Short Sales / Loan Modification
A Loan Modification is a change in one or more of the original loan terms of the original mortgage, which allows re-instatement of the loan to stop foreclosure. A loan modification can also be beneficial if you are not currently behind on mortgage payments and having a financial hardship with current loan terms. Due to the current mortgage crisis, there are also many other programs that you may be eligible for.
Here I will provide you with up-to-date and accurate information with expert advice so you can make the right decision. As a foreclosure alternative the lender may consider modifications and/or other alternatives. We are experts at determining what your best actions should be and we work for you to get the best possible option to stop foreclosure. If a modification is not right for you and you wish to let your home go, I can guide you through a short sale.
SHORT SALES There are many reasons people fall behind in payments on their home. We are here to tell you there are options other than Foreclosure. Don't just let your home go to foreclosure. There are new options to help you get back on track & in to another home is a short time.
If you are unable to sell your home for a profit, are unable to re-finance or modify and are considering walking away, let us try to negotiate with the bank on your behalf and sell your home to a qualified buyer before it's too late. Programs continue to change, I constantly take classes to keep up to date on all programs offered to help you in your real estate need.
Kathy West, Agent (951) 323-1150
Coldwell Banker, Associated Brokers Realty, Canyon Lake
Serving all of Riverside County with a touch of San Diego and Orange County
A SHORT SALE PRICE IS THE BEST APPROXIMATION
OF THE FINAL SALES PRICE THAT THE BANK WILL APPROVE.
NO LISTING PRICE IS A GUARANTEED SALES PRICE.
A Short Sale is an option to bankruptcy or foreclosure. When the lender agrees to a short sale they are agreeing to accept less than they are owed.
Not all lenders will accept short sales, if they do it may be a better alternative than foreclosure.
Do not forget, there are always drawbacks to any financial decision.
For your protection please consult a tax advisor or legal counsel to advise you in your specific needs.
As a Licensed Real Estate Agent, I am not licensed to give financial or legal advice as to the tax ramifications to your decision.
Each lender has specific documentation they require, but most require at least the following.
* Call the lender and request a Short Sale package
* Give authorization to your real estate broker to speak directly with the lender
* Sign a Listing contract
* Complete net sheet showing the expenses involved in the sale of your home
* Hardship letter which describes your hardship
* Income & Expense report to show your inability to keep up with the payments
* Copies of bank statements-up to 2 years
* Copies of paychecks and tax returns, 2 or more months worth
*Comparative Market Analysis to show the value of your home
* Purchase agreement from your qualified borrower
