About Orange's Serrano Heights

KATNIK BROTHERS- SERRANO HEIGHTS SHORT SALE SPECIALISTS. We are Re/Max Metro's # 1 Short Sale Team! For more information on SERRANO HEIGHTS SHORT SALES call 714.726.2293 or 714-353-2609

****** A SHORT SALE COSTS "$0" W/ THE KATNIK BROTHERS ******

DO YOU HAVE...

• No Equity in your home

• Medical Expenses are too high

• Job Loss or Pay Reduction

• Behind on your payments

• Can't afford the cost of selling your home

• Divorce or current separation

• You are in foreclosure

Benefits of a Short Sale:

• STOP Foreclosure

• Avoid Bankruptcy

• Reduce your credit impact

• Postpone your foreclosure sale date

• A short sale will usually show," Paid in full, Settled". A foreclosure is public record for 7-10 years

• BE ABLE TO PURCHASE A NEW HOME IN AS LITTLE AS 18-24 MONTHS

SERRANO HEIGHTS SHORT SALE INFORMATION

CALL TODAY 714.726.2293

KATNIK BROTHERS- SERRANO HEIGHTS SHORT SALE SPECIALISTS. We are Re/Max Metro's # 1 Short Sale Team! For more information call 714.726.2293 or 714-353-2609

****** A SHORT SALE COSTS "$0" W/ THE KATNIK BROTHERS ****** 

DO YOU HAVE...

• No Equity in your home

• Medical Expenses are too high

• Job Loss or Pay Reduction

• Behind on your payments

• Can't afford the cost of selling your home

• Divorce or current separation

• You are in foreclosure

Benefits of a Short Sale:

• STOP Foreclosure

• Avoid Bankruptcy

• Reduce your credit impact

• Postpone your foreclosure sale date

• A short sale will usually show," Paid in full, Settled". A foreclosure is public record for 7-10 years

• BE ABLE TO PURCHASE A NEW HOME IN AS LITTLE AS 18-24 MONTHS

KATNIK BROTHERS- ORANGE & SERRANO HEIGHTS SHORT SALE SPECIALISTS. The information below is intended to give a brief synopsis of your Short Sale options. For a more information on Short Sales or to stop a Notice of Default call 714-726-2293 OR 714-353-2609.

*****A SHORT SALE COSTS $0 with THE KATNIK BROTHERS. The bank will pay all fees!!!!!*****

What is a Short Sale?

A short sale, negotiated settlement, or short pay occurs when a lender agrees to accept less than the amount owed to pay off a home loan. The lender usually agrees to a short sale due to the costly foreclosure process were they will take a much larger loss.

Short Sale vs. Foreclosure

How long will this process take?

There is no set timeline in the short sale process. It may take several weeks and or months before a lender and home owner can agree on acceptable terms. However, because of the increased popularity of the short sale option, banks have been streamlining the process to provide quick answers and a smoother process. We will keep you informed of the progress throughout the entire transaction.

But my house is going to foreclosure, will I have enough time?

Starting a short sale will not automatically stop the lender from starting the foreclosure process. However, our staff has successfully convinced lenders to postpone a foreclosure while we negotiate a short sale. While there are no guarantees, we will do everything that we can to get your home sold before the lender follows through with their foreclosure!

Can I stay in the house?

Yes, you can stay in your home until the completion of your transaction. In a short sale situation, you are working with the bank to get your property sold. You are an important part of the short sale process for the lender. By keeping you in the home, the lender is more likely to keep the home in its present condition and maintain a higher value than if you were to leave.

Will this have any impact on my taxes?

On December 20th, 2007, President Bush passed "The Mortgage Forgiveness Debt Relief Act of 2007" which allows California Homeowners a (3) year window to avoid paying taxes on the loss the lender takes. Before this act took effect, "If the value of your house declined, and your bank or lender forgave a portion of your mortgage, the tax code treated the amount forgiven as income that can be taxed." According to "The Mortgage Forgiveness Debt Relief Act of 2007" if you sell your home as a short sale by December 20th, 2010, the loss the lender takes will not be considered taxable income by the IRS. The IRS often gets involved with short sales because they are seen as a relief of debt and may be treated as income. Please check with your accountant and let them know about "The Mortgage Forgiveness Debt Relief Act of 2007."

On November 18, 1918, an armistice, or temporary cessation of hostilities, was declared between the Allied nations and Germany in the First World War, known than as "the Great War."

Commemorated as Armistice Day starting the following year, November 11th became a legal federal holiday in the United States in 1938. In the aftermath of World War II and the Korean War, Armistice Day became Veterans Day, a holiday dedicated to American veterans of all wars.

While Memorial Day, which is held on the 4th Monday of May honors American servicemembers who died in service to their country or as a result of injuries incurred during battle, Veterans Day pays tribute to all American veterans--living or dead--but especially gives thanks to living veterans who served their country honorably during war or peacetime.

So, while we may disagree about political direction and which candidates get to represent us in the Government, it's difficult to disagree that we live in liberty and freedom in this great nation, thanks in large part to a veteran.

The unselfish sacrifice of America's soldiers, sailors, airmen and Marines will never be fully appreciated by the rest of us who go about our lives under the constant vigilance and protection of these young heroes.

On November 11, please take the time to thank a veteran for his or her service.

Bank of America has gone on the offense,

rejecting claims by a lawyer for several large investors that it should buy back troubled mortgages because the loans were improperly made.

Several investors, including the Federal Reserve Bank of New York and Pimco are pressing Bank of America to buy back a portion of some $47 billion worth of mortgages. Bank of America argued that the effort would have the effect of speeding up the foreclosure process and force it to evict more homeowners. As the foreclosure crisis has escalated, the investors’ claims have become a major concern on Wall Street. Bank of America claimed the problems stemmed from the economic downturn rather than any underlying problem with how the mortgages were sold to investors.

B of A called the investor claims “utterly baseless.”

Signaling a much more aggressive legal stance, the bank also criticized the lawyer behind the effort, Kathy D. Patrick. It argued that a letter she wrote last month that was signed by clients was “written for an improper purpose, or in furtherance of an ulterior agenda.” Ms. Patrick did not immediately respond to calls seeking comment. “I don’t think we should be put in a position where we aren’t trying to help homeowners through this strife because people want us to foreclose faster,” said Brian T. Moynihan, Bank of America’s chief executive. Mr. Moynihan also said he was caught off guard by the decision of the Federal Reserve and Freddie Mac, the government-controlled giant, as well as private investors to sign the letter.

Some observers of the ongoing controversy are predicting that B of A will untimately have to answer the charges and sholder some responsibility as the claims suggest.

For more information on this controversy as well as other foreclosure news, click here. Michael Sebastian Homes is a premier So. Cal resource for short sale and foreclosure information and assistance.