what is owed in order to facilitate a sale of the property by a financially distressed owner, it’s called a short sale. The lender forgives the remaining balance of the loan.
Deed in lieu: are a mixed bag for the buyer, the seller and the lender.
If you’re a seller, a short sale will allow you to walk away from the outstanding debt. By doing a deal with our company you will be able to walk away with cash. You then will be in a position of being able to purchase other property. These are the steps:
The buyer gets the property at a reduced price, but the property in all likelihood has its share of problems like think fixer-upper and will need to go through considerable red tape in order to make the deal happen….
What’s your home worth?
The lender takes a financial loss, but perhaps not as large a loss as it might if it forecloses on the property.Bankruptcy If the seller has filed for bankruptcy, forget it. Few, if any, lenders will consider a short sale when the seller has filed for bankruptcy because negotiating a short sale is considered a collection activity and collection activities.
Sell your house quickly Los Angeles, Orange County 91344.
Buying a home in a short sale can be a hassle, so why should you consider it? It boils down to the bottom line. You will get the property for a substantial discount. Since the lender is eager to continue to get paid the money it loaned out, it may also offer favorable financing terms.
Check out mortgage rates at or near historic lows
Since the sellers play an active role in the short-sale process, you will have their cooperation (and most likely won’t need to evict them upon taking possession of the home). This is not always the case with a property that has gone through foreclosure.
Whether you’ve become aware of the distressed situation on a property through an agent, a “for sale by owner” ad or word-of-mouth, this is not a do-it-yourself project. A short sale is one real-estate deal where you really need to get help from an experienced agent or attorney. Not all real-estate agents know how to handle a short sale, so make sure you consult with one who can demonstrate special training or a good track record with short sales.
Deed in lieu, short sales
Why lenders (might) agree
It might seem counterintuitive for a lender to go along with a short sale. After all, a lender is legally entitled to pursue the full balance of the loan. When a homeowner falls behind on payments, the lender can (and often does) hold the borrower responsible for every penny owed.
And yet more and more lenders are willing to consider approving a short sale.
Lenders are painfully aware of just how bad the current foreclosure crisis is. They know the cold reality is that a large number of struggling borrowers will end up losing their homes, and so they often see the advisability in accepting the inevitable and trying to minimize their losses. Yet some lenders seem to remain in denial.
Foreclosure is an expensive and time-consuming process for a lender. By agreeing to a short sale, the lender wraps up this little mess quickly, and perhaps with less of a loss than it would have incurred with a foreclosureyour research:
What is the property worth? What’s the profit potential? If you’re an investor or even a homeowner planning to live in the home a short time, you’ll want to profit from the deal.
4. Find all liens and mortgages
Ask the seller or his agent what liens are on the property, and which lender is the primary lien holder.
5. Figure out the financing
This is critical. You have to know how you’re going to pay for the property. If you’re a good credit risk, the existing lender may be willing to give you a loan. Since it already has a lot of your information in the short-sale paperwork, it may be able to expedite the loan application process. It’s important to understand that in a short sale, you have to be able to move quickly. Once an agreement is worked out, it is common for the lender to accept an agreement. We can help you Call (818) 675-1268.
New York’s top prosecutor plans to sue two mortgage titans, Bank of America and Wells Fargo, over claims that they breached the terms of a multibillion-dollar settlement intended to end foreclosure abuses.
On Monday, Eric T. Schneiderman, New York’s attorney general and top prosecutors, said that the lenders violated the terms of the National Mortgage Settlement, a sweeping $26 billion pact brokered last year between five of the nation’s biggest banks and 49 state attorneys general. The agreement came during a national outcry over potentially widespread foreclosure abuses alike
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