Have you received a “NOTICE OF DEFAULT”?
February 1, 2010
If you have received a “Notice of Default” you have roughly 112 days before you loss your home. Get help! Even if you have modified before, you might still have options. You might be able to take advantage of the “Making Home Affordable Modification“. Don’t quit. If you have exhausted all options then Short Sale It.
Most Frequently Asked Short Sale Questions!
January 11, 2010
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What is a “Short Sale”? The ”Short Sale” lender agrees to accept as payment in full a reduced loan balance, including liens, closing cost and commissions, etc.
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Can I do a short sale if a “Notice of Default” has been filed? Yes, you can still sell your home, but timing is critical. In order to proceed, the “Short Sale” lender agree to delay the sale, if needed.
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Once we begin the process, will I still have to negotiate with my lender? Once the property is listed, there will be no need to speak with your lender. The listing agreement is an employment contract. It allows you to hire your Realtor as your representative or your spokeperson. As your Realtor, you can expect me to communicate with and negotiating with your lender on your behalf.
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Can I stay in the home while the home is going through the Short Sale process? Yes. If So, how long? Once we have an acceptance from the lender I will let you know how long.
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What is the price of a “Short Sale”? There are no upfront fees or out of pocket fees Once escrow closes, I will get paid out of the transaction. This is put in writing.
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Will I get an money back from the sale? No the seller will receive no funds.
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For additional questions or to list your home, call (916)224-0482
Tax Benefits of Homeownership!
July 27, 2009
“Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.
Assume:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______ Total deduction
$12,577 =
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate) Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.
Why is the number of Short Sales rising?
July 23, 2009
“Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially
The loan modification and HUD!
July 22, 2009
Should I pay for a loan modification? Who can help me? Is a loan modification best for me? Click on the highlighed link and get answers to some of the most Frequently Asked Questions regarding loan modifications.
What if you tried a Loan Modification, but it was denied or rejected. Are you currently facing foreclosure? Are you behind on your payments? Thinking about walking away? Let us help! Lets discuss how a Short Sale might work for you. (916)224-0482.
