Below are four quick facts and solutions you should think about if you are considering getting out from your current home.
Fact: Loan Modifications are hard to come by and if they do, it is rare to receive true Principle Reductions, which is what is needed. Principle Forbearance is more likely than a Principle Reduction.
Fact: A Quarter of all mortgage holders in Southern California owe more on their mortgage than their property is worth.
Fact: Foreclosure is more damaging to your credit and future employment.
Solution - A Short sale will accomplish three things for you.
- 1st: Allow you to take some control back in your life. Stop with the frustrating calls to your lender with no answers.
- 2nd: Give you a fresh start credit wise and even allow you to possibly purchase a home sooner then you think. Short Sales are considered a settlement not a walk away.
- 3rd: Allow you and your family to move forward with Dignity.
Now there are a lot of things floating around that say No Cost or Zero Cost Short Sale. this is true in the aspect that once a Short Sale is approved the Lender will take over all cost.
The real cost to you comes from selecting the wrong agent to help you with your short sale. There are many agents who shy away from taking short sale listings as they do not want to sit on the phone day in and day out for maybes. The agents that are successful in the Short Sale arena are agents who have established a relationship with the lenders but most importantly have a strong team to back them up. Make sure to ask your Agent - are they working direct or do they have a strong negotiation team that understands what is happening with the Lenders, 2nd Liens and the Government Programs. Just as you want the most money for your home you listed so would a lender. The Agents focus should be on selling your home at the most $$ possibly and quickly. This can only be successful with a Strong Team and a real understanding of lenders are expecting.
However, I see far too many homes listed very low compared to comparables just so they can get multiple offers and start the short sale process. This does you the homeowner no good because once the lender reviews and see's the home is priced too low they will reject the buyer and you will start the process all over. What has this cost you......Time!
Should you have any questions regarding the possibilities of listing your Portola Hills home as a short sale, please do not hesitate to give Kelly Turbeville a call. She has established a team of experts that bring you the customer the most important thing in a short sale.....comfort!