Short Sales and Foreclosures

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Foreclosure or Short Sale

Homeowners facing foreclosure often wonder whether a “short sale” is a better alternative. The answer depends on who’s asking. Foreclosures and short sales affect different people differently, depending on their financial situations, priorities, goals, adversity towards risks, property conditions, market conditions, and many other considerations. To help you answer that question for yourself, here are some of the major factors to consider when choosing between foreclosure and short sale. Get the full info here.

Alternatives to Foreclosure

Facing the prospect of foreclosure can be overwhelming, but less so if you know your other options. Homeowners with distressed loans often ignore their alternatives to foreclosure until it’s too late. Don’t make that mistake. Consider your other options right away. The more time you have before you ultimately lose your home through foreclosure, the more viable your other options may be. Things may seem bleak, but now is not the time to falter. Knowledge and determination will give you the resolve you need to overcome the financial challenges you face. Get more info here.


Foreclosure Prevention Resources

Facing foreclosure can be overwhelming, but help may be just a phone call or a few computer clicks away. If you cannot make your mortgage payments, speaking with a housing counselor or other professional may help you determine what the consequences are and what your options may be. Other resources include banks, local community programs, information online, or your neighborhood REALTORĀ®. Some of the available Foreclosure Prevention Resources can be found here.

Foreclosure timeline

If you’re facing foreclosure, you may find it challenging just understanding the foreclosure procedures your lender will use to sell your property to satisfy your debt. Yet, you may want to beat the clock by selling your home yourself or pursuing another alternative to avoid foreclosure. To help you prepare yourself for what’s to come, here’s a quick summary of the approximate minimum timeframe for the typical non-judicial foreclosure in California. The actual number of days for your particular situation may vary from the approximate minimum time periods set forth below.You can find the full info here.


Homeowner Liability After Foreclosure

Foreclosure has many harsh realities. Even if you lose your home through foreclosure, you may still be personally responsible for the difference between your mortgage loan balance and what your property is worth. This difference owed to your lender is also called a deficiency. California’s anti-deficiency rules may protect you from personal liability, but it depends on your particular circumstances.Get more info here.

Short Sale Process

As if selling a home is not hard enough, many California homeowners face the added challenge of selling short. To do a short sale, you have to find a buyer and convince your mortgage lender to accept a loan payoff of less than what you owe. A short sale can get thorny and complicated, but understanding the process will help you manage your expectations, prepare for each step, and improve your chances of success. Learn more here.


Avoiding Foreclosure Scams

The best approach for avoiding foreclosure-related scams can be described in two words: Get tough. Being easy-going may work in social settings, but it’s all wrong when you’re facing foreclosure. Scam artists will intentionally seek you out. They hope to take advantage of you when you are distressed about possibly losing your home or unable to deal with the complicated issues surrounding foreclosures. AS one homeowner who fell victim to a foreclosure-resuce scam said, “When you’re down and out you’ll believe anything.” As difficult as it is to face foreclosure, it will be a lot worse if you get mixed up with unscrupulous people. So get tough by vigilantly watching out for scams. Get more info here.

Proposition 8 -Property Tax Relief

What is Proposition 8? Owners of properties that have suffered a decline in market value may be eligible for temporary property tax relief. In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when real property suffers a decline in current market value. Get more prop 8 info here.


Tips For A Short Sale Seller

As a seller attempting a short sale, you want to be at the top of your game. To succeed, you not only have to find a buyer for your home, but also convince your mortgage lender to accept a loan payoff of less than what you owe. A short sale can be a long and arduous process, and yet, you have no guarantee of success. To help ensure success, here are some good tips for selling in a short sale situation. Get all the info here.

Tips For A Short Sale Buyer

Some buyers flock towards short sales in hopes of snatching up a good deal, whereas others stay away believing short sales are more trouble than they’re worth. Ultimately, as the buyer, you can’t be sure your short sale transaction will succeed, but you can certainly stack the odds in your favor. Here are some good tips to help ensure your short sale purchase will be a boom, rather than bust. Get the full info here.


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