The prospect of foreclosure can be financially and emotionally devastating, and often times homeowners proceed or walk away without guidance or knowledge of any kind. Through my experience, negotiating skills, financial resources and compassion for people I'm confident that I will be able to provide you with the right solutions for your future.
Although President Obama's HAFA & HAMP (Home Affordable Foreclosure Alternatives) Programs expired as of December 31st, 2016, homeowners can still qualify for a Short Sale directly with their lender. The Diamond Executive Real Estate Group serves as advocates for distressed property owners in the Santa Clarita Valley and Antelope Valley will continue to help homeowners successfully negotiate these sales.
A short sale is a real estate term used to describe the process of selling a home for less than the amount needed to pay off the mortgage loan. This process is typically used when a homeowner has become behind on payments and wishes to avoid having the property go into foreclosure. Qualifying for a short sale is a one of the first key components to simplifying a complex real estate transaction.
These Are A Few Simple Steps You Can Take That Will Help Save You Time And Frustration.
1. Contact a Realtor®/Pre-Foreclosure Specialist who specializes in handling the complexities of these types of delicate transactions. It's very important that you're not just offering up the sale of your home and satisfying the real estate agents need to make a commission. The conversation should include discussions about all of the foreclosure avoidance options that may still be available to help you keep your home. You will need to have all of your documentation present in order for you and the agent to realistically determine whether or not a short sale is the best viable option for you.
2. Research Information About Your Home. Your Realtor must carefully determine that the current value of your home is less than the mortgage or mortgages that you owe on the property. This amount will typically include any late fees, homeowners association fees, unpaid taxes, liens or penalties that your lender may have added to the loan.
3. Make Your Decision And Take Action. Your pre-foreclosure specialist will set the expectation of what will take place before, during and after the sale. Be realistic about your goals and voice them to those that are helping you. Never feel intimidated by anyone to ask questions. Once you have decided to proceed, you must write up a contract with the agent to list the property for sale. A Realtor must first list your house and produce a buyer before a bank will consider accepting your request to short sale.
4. Be Prepared. Working with your lender can sometimes feel like you're appearing in front of a judge pleading your case. You have one chance at first impressions. It's critical to thoroughly complete and sign all of the neccessary paperwork required by your lender.
5. Contact Your Mortgage Provider. Give notice to your lender that your Realtor will be handling the short sale for you. Your lender cannot talk with your Realtor without receiving a letter of authorization from you confirming that it is permitted to do so It may take several attempts to locate someone from your mortgage company who is willing to help you with questions regarding the short sale process. Be persistant.
Before your request to undergo a short sale is considered, you must provide your lender with information and an affidavit as to why you are no longer able to continue making your mortgage payments. Many hardships include but are not limited to death of a spouse, family illness or injury, job relocation or unemployment, divorce or separation from domestic partner, adjustment in mortgage payment or unforeseen increase in living expenses.