*What if my mortgage is an FHA...or HUD...or VA mortgage?
Short sales can still be done on all these types of mortgages though each one has different criteria. Just let us know what kind of mortgage you have and we will take that into account.
*What other options might I have at this point?
When faced with a foreclosure, some things you may be able to do are:
If you can do any of the first 3, then you probably should! Those are usually the best solutions for a homeowner in foreclosure. However, if your situation is such that your house cannot be sold for the amount owed, and you have no money to bring the payments current, and you have no equity to qualify for a refinance, then you should consider a short sale before considering option #5.
Again, we encourage you to educate yourself as much as possible about your situation and seek advice from any attorney or CPA you have access to about your choices. We do caution you against paying for the advice of so-called "foreclosure work-out specialists" or other such advisers unless it is by personal recommendation.
Contact Fred Sed 949-274-3733 if you feel a short sale might be an option for you.
* I am in foreclosure, is a short sale for me? Do I qualify for a short sale?
Each situation is different and must be evaluated individually. If you believe you fit the basic criteria of:
e-mail us at FredSed@PGcoastal.com or call at 949-274-3733 if you have questions about your situation
*I am NOT in foreclosure and I have missed NO PAYMENTS, can a short sale work for me or do I qualify for a short sale?
The lender must be convinced that they will NOT BE REPAID without the short sale.
If you are not in foreclosure and you have not missed any payments, a short sale is likely and is possible. The key is to have a legitimate financial hardship that will keep you from making the payments. A short sale is not just an easy way out of a bad investment. If you are working and your house has just lost some value, that is just unfortunately a bad investment and you are responsible to pay the shortfall.
Short sales are when lenders agree to discount a mortgage for someone who has had legitimate hardships and who has little chance of paying the amount owed. You may be hearing stories that mortgage companies are hurting and they don't want these houses and are giving big discounts away. These stories are mostly urban myths and are not true. In fact, the opposite is happening. Since profits are down, lenders are getting tougher when negotiating prices. They are not letting properties go cheaply and without very good reason. They will try ANYTHING to get you to repay the mortgage in full. A short sale is only a last resort, but we do know how to get lenders to agree to a short sale.
Contact Fred Sed at 949-274-3733 with any questions about Short Sales and to see if this is the best option for you.
* Will a short sale "save my house"?
In the sense that you will be able to continue to live in the house, unfortunately, the honest answer is no. A short sale is only done involving a legitimate sale of the home from the foreclosed owner to another unrelated party. Many of the cards and letters you have gotten have probably promised to save your house, however, this is very seldom possible. We would recommend that you NEVER sign away your deed to someone who promises to "save your house" from foreclosure. It is probably a scam.
* Will a short sale "save my credit"?
The short answer is yes and no, a short sale can save you from the worst credit disasters.
By defaulting on mortgage payments and having a foreclosure filed against your property, you have already done damage to your credit. Your credit score has declined and those negatives will stay on your credit report for some time. However, it will get much worse if you allow the foreclosure to continue and do not try to short sale the property.
Once a foreclosed property is sold at auction, your credit score is further reduced and when the foreclosure is completed via eviction and repossession of the home, your credit will be even further damaged. If you can complete the short sale BEFORE either of these takes place, then you can prevent that further damage to your credit. In addition, when the short sale is completed, it shows up on your credit as a "Paid" mortgage and a canceled foreclosure, which shows future creditors that you did take care of your obligations.
If your situation eventually winds up in bankruptcy, then that is the worst item that could appear on your credit report and it will remain there for years and cause numerous difficulties in getting future credit. A short sale can help avoid this, but the key is not to wait.
Contact Fred Sed 949-274-3733 if you want to see if you qualify for a Short Sale.
Are short sales guaranteed to work?
No. Even though short sales are increasing they are still fairly complex, as I have stated. All the criteria MUST be met for a bank to even consider a short sale. It is not easy to convince a bank that the market value of the home is lower than what they are owed. They do not like to take a loss on a loan.
Then the bank must be convinced to discount the mortgage enough to make it viable for a potential buyer.
In some cases, we do all the paperwork and wait several weeks only to be denied. Again, the homeowner continues to own and live in the house if he chooses.
If the lender does not approve the short sale, The Pahua Group has no rights at all to the property and no transaction occurs. The purchase agreement becomes void and the listing continues.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
How much does it cost me for you to do a short sale on my house?
We DO NOT charge our clients to assist them in the short sale process. We get paid directly by the lender if we our successful in completing the short sale. OUR SERVICES ARE FREE FOR ALL HOMEOWNERS!
Is my house too cheap or too expensive to do a short sale?
Homes in any price range can be eligible for a short sale as long as the basic criteria are met.
*Having trouble making your payments
*Little or no equity in the property
*Personal financial hardship
*At Least 60+ days to a Foreclosure Auction
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
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Fred Sed of The Pahua Group specializes in buyer representation of foreclosures/bank owned REOs and tenant representation of Orange County Rental Properties. Fred is also a short sale specialist.
Thank you for taking the time out of your day to browse my site. I cannot stress enough how very important it is that you seek the right advice from the right realtor with the right skills. Today's market is much different than what we have experienced in years past. A few years ago, all you had to do is place a home on the market and it would sell in a few days with multiple offers, and really no skills were needed. But today's market as I have said is completely different.
Every decision you make, every step you take, could affect the outcome of whether or not your home sells for the top dollar this market will allow or whether or not you negotiate the best deal possible. That is why you need a professional that is highly trained, experienced, and skilled in today's marketplace. Someone who is going to work for you day in and day out to make sure all of yours need are not just met, but exceeded.
Contact me today, whether you are in the market to buy or sell real estate, so that I can send you the information that is crucially needed in today's marketplace,
Thank you for the opportunity to be able to assist you with all of your real estate needs!
Best Regards,
Fred Sed
The Pahua Group
949-274-3733
FredSed@PGcoastal.com
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