Tuesday, December 9, 2008

Short sale might be your best option

Windem Real Estate
Get The Wind Behind You!
Moe Navidi
Real Estate Consultant
Tel: (949) 892-7077
Lic# 01753283

Loan Modification
Are you behind on your mortgage payment and property taxes?
Is your home upside down in value?
Short sale or Loan modification may be options for you.
First steps to save your home.
Protect your self from foreclosure. Don’t wait until it gets too late.
Seek help from a reputable Realtor or a loan specialist because you will need help.
Try to avoid any intermediaries who will take your money first before meeting with you.
Reassess your finances. Check all incoming income and debts to determine the new payment you can afford to pay before talking to the loan mediator from your bank.
Loan modification is a monthly payment adjustment, typically on the first loan balance. However you will still be responsible for the entire loan balance.
Before you choose to do a loan modification, find out how long you will be living in the house.
Have a CMA done on your property to find out if your home will sustain it’s value when you have to sell sometime in a not too long of a future.
Watch out for tax liens and HOA liens
No one can predict the market value of homes even five years from now so carefully consider your options
If you have two loans you will have to address each bank separately.
The benefit of loan modification is to keep you in your home with a loan payment reduction
If you have attempted doing loan modification and did not qualify, short sale might be your next option.
4 key things to note for your loan modification
Your documentation must be right
Your hardship letter must be very convincing
You must know the value of your home.
You must know your debt to income ratio.
We can help you. Briefly explain your situation in an email to us snavidi@earthlink.net

Short Sale
More and more homeowners are turning to short sale as the solution to their mortgage problems in lieu of foreclosure. We can stop foreclosure proceedings even if you have received a foreclosure letter.
Some questions to consider before doing a short sale.
How long can you continue to make your mortgage payment?
How secure is your job?
How much value have you lost in your home?
How long will it take to recover the lost before you start seeing some appreciation?
Do you have the documentation to support your hardship letter?
If you can not continue to make your payments and would not qualify for a loan modification, short sale might be the best alternative for you.
Benefits of doing short Sales
1-There is no cost to you. Freddie Mac is paying $2,200 for each successful short sale to the banks and the banks pays the agents.
2-Fannie Mae and FHA have change the waiting period to buy another home after short sale to two years.
3-FHA will insure a loan up to $729,750 at a fixed rate loan.
4-Short Sale can lift a tremendous burden off your shoulders and can leave you with some money in your pocket right away. Find out how?
5-You get the dignity of selling your home than the stigma of foreclosure.
6-We do all the work for you. We know how to work with the banks. We are 90% successful.
Short Sale will hurt your credit. It is considered as a settled account on your credit report. However with a good exit strategy you can buy a home again in two years. We will show you how
short sale may have tax consequence depending on whether the debt is "recourse" or "nonrecourse".
If you need to find a rental home we can help you with that.
Leasing is a division of our company
Give us a call; we will not waste your time.

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