Here is a mini series of articles I found online, to help people who are facing foreclosure and want to do a "short sale" which means: selling their home for less than what their loan amount is. Homeowners can have more than just 1 loan, they have 2sd, HELOC, 3sd...
Each banks I negotiate a short sale with is very different from one another. Each property and each individual I help with a short sale to prevent a foreclosure to happen is unique! Don't believe hear say stories...trust me this is what I do for a living, and all short sale may appear similar form a distance but each situation is unique and need different sets of documents, negotiations and what not.
I've seen it all, from relocation/job transfers, divorces, death of owner, people that voluntarily abandoned their property, trashed properties, immaculate properties to the wildest stories in the book! Either helping my client saving their situation via a short sale or helping home buyers purchasing a short sale property, for a successful transaction, you need:
1. A tenacious and well rounded/seasoned agent that don't give up easily the first time the bank hangs up the phone on him/her after hours trying or getting the run around...(like myself!)
2. Lot of patience, I'm not a miracle worker! But I do believe in miracle combined with hard work. Also, I'm a real estate agent, NOT an attorney, NOT a CPA but it helps to call them for questions and guidance.
3. Call your attorney, preferably a real estate attorney and call your CPA or tax preparer for any questions. Don't be ofended but I CANNOT answer those questions, I am only licensed to practice real estate and have no knowledge in law or tax. Most of them offers a free phone or in person consultation.
Give me a call and I will be all ears to help you 760.282.4663/760.282.HOME
Angelique Kenney
If you are looking to purchase and want to buy with a low amount of money down, read this article about FHA financing: http://sdandochomes.blogspot.com/2012/06/how-much-can-i-afford-with-fha-loan-in.html
Still not sure? Read this article: buy or rent what's cheaper? http://sdandochomes.blogspot.com/2012/03/buy-or-rent-whats-cheaper.html
Look at the MLS (Multiple Listing System - aka: the Realtor's data base of homes) - FREE!
homes for sale in Carlsbad - click link
homes for sale in Encinitas - click link
homes for sale in Del Mar - click link
homes for sale in Oceanside - click link
homes for sale in Vista - click link
ARTICLE #1:By Nick Adama
Fastest Ways to Stop Foreclosure and Sheriff Sale
Homeowners in foreclosure, for one reason or another, often find that they have run out of time to stop foreclosure before they have run out of options that could save their homes. Often, this is due to one plan falling through at the last minute, or a simple inability of some foreclosure victims to make a decision on what to do to save their homes. By the time they have decided which option would work best for them, there is just not enough time to complete the method and actually prevent the foreclosure. When this happens, though, homeowners will often be scrambling around, looking for the most efficient way that they can put the foreclosure process on hold or stop the sheriff sale.
The fastest way to delay a foreclosure is to contact the bank as soon as the homeowners know they may begin missing payments. By keeping in touch with them throughout a financial hardship, the mortgage company will often be willing to postpone certain dates, like the initial foreclosure filing and the sheriff sale date. Obviously, this may not be applicable for homeowners who have avoided talking to the lender throughout the foreclosure process, but it is important to contact that bank as soon as possible. The lender will not always respond negatively, and they may be willing to work with the foreclosure victims to give more time or put together a solution to foreclosure. The important thing is to call the lender, though, and inform them of the situation and what is being done to avoid foreclosure.
Two dates that lenders are often willing to postpone are the sheriff sale date and the original foreclosure filing. The bank may be willing to hold off on filing the actual foreclosure paperwork, in order to give their clients more time to come up with the money to reinstate the loan, or become qualified for an affordable repayment plan or loan modification. Once the foreclosure is filed, though, interest is often accelerated and court costs and attorney fees are added into the balance of the loan, making it more difficult to qualify for a solution.
We have discussed stopping a sheriff sale in other articles and on our blog, so readers are referred to those entries, but lenders will often delay a sheriff sale if there is a reasonable solution being offered them. A thirty-day postponement is often all homeowners need to work out a long-term solution to foreclosure, and banks will be glad to avoid the foreclosure auction if there is a good chance they will get the mortgage paid off in other ways.
However, lenders are much more strict on the end of redemption, unfortunately. They do not like postponing this important foreclosure date, since they have waited such a long time to take the property back in the first place. If the homeowners have been in contact with them, though, they may be willing to provide more time to move out, postponing the actual eviction process for a few weeks. This may not help homeowners dramatically, and will not result in saving the house, but lenders do not want to forcefully evict former clients, either. Giving an extra couple of weeks to effect a peaceful transfer of the property and prevent damage is in the bank's best interests.
Unless the foreclosure victims need more than a few weeks, though, it may be a good idea to start looking for other places to live once the end of redemption comes close. Obviously, the mortgage company will not let them live in the house for a long time until their income recovers or they can qualify for a new mortgage, since the bank will want to get the property ready to sell to make back the money they lost on the loan they made that went into foreclosure.
Often, the fastest way to delay an important date in the foreclosure process is simply to keep the bank informed and ask for more time, based on the chances for success of the method being pursued to stop foreclosure. Gaining more time during the foreclosure process can be an easy procedure or it can be like pulling teeth, depending on how much communication there has been between the homeowners and the lender. As early in the financial hardship as is possible, foreclosure victims need to begin working with their banks to find solutions to foreclosure, and work on various options on their own, as well. Then, in the event a plan falls through at the last minute, the bank will much more willing to put a hold on things in order to give the homeowners, who have been working hard on finding solutions, more time to complete a plan and save their homes from foreclosure.
The ForeclosureFish.com website specializes in teaching homeowners exactly what they can do to stop foreclosure on their own. With hundreds of blog entries, articles, and reference materials on the site, foreclosure victims can put together a comprehensive plan to save their homes from foreclosure. Visit the ForeclosureFish.com website today to download a free foreclosure e-book and browse through material on various topics, such as loan modification and short sales: http://www.foreclosurefish.com/
Article Source: http://EzineArticles.com/?expert=Nick_Adama
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