You are facing a real financial crisis, perhaps for the first time. When Fullerton homeowners like you lose a job, or face a substantial loss of income (welcome to the ranks of the underemployed) then pressures of mounting expenses with lessening resources bring you to unanticipated hard times. Maybe you’ve tried to get a loan modification and your bank has been far less than helpful. Maybe you’ve been living off savings or credit and they’re about to run out- or already have. You know you can’t meet your mortgage obligation and sustain all of your financial obligations. Something is going to give and the bank is poised to foreclose.
You may have heard of short sales. The short sale process can help you but you can also end up in foreclosure anyway if you run afoul of the lender’s expectations. An inexperienced realtor can hasten a foreclosure even after a short sale has been started.
Did you know that you can do a short sale and at the same time, your bank can proceed with a foreclosure? That’s a nightmare that many homeowners, and unfortunately, some Fullerton agents are not prepared for.
Experienced Fullerton short sale agents makes the difference between failure and success in your short sale. Choose the right agent and avoid foreclosure.
We can help you avoid the foreclosure scenario and have the best chance for a successful Fullerton CA short sale for your home.
How does this work anyway? Why would a lender allow you to do a Fullerton short sale on your home knowing they will lose money? It’s about net loss. Lenders know they will spend more and recover less on a foreclosure than on a short sale.
If a lender feels, based on the documentation you provide them in a financial review that is part of the short sale application process, that you have a sustained hardship and are a risk of default, they may choose to take their losses in a controlled and predictably less damaging scenario of a short sale. The home gets marketed and sold and the parties involved typically reduce the losses associated with a foreclosure by a substantial amount, with limits on loss into double digit percentages.
You, as a homeowner can request a short sale and hire any agent, but Fullerton short sale agents with some experience in the process will understand the concerns of the lender and avoid many of the problems that doom a short sale right out of the gate.
You should get a professional, knowledgable agent who understands and has a proven track record in Fullerton short sales. Call today for help with yours.
If you’re a Fullerton homeowner facing the real possibility of foreclosure, you may have been hearing references to the acronym, HAFA. HAFA, the Home Affordable Foreclosure Alternatives Program, introduced by the Treasury Department in 2009, is for people in unresolvable financial and mortgage crisis. You may feel alone in the struggle to cope with foreclosure and the mounting pressures of your mortgage. You may feel that options that can really help you are in short supply. When you’re facing foreclosure, catastrophe and devastation seem to be hanging over you like a dark cloud and they often actually are that close.
There is hope for you and it’s just a call away. HAFA was designed for homeowners just like you. Maybe you’ve already tried to get a loan modification under the HAMP program and the lender acted like it was a joke or that it was never even a remote possibility, crushing your hopes further.
HAFA provides Fullerton homeowners with a much brighter option to foreclosure through the short sale process. The program provides benefits to homeowners in the form of up to $6,000 cash to be used in relocation, incentives for lenders and for investors. These incentives work to encourage every stakeholder in the short sale process to cooperate with an attempt to sell rather than foreclose.
Eligibility requirements and documentation are similar to those for HAMP, so if you’ve applied for HAMP, much of the work is already done. HAFA Guidelines are somewhat general and qualifications are often interpreted by the lender. The program qualifications are more fluid and have already undergone changes in how it works. Your experienced Fullerton short sale agent will know how these guidelines and changes influence your short sale.
If you’re approved for a short sale under HAFA, you can expect pre-approved short sale terms prior to listing your home. Meeting the terms allows you to be released from liability on your mortgage shortfall.
Now is the time to contact your Fullerton short sale agents for expert help from an experienced and successful team with an established record of closed sales and many fortunate homeowners who found relief from the burden of overwhelming financial circumstances. Call us today for the first step in your own answer to and permanent relief from your mortgage and financial problems that left unresolved, get worse with every passing day.
Here in Fullerton, real estate prices have tumbled 31% since the peak of the boom in 2006. Multiple financial downward trends have converged especially hard on Southern California homeowners. Between the local recession with 12% unemployment rate, (officially–in reality it’s far greater) income reductions and increasing cost of living prices from food to gasoline, many Fullerton homeowners have been finding themselves unable to continue to meet their mortgage obligations. Most find they cannot qualify for a loan modification either. You’re not alone by any means if you’ve found yourself in similar circumstances. There is little evidence that things will improve for people in these circumstances even though the economy is showing signs of slight improvement. The last to enjoy recovering economies are the unemployed and underemployed. The marketplace is not kind to everyone equally in a recovery. Even one of these factors can create such a financial hardship that you may find that you actually qualify for a short sale on your Fullerton home. You will want a capable and qualified Fullerton short sale agent to help you succeed in a short sale and avoid the very real possibility of foreclosure, even if you have already been approved for a short sale. Don’t allow a foreclosure to happen just because your agent lacks the experience and track record of success in Fullerton short sales.
You may see a short sale as a low cost sale and a foreclosure alternative, but several primary stakeholders influence the process and the outcome of a short sale.
There are four seats at the Fullerton short sale bargaining table and problem can arise from any one of them but the player in this high stakes transaction that usually cause the most damage to an otherwise smooth transaction is easily identified as the loan servicer.
First let’s look at the four above mentioned horsemen familiar to all experienced Fullerton short sale agents. The realtor with the right skill, experience and negotiation strength will prevail more often than the novice short sale listing agent.
Rider #1: The Fullerton Short Seller/homeowner. This is often the most ready to cooperate of the four. The homeowner just wants a chance not to go into foreclosure and is ready to help in the sale of the home. The seller may not have any idea that the other three players each have some kind of cause and opportunity to make life absolutely impossible for the homeowner sometimes for no other reason than to make a last minute “adjustment” to make the books look a little better for any number of reasons.
Rider #2: The buyer. Wants to get a great deal on a home. May have misconceptions about the whole process. Often thinks that this is an opportunity to “negotiate” a hard deal- a lowball offer or bring demands as if they were in control of the process and at an extreme advantage over the “distressed homeowner” and may even perceive that the “bank” is desperate to sell the property at the best price. Sometimes this isn’t just the buyer, but also characteristic of the buyer’s agent if that agent is inexperienced in dealing with short sales.
Rider #3: The investor. The pale horse. This stakeholder would initially appear to be the “real power broker” in this crucible called a short sale. They’re the good guy. The investor is the one who signs the approval. Then the short sale should be a done deal but often investors are too far removed from the picture and retain too little control over the day to day management of their own investment to effect their own desired outcome. Even though short sales typically close substantially higher than foreclosures, there is someone seemingly just waiting to torpedo the whole deal at every step in the process.
Rider #4: The loan servicer. This is usually where the horror stories come from in short sales, You may have heard how “horrible banks can be” in short sale transactions. These are not the actual owners of the mortgage- that would be the investor, rider #3. These are the headless horsemen of the housingpocalypse. They don’t care about the buyer, the seller or even the investor. They care about their own, their books, their P&L statements, their stockholders and sometimes they don’t seem to care about anything at all and botch the transaction by simply failing to lift a finger to prevent foreclosure long enough to achieve a better transaction in return. This one player, this one entity is probably the source of nearly all failed short sales. The landscape is littered with their unsuspecting victims of 11th hour demands, surprise foreclosure proceedings that were supposed to be suspended and a myriad of changing terms and added expenses.
An experienced Fullerton short sale agent is needed to give you the best chance against the four horsmen short sale scenario. One who is accustomed to things that tend to cause problems if nobody knows to check on them and ask the right questions of everyone involved.
In Fullerton, the real estate market has suffered the same pressures as most of Southern CA. Many homeowners have found that the economic downturn has impacted them in a personal way, hitting them from several angles. Job loss, income reduction have coupled with collapsed home values to create an impossible scenario where mortgage payments are no longer affordable and you can’t sell your home for enough to cover the loan balance. This is where thousands of Orange County residents have found themselves in the last few years- and it’s getting worse…
If you have come to the conclusion that you want to consider a short sale for your Fullerton home, as an experienced Fullerton short sale agent, I can help you have the absolute best chance of success for a sucessfully closed Fullerton short sale. Any real estate agent can list a Fullerton distressed property any time with just a real estate license but it will take experience and seasoned capability in real estate negotiations to keep your short sale from turning into another Fullerton foreclosure. It will take experience in our local market. You need a Fullerton short sale agent with a track record of success. I bring you my short sale success and experience in the often difficult road ahead in a short sale. I can give you the best shot at getting your short sale through to closing and at keeping it from falling into foreclosure proceedings.
Call Jason Watson for help. 877-828-8523 I bring you a unique blend of competencies in California real estate and the CA short sale process. My short sale negotiation experience means a win for you the homeowner.
Jason Watson, helping you avoid foreclosure. 877-828-8523