About Folsom's The Parkway At Folsom

Folsom CA – Once you have gotten your credit report, the next step in the process of restoring your credit score is to go over it with a critical eye. Analyze what the report says.

Put aside any emotion that looking at the report might stir up – you need to look at it objectively.

First, make two copies of your credit report. Save the original without any marks on it. You can make any notes you need on one of the copies, and put the other copy aside for a later step.

Your credit report will show all sorts of history on your credit accounts. Look for all the negative items on your credit report and highlight each one.

The credit reporting firms might not make it easy for you to know what they are considering negative with all the codes they use.

As a very general rule, Experian notes negative items with an asterisk or an inquiry; Equifax and TransUnion put “>>>” as a way to signal negative items or items that have a rating higher than l1, M1, or R1.

You can also look for these words: repossession, foreclosure, profit and loss write-off, charge-off, paid profit and loss write-off, paid charge off, settled, settled for less than full balance, included in bankruptcy, collection amounts.

Paid, unpaid (or anything indicating payment history); court accounts, liens, judgments, bankruptcy (chapters 11,7, or 13) divorce, satisfied liens, or satisfied judgments; or items that show more than 30, 60, or 90 day payments. All of these should get highlighted by you.

Once you’ve highlighted anything that is listed as negative, take out a pencil and put a note next to the items that are either inaccurate or inconsistent. Inaccurate items are the ones that aren’t yours, or show the wrong balance, etc.

An inconsistent reporting is where the same information on the report contradicts itself somewhere else. For example, showing one place that there are twelve 31-day-lates on an account, while also saying that the account was only reviewed for 4 months.

It is always surprising how often there are errors like that found on credit reports. Remember – there’s a whole lot of information being submitted each day to these companies, and mistakes can happen.

The next step will be important to take as soon as you finish highlighting your report. You will need to move quickly through these first few steps – your timing is all tracked and it’s important for you to be diligent so that your credit can be restored.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

"Hard Work and Dedication"

View My homes for sale at www.johnhayesrealestate.com/home-search.

John Hayes specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor. Sacramento CA Short Sales. Sacramento Realtor. Folsom short sales

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John J Hayes, RE/MAX Gold, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Hayes's personal views and do not reflect the views of RE/MAX Gold.

This information on Fixing Credit After A Sacramento Short Sale Step 2: Analyzing Your Credit Report is provided as a courtesy to our viewers to help them make informed decisions.

When was the last time you heard of an agent turning down business? Most real estate agents I know will list a home for sale even if they don't believe it will sell. In the case of a short sale, some will list homes that they know will never close. Why would they do this? To get signage on that street. In the case of most big-name brokerages, the agents generally don't pay for their advertising signs, so it's free advertising.

Some even plaster their smiling faces on those signs. I would not put my face on a sign because somebody would draw a mustache on it. You can bet on it.

I do turn down listings and sometimes they are short sale listings. As a Sacramento short sale agent, I have a solid reputation to maintain. If agents saw short sales falling out of escrow left and right, agents wouldn't make offers on my listings. I expect my listings to close. I qualify my sellers. But every so often I have to tell a seller that if I were in his or her shoes, I'd walk away. I'd let the home go to foreclosure. I suggested that option to two different sellers yesterday and, of course, advised them to get legal and tax advice. I have to be truthful and honest. It's in my midwestern bones.

Here is a new listing in Folsom that absolutely, positively, has no reason under the sun to fall out. It should close. That's because it is a Preapproved HAFA short sale. For those of you unfamiliar with HAFAs, there are 2 types: Unapproved and Preapproved. An unapproved HAFA is when you send an offer with your paperwork and ask the bank to approve it. Preapproved is exactly what you think it means. The seller is approved and the property is approved and the price is approved. The bank has 10 business days to approve a buyer's offer when the HAFA is preapproved.

This 1996 home is a single story, located directly across the street from Folsom's extensive bike and nature trail system in The Parkway subdivision. It is situated on a corner lot, at the junction of two cul-de-sacs, which means very little traffic except for a few neighbors.

It has a an open and spacious floor plan, about 2100 square feet, featuring 4 bedrooms and 2 baths. The kitchen has been remodeled with granite counters and a maple floor, plus a breakfast nook. Part of that open and spacious feeling is due to the high ceilings. There is a fireplace in the family room with pool views from windows and doors.

The master suite has double doors that open to the saltwater pool. If you're gonna be home sick from work and in bed, this is the place to be. It's like being on vacation all of the time. In addition to the solar-heated pool, there is a spa on a raised deck. Plus, there are no towering homes blocking the sun or your view of the neighborhood. At the other end of the yard is a covered patio area.

The sellers say that living in The Parkway is like living in a little Mayberry. Neighbors celebrate the holidays together with big block parties. They tend to watch out for each other. The Parkway is a special place to live in Folsom.

1101 Buckbrush Drive, Folsom, CA 95630 is exclusively offered by Lyon Real Estate as a Preapproved HAFA short sale at $330,939. For more information, call your Sacramento short sale agent and Certified HAFA specialist Elizabeth Weintraub at 916 233 6759. For a private showing, call Linda Swanson at 916 607 0111.

photos: Elizabeth Weintraub

Sacramento CA - I'm sure you have heard about forensic loan audits. I've heard people say how wonderful they are. "Your lender will approve your short sale right away", claims one.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

An agent told me a story about forensic loan audits. He worked with a woman who was trying to short sales 3 houses. He knew they were short sales and was glad to list them for sale.

There was a guy involved who was supposed to be doing all the "negotiating" with the lender. Little did this agent know this guy was trying to flip the houses. This guy had a forensic loan audit done.

He claims he paid foreclosure defense lawyers out of his own pocket. He did all this stuff in an attempt to force the lender to approve the short sale.

The only problem was the lender didn't care. The short sale negotiators at the lender were not going to approve the short sale offers so this guy could resell the home for a profit.

"We know this guy is trying to flip the house. We won't approve the short sale as long as he is doing that", they said.

This was despite the claims that some have made that a forensic loan audit will have lenders trip over themselves to approve the short sale.

Please consider this story before you spend $800 to $1,000 on a “Forensic Loan Audit.” I am in the business and talk to homeowners facing foreclosure every day.

I have only heard a few stories where a “forensic loan audit” made a difference to the lender. I’m not saying that they don’t work. I just want to warn you to check them out before spending big bucks for one.

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 3hayes@sbcglobal.net. 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 (530) 306-3316.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sacramento 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, John J Hayes.

John J Hayes is a Real Estate Agent at RE/MAX Gold.

Phone: (530) 306-3316. 3hayes@sbcglobal.net.

"Hard Work and Dedication"

View My homes for sale at www.johnhayesrealestate.com.

John Hayes specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor. Short Sale Realtor. Sacramento CA Short Sales. Sacramento Realtor. Folsom Real Estate.Folsom homes.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are John J Hayes's personal views and do not reflect the views of RE/MAX Gold. This information on Sacramento Short Sales: I thought it would work, but it didn't is provided as a courtesy to our viewers to help them make informed decisions.

Welcome to 2010 - "The Year of the Short Sale" For nearly four years, various elements of a perfect storm have been brewing and gaining strength as they have swept across the real estate landscape, leaving the hopes and dreams of home owners in their wake. Entering the New Year, these forces will continue to swirl and intertwine, while the market players continue to react. Look to 2010 to be "The Year of the Short Sale."

• Since the market's retreat began in 2005/2006, lenders were in denial as to the depth and severity of the housing crisis. Foreclosure was used as a threat and a weapon to gain leverage with home owners. Foreclosures are now being pursued only as a means of last resort, and short sales are being encouraged by the lender(s).
• Lenders in second, third and fourth position used their worthless debt as a way to hold up the short sale by not giving their approval. If they were not going to get some money out of the deal, they'd rather hurt everyone else and force the home in to foreclosure. This type of negotiating caused many deals to take months and months to gain approval (I had one take 7 months) before someone caved or the home was foreclosed on. Bigger lenders are now creating policy which defines what they will pay and accept when considering a short sale.
• Home buyers looking for financing found that half the sources of funds had gone out of business, the underwriting guidelines and requirements for obtaining a mortgage had gone old-school and now they would have to do more than "fog a mirror" to get a loan. Home buyer qualifications are now better defined and government insured loans and low interest rates have helped bouy the market.
• For home buyers, and their agents, attempting to buy a short sale was not an attractive option. As the lender(s) dragged their feet, they typically took four-plus months to gain approval and close escrow. As a result, one attempt to buy a short sale was typically enough to deter even the most interested and patient home buyer. "Hurry up and wait" is still the short sale mantra, but there is hope for the future.
• Many home sellers, not fully understanding their options, sat idly by, waiting for their day of reckoning and for the lender(s) to foreclose and remove them from their homes. Now agents such as myself are extending a helping hand to distressed home owners and acting as their advocate to make the best of their bad situation.
• More and more home sellers, who were not in a distressed situation, decided to pull their homes from the markets as they were not willing to compete with the foreclosures and short sales and sell their homes at what they perceived to be give-away prices. Home prices have fallen to a point where home sellers do not casually enter the market and do so only if they HAVE to sell, or have decided to UPSIZE in this down market.

The above elements, and many more, have swirled out of control and have pressured home prices lower and lower for the past four years. Currently, it is not uncommon for 50% or more of the active listings on the MLS to be short sale listings. Time will tell, but analysis suggests the percentage of short sale offerings is likely to continue to grow. Our government is now implementing regulations and attempting to rein in the past challenges by establishing some form of standardization to the process. In the mean-time, 2010 will become the year of the short sale and all participants in the real estate business, buyers, sellers, agents, lenders and closing servicers will be forced to come together, adapt and participate.

What is a Short Sale? A "short sale" is a home sale transaction where a home is sold for less money than what is owed on the mortgage. When the circumstances are right and your real estate agent possesses the expertise, your home can be sold and the lender(s) will agree to accept less money than you owe. (ie., you paid $550k for your home, you owe $495k and your home is worth $400k). A short sale, when properly handled, will not cost you any money, will relieve you from additional mortgage payments, will settle your debt with the lender(s), will help preserve your credit rating and the forgiven debt will not be taxed by the Internal Revenue Service.

A short sale cannot be performed by all agents and requires specialized knowledge and experience. In 2009, 100% of my short sale listings closed escrow and spared my clients from a foreclosure. Short sales can often provide lucrative opportunities for home buyers as well...

Want to learn more? Read Part #2 of this article, then visit http://www.BrokersCorp.com.

Client Testimonials

Aaron Cullen is a Realtor , Real Estate Broker , and Owner of Brokers Inc. Residential Real Estate.
Aaron lives in Folsom, CA and specializes in representing home buyers and sellers in Folsom,
El Dorado Hills and the Greater Sacramento Region. Having relocated from the Bay Area in 2004,
Aaron continues to work with home buyers in all cities lying between the Bay Area and Sacramento Area.

Short Sale or Foreclosure: Which is the Better Option?

Losing your home to bank foreclosure, resulting from your inability to make your monthly mortgage payment(s) is one of life's most challenging experiences. Foreclosure is also an event that will impact your credit score for years to come. Foreclosures often result from the unexpected: a major accident, serious illness, death of co-owner, divorce, job loss, or more and more often as the result of a resetting interest only or adjustable rate mortgage. If you are facing any of the above it is better to understand your options and take action, rather than standing idly bye and waiting for the foreclosure to take place.

Foreclosure is the worst of your available options

As most people know, the result of a foreclosure is the bank will take your home. Depending upon the circumstances and the state you live in, the lender can also get a judgment against you for the cost of the foreclosure and the arrearages you owe. The foreclosure will ruin your credit score for many years to come, and make obtaining any other type of credit very difficult. If at all possible, you want to avoid going through a foreclosure.

When foreclosure seems inevitable, consider a Short Sale

Banks first choice is rarely to foreclose. Typically, it is their last option in an effort make the best they can out of a bad situation. For homeowners who have found themselves in dire straights financially, a popular option is to pursue a short sale. In a short sale, you sell your home for less money than what is owed on it. The biggest challenge is getting your bank/lender to agree to the short sale. On the one hand, they don't want to foreclose and take ownership of your home, but on the other, they aren't thrilled about forgiving the debt you owe and passing the loss to their share holders and other investors. If you are considering a short sale, your best course of action is to pursue it the moment you realize you are falling behind on your mortgage payments and you are not willing and/or able make any more payments. Currently in California, it takes a bank/lender a minimum of seven month to foreclose. If you move quickly on doing a short sale, the bank/lender will have a lot to lose if they don't work with you. If you wait until 5-6 months have past, after skipping your first payment, it is unlikely you will have success with a short sale.

The downside to a Short Sale

Although a short sale will prevent a foreclosure, it will still have a negative impact on your credit score, often times lowering it by hundreds of points. This stigma can eventually be overcome and may dissipate much quicker than a foreclosure. If possible, keep some credit cards open, use them regularly and responsibly and pay them off every month. The next area of concern is the "forgiveness of debt." In years past, even though you never saw a dime of it, the IRS and the state tax collectors would consider the difference between the mortgage balance and the home sale proceeds from the short sale to be taxable income. The Mortgage Forgiveness Debt Relief Act of 2007 put a moratorium on federal taxes on short sales through 2012, but laws change regularly, and it is always a good idea to consult your tax planner/advisor prior to pursuing a short sale.

After considering your options, do everything you can to avoid foreclosure

Going through a short sale won't be pleasant and will take some effort, but it will be a better alternative than a foreclosure. When you realize you are in trouble and don't know where to turn, don't slip into denial and hope the bank/lender will go away. Instead, consider whether you will qualify for a short sale and approach your bank/lender with an offer from an interested buyer before you are out of options.

Ready for a Short Sale? Don't attempt to do it alone

For a number of reasons, most attempted short sales are unsuccessful. The banks/lenders have specific paperwork and guidelines that must be understood and adhered to. Each bank/lender is different and there is no single or broad approach that works with each. The idea of losing your home to foreclosure is scary and a short sale can lessen the blow, but it must be done in and efficient and timely manner.

When selecting a real estate agent to assist you, you need one that has years and years of experience in the business and knows how to close real estate transactions. More and more frequently, these experienced agents have realized that the most efficient way to effectively list and close a short sale is to partner with a professional "short sale negotiating firm" that will be the go-between the Realtor and the Bank/Lender. In this process, the real estate agent focuses on their area of specialty: listing, marketing, negotiating and closing the sale, and the short sale negotiating firm: collecting documents from the seller, compiling the short sale package and calling/emailing the bank's asset manager on a daily basis until an agreement with the bank is reached. Remember, you aren't going to get a dime out of the short sale... Your job is to hire professional(s) who will get the short sale done while keeping what's left of your money in your pocket.

Hire an experienced Short Sale team!

If you live in the Sacramento Area and are considering a short sale, I encourage you to consider my services. I am a licensed Realtor / broker / agent and have been serving California since 1992. I am the founder and owner of Brokers Inc. Residential Real Estateand I have partnered with a couple of Short Sale Negotiating Firms that specialize in closing short sales. If you live in other areas of California and would like a referral to an experienced agent in your area, email me and I'll send you the names of a couple of reputable real estate agents to help you out. If you are located in the Sacramento Area, give me a call and I'll come meet with you today!