Pre-Foreclosure Questions
What is a short sale? What if I just ignore my lender? Will they evict me?
What if I have a line of credit on my home? Will I have to pay the balance?
What if I just walk away? What happens to my credit? Who pays the closing costs?
What happens during a foreclosure? What is the Debt Relief Act? Can my lender sue me?
What about tax consequences? Can I purchase another home?
If you are like many other homeowners in Reno or Sparks, you have probably asked yourself some of these questions. There is a large portion of people are facing difficult circumstances in today’s rapidly declining real estate market. Are you having problems paying your mortgage? Have you received notices of default from your lender? Have been laid off or lost your job? Had to take a pay-cut? Then you might be able to find remedy for some of your problems. I pride myself in being able to provide straight-forward answers to all of your real estate questions.
If you are unable to make your mortgage payments and are faced with the prospect of foreclosure, then call me for an appointment today.
What are Your Options?
The current housing Market and national financial crisis has caused untold stress and heartache for many people. Foreclosure is one of the most devastating financial challenges that anyone can face and one that many times can be avoided. There are many options available to homeowners that do not involve foreclosure. Following is a list of such options:
- Reinstatement The homeowner pays back the deficiency to date and the loan is reinstated.
- Forbearance and Repayment Plan The homeowner negotiates with the mortgage company to repay the missed payments in addition to paying regular mortgage payments.
- Mortgage Modification Negotiate with the bank to modify the mortgage agreement so that the homeowner can make the payments.
- Rent the Property
- Deed in Lieu of Foreclosure Also known as a “friendly foreclosure.”
- Bankruptcy
- Refinance
- Service Members Civil Relief Act Only for military personnel on active duty.
- Sell the Property If the equity is great enough, the loan can be paid off by the proceeds of sale.
- Short Sale
You have options, and I would like to encourage you to consult with your accountant and attorney in regards to possible legal and tax repercussions associated with these options. In addition, give me a call to discuss these options in more depth concerning all your real estate needs.
Short Sale Info
Many wonder what a short sale is. Well, the answer is simple, but getting it to work is a bit more difficult.
If you are upside down in your home loan and are facing foreclosure there are many things to be considered. Banks do not allow short sales for just anyone. There must be a strong and legitimate reason for why the bank should accept less than you owe. Banks are going to be looking for a hardship. A hardship is the reason that you are really upside down in your loan. Most everyone is experiencing difficulties because of the market, but this is not reason enough for the bank. Banks can be difficult to deal with, so make sure that you have an agent working for you that knows what they are doing.Pick the Right Agent
You want an agent that is going to fight for your best interests. You want someone who is knowledgeable and experienced in the workings of short sales, someone who will not back down when the going gets tough. When you hire an agent, be sure you know who will be working for you. I encourage you to ask a few questions that are essential when considering a short sale:
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What is the longest time that you have worked on a short sale?
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What is the number one way to overcome any pitfall in a short sale?
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Do you do your own negotiating?
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How many properties have you listed as short sales and have lost to foreclosure? (be sure to get a hard copy, agents who are on the MLS can print this information for you)
These questions are a good starting point to assess the knowledge and experience of any agent concerning short sales. And remember to ask to see the proof.
I have proven myself to be the most successful short sale agent in all of Reno/Sparks and the surrounding areas. Contact me today to see how my experience can work for you.
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