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Copperopolis CA - The Stop Foreclosure Institute recently received a question from Christy. “Why would I do a short sale instead of saving the monthly payments and letting it go into foreclosure?” Christy asked.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer. If you stop paying your mortgage, then you can live in your home rent free for 12-24 months, depending on the state you are located within.
I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you can live in your house for free for a long time. However, a short sale has many advantages over a foreclosure.
It does less damage to your credit and allows you to buy another home in 2 years versus the 5-7 years after a foreclosure. In addition, you can get some money as an incentive for doing the short sale.
If you want the benefits of both, then stay in your home until the foreclosure case has been started. Then, start working on a short sale with your agent. A short sale can take anywhere from 3 months to even 6-9 months to process.
This will allow you to salvage your credit and live "rent free" for 12-24 months. You will be able to wipe out all that upside down debt and move on with your life. Best of all, you will be eligible to buy another home in 2 years once you are back on your feet.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at danseider@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (209) 743-1061.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Copperopolis Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Daniel Seider.
Daniel is a Real Estate Daniel Seider at Big Trees Real Estate.
Phone: (209) 743-1061. danseider@gmail.com.
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View My homes for sale at www.bigtreesrealty.com.
Daniel Seider specializes in loan modification assistance and short sales in Copperopolis California. Copperopolis Loan Modification Help, Copperopolis Short Sales, Copperopolis Short Sale Realtor. Short Sale Realtor. CopperopolisCA Short Sales. Copperopolis Realtor.
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Copperopolis CA - I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat.
Here are some of the damages a foreclosed homeowner might be able to ask for.
Credit Damage. A foreclosure is much more damaging long term to your credit than a short sale. For the next 7 years they will have to answer yes to the standard question that is on most credit applications: "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?"
Harm from a potentially larger amount being owed to the owner of the loan. If the short sale was turned down, and as a result the home sold for less as a foreclosure, they owner of the loan could pursue the homeowner for more money.
This would be a much easier argument after the foreclosed home sold and you have a copy of the sale prices of the home and the original short sale offer in hand.
These are two things I can think of that are the most likely to be approved by a jury. If you can think of additional damages, then please post them in the comments section below.
There is something else very interesting this home seller told me. When he talked to a women at the lender and asked why they were rejecting the short sale offer, she replied "We or some of our investors will buy it.”
That sounds pretty fishy to me. I have seen other people who handle loans for a third party owner profit from the loan owner’s loss.
For example, one company charges the buyer a $1,500 to $5,000 fee for buying the short sale. If the buyer won’t pay, then they won’t approve the short sale. Remember, they are being paid by the owner of the loan.
In fact, they are paid very well. The business is so profitable that IBM Computers recently opened a subsidiary loan servicing company.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at danseider@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (209) 743-1061.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Copperopolis Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Daniel Seider.
Daniel is a Real Estate Broker at Big Trees Real Estate.
Phone: (209) 743-1061. danseider@gmail.com.
Climb Higher
View My homes for sale at www.bigtreesrealty.com.
Daniel Seider specializes in loan modification assistance and short sales in Copperopolis California. Copperopolis Loan Modification Help, Copperopolis Short Sales, Copperopolis Short Sale Realtor. Short Sale Realtor. Copperopolis CA Short Sales. Copperopolis Realtor.
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Many people don't think they are eligible for a short sale because they have unpaid homeowner's association dues. Don't worry about paying them yourself. When you short sale your home the association dues will be paid by your lender.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
A homeowner's association is a very small percentage of the overall short sale value. Lenders know that a short sale will net them substantially more money than a foreclosure.
I had an example in the post below. I showed a house that received a $119,900 short sale offer. The lender rejected that offer. The home was foreclosed on and sold for $96,400. That means that lender lost $23,500 by rejecting that short sale offer.
The short sale lenders have ran all the numbers on a short sale versus foreclosure. They have high paid actuaries who go through everything.
If they have to foreclose, then they want to make sure they get the most amount of money possible. They know that they can recoup their money faster with a short sale versus foreclosing on a house and then reselling it.
Because of that they are willing to pay your delinquent homeowners association dues. In addition, the bank pays the real estate agent (they will have to hire a real estate agent when they sell the house.)
They also pay the title insurance and property taxes, because they must be paid in order to sell a house. They have to pay all those costs when they sell a bank owned property.
The Bottom Line: All of the costs are borne by the bank in a short sale. You pay nothing.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at danseider@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (209) 743-1061.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Copperopolis Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Daniel Seider.
Daniel is a Real Estate Broker at Big Trees Real Estate.
Phone: (209) 743-1061. danseider@gmail.com.
Climb Higher
View My homes for sale at www.bigtreesrealty.com.
Daniel Seider specializes in loan modification assistance and short sales in Copperopolis California. Copperopolis Loan Modification Help, Copperopolis Short Sales, Copperopolis Short Sale Realtor. Short Sale Realtor. Copperopolis CA Short Sales. Copperopolis Realtor.
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I've got the latest Lake Tulloch / Copperopolis area residential sales statistics for you to see in four clickable graphs. As usual, the first three graphs cover three years including 2008, 2009 and 2010. The first graph spells out the Residential Unit Sales. The second graph highlights Residential Sales Volume. And the third graph shows Residential Average Sales Price. And finally, the fourth graph focuses on the price range breakdown of Residential Units Sold through June 7, 2010. Before you click on the graphs, here are some of the numbers in simple black and white...
Total Residential Volume Sales:
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