The short sale process from A to Z - Short selling your Fresno home, step by step.
By: Jeremy Smiley, Realtor, Short Sale Specialist, London Properties
Step one: Do your due diligence. Search the web and find out as much as you can on the process. There are a lot of misconceptions … [Read More...]
Once your home is listed on the MLS as a Short Sale, you have agreed to let the bank/your lender decide the ultimate “Terms” on which the home will be sold.
A Short Sale is unique. Although you are the homeowner according to the note & or deed recorded when you purchased your … [Read More...]
Top 10 Fresno Seller Short Sale Questions, Answered.
Q. I can’t make my house payments but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit score…is a short sale right for me?
A. Probably not. In cases where the seller can … [Read More...]
1. What is a Short Sale?
In a short sale, the lender agrees to settle the debt owed on the property for less than the full amount. “Settled” means that the lender is writing off the debt (which is why you get a 1099 after a short sale for the amount of debt forgiven) and that they are not … [Read More...]
Source: Elizabeth Weintraub, About.com Guide
A reader asks: My husband and I have been making our mortgage payments every month even though our home is underwater. We owe a lot more than our home is worth. Now, my husband has lost his job. We're thinking about walking away from our home … [Read More...]
Although some economic indicators hint that the U.S. economy is moving toward a recovery, home values are still suffering from a serious economic hangover. Many home owners are putting off a sale until prices recover. But some owners must sell immediately, even at a … [Read More...]
As real estate values have dropped over the last couple of years, drastically in some places, thousands of home owners have found themselves either upside down on their mortgage, unable to afford their payments, or both.
The topic of short sales and foreclosures seem to dominate the … [Read More...]
I decided to look into our current shadow inventory in the Fresno area today. I personally define "shadow inventory" as a property that is at any stage of the foreclosure process (Notice of Default, Notice of Trustee Sale & Bank Owned) and not listed for sale. Being a Short Sale … [Read More...]
When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms … [Read More...]
You can all exhale. The Fiscal Cliff deal passed in the wee hours of last night extended the 2007 Mortgage Forgiveness Debt Relief Act which was due to expire at midnight. According to NAR, the American Taxpayer Relief Act of 2012 passed the Senate 89-9.
There was an awful lot of … [Read More...]
The news has been abuzz in the past few weeks about the historic Robo-Signing Settlement reached between the government and five major lenders. The settlement raises lots of questions, but for homeowners who are in danger of losing their home there is only one:
Can this settlement help … [Read More...]
Forty-one state attorneys general signed a letter Tuesday urging U.S. House and Senate leaders to extend the expiring Mortgage Debt Relief Act of 2007-. The attorneys general argued failure to extend the act would take away from the national mortgage … [Read More...]
Short Sale Incentives: Why Banks will Give You Money to Sell the Home You Can't Afford
Since the beginning of the housing crisis, tens of thousands of Fresno homeowners have found themselves pinned in by their financial circumstances and chained to a mortgage on which they owe more than … [Read More...]
Perhaps you have heard about it.
On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good (or even the best!) … [Read More...]