Why a short sale?

What is a strategic short sale?

(California short sale)

• Stop foreclosure-Shred the debt!
• Avoid Bankruptcy!
• FREE short sale service There is NO out of pocket expenses to you.
• New California Laws give you the right to pay nothing and walk away from the debt on an approved short sale without further obligation!
  
• If you are foreclosed on, have a 2nd TD or credit line that was opened after  the time of purchase, the 2nd TD or credit line will not go away! The lenders will come after you and your assets and future income to pay it back.
  
• However,
• If you complete a short sale all of the lenders are barred from pursuing a deficiency judgment against you per California's amended anti deficiency statues, California Civil Code 540E that was amended in Jan. and July of 2011 to allow you to walk away and requires your lenders treat the debt as "paid in full". This is true even if you short sale rental property (1 to 4 unit residential). This amended law also prevents the lender from requiring that you to contribute to the short sale!
  
• If your property is foreclosed on and you owe your Home Owner's Association (HOA) past HOA dues, they will likely get a small claims judgment against you and go after you, your assets and future income. This accrues interest and stays on public records for 10 years and can be renewed for additional 10 years terms!
  
• However,

If you complete a short sale the HOA will be paid off in full or at a discount and you will have no further liability for the unpaid balance. If your short sale is handled and completed by us, you will not pay a penny at closing.
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  If you complete a short sale with us your secured  property taxes will be paid and you will not have to pay them. 
  
• Our service is absolutely Free and at No Cost to you.
  (The bank and buyer pay all costs and fees)!
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• If your home is worth less than you owe on it, NEW State laws allow you to sell your home on an approved short sale without paying or owing a penny!  
• Is your loan modification is going nowhere or has been denied? Is your bank not lowering your principal balance that you owe? Loan modifications are a scam! They don't work. They are designed to keep you in debt and paying more for your home than it is worth. They are good for the banks and bad for the home owner.
  
• If you are unable to or no longer want to pay your mortgage payments you can now walk away with no further obligation on an approved short sale per NEW state law (statues CCC 540E)! 
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• You can even do this and maintain good credit if you continue to pay your mortgage payments until close. 
  
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• A Short sale will extend the time you can stay in your home without making payments for 8 to 12 months +/- in most cases. 
• Forclosures, Judgments and Bankruptcy go on your  public record for 10 years. Short sales do not. They are simply a sale with your bank's permission and has much less impact on your credit. If you keep you payments current until the short sale is closed the impact to the credit for a short sale has been typically about 60 points from what we have heard from clients. It is reported to the credit companies as "Settled" or something similar rather than as a foreclosure.
  
• Sell your existing home via Short Sale so you can shred the debt and buy a new home at a fantastic low price with amazing low 30 year fixed interest rates.  Or just be able to move on with your life and have some balance. As long as you continue to pay more for your existing home than it is worth, you will be saddled with debt that prevents you from moving on and taking advantage of future opportunities.
  
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• Take advantage of 2007 Mortgage Debit Relief Act before it's gone! It expires at the end of 2012. This is designed to prevent tax liability for the debt forgiven by your lender.
  
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• Get the debit off your neck so you can buy a new home at today's low interest and prices. So you can start building equity again from principal pay-down and appreciation with every monthly payment. This will allow you once again to build up a large amount of equity in 10 years rather then just trying to get back to where you were.
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• Real Estate has a long term cycle (10 plus years), get the lender to take the remaining loss so you can move on or buy back in more quickly while we are bouncing along the bottom and ride the market back up.
• Our Short sales typically take us 8 to 12 months to complete from start to finish. During that time you can live in the home payment free.
  
• Some lenders will approve seller relocation expenses. This can run from $3,000. to $40,000. For example we closed a short sale transaction for $245,000. sales price in the Springs in Rancho Marige, California on Oct 28, 2011 and the seller received a check for $30,000. at close.
  
• What is a Strategic Short Sale?
• A short sale is the gold standard exit strategy when you owe more on your property than it is worth. It allows you to sell the property even though you are upside down (have negative equity) even if you can afford to make the payments. It is a personal financial decision and not based on your ability to pay. You may wish to sell your property for any number of reasons such as change in job location, retiring, moving down, moving up, negative cash flow, or just don't choose to be an indentured servant to your the bank! Maybe you want to save some money for travel, retirement, to help a family member, or to pay for tuition for kids or grand kids. Maybe you want to build your estate to pass on to your heirs.  Maybe you want to just get the bank to take the remaining loss so you can move on or to buy a new home at a great rate and price so your monthly payments can result in principal pay down and equity build up from appreciation. In this case your short sale is a strategic short sale. Banks would prefer to hear about your hardships or not how you plan to get ahead in life. Everyone has hardships so those are the things to be put in your hardship letter, not your aspirations and dreams. 
  

                      Certified Short Sale Specialists 

Nothing on this web site is shall be construed as legal or tax advice.

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