Short sales and Foreclosure information for Riverside County

Short sales Foreclosures The Big Talk of Riverside County Residents! There’s so many stories that you may have heard about them from your friends down the street, the news media, your neighbor or even one of your family members.

First, you have to know that there is no cost to list your home as a short sale. When you list your home as a short sale, that commission is not coming out of your pocket, the commission will be deducted from the proceeds that your lender receives from thebuyer.                                                                                       
We will go through important information that you need to know before you buy or sell as a short sale.                                                                                                
 
If You Are A Seller or a Buyer one Thing For Sure You Have To Be Patient !

Short sales in Riverside Ca, and Surrounding Areas are double than last year, You can’t look for a house for sale on the market without noticing that currently there are more "Short sale homes “ Than REOs.

What is a Riverside County Real Estate Short Sale ?

A short sale occurs when your lender agrees to accept a lower price on your home than the current mortgage balance. Does not have the means that you have to pay the difference.

Why Short sale ?
A Short sale makes more sense than Foreclosure, If you are struggling to pay your mortgage and cannot qualify for any other assistance, Avoid foreclosure should be the goal of any Riverside County home owner resident who cares about the financial credit and the ability to get a loan in the future, you can have a fresh start without major damage to their credit, Additionally, short sales release home owners from bad mortgage debt.

With the Government’s Making Home Affordable program failing miserably many people must seek other routes to avoid the devastating effects of foreclosure. A Real Estate Short sale is the Best against Foreclosure !

Can anyone short sale thei property? Many people wonder why the bank would allow them to participate in a short sale, in all short sales, the bank must assure that the borrower qualifies for the transaction. Most mortgage lenders will allow a Short Sale when there has been a change in circumstance after the mortgage loan was obtained—especially if that change of circumstance (or hardship) prevents the borrower from making monthly mortgage payments.

To qualify for a short sale, a borrower may have suffered any of the following circumstances:

Financial Hardship

There is a situation causing you to have trouble affording your mortgage.

Monthly Income Shortfall A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

Insolvency The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

If You Have A First and Second Mortgage; With different lenders that will certainly complicate since the second note holder will want something to accept the short sale, however you will need the approval of both lenders.

There are as many different policies governing short sales procedures, as there are lenders. Each lender has its own criteria for accepting a short sale, each person who is underwater here in Riverside County has a different situation and each short sale is negotiated on a case by case basis.
Lenders may be more open to accepting the terms of a short sale in this market, more than before, to avoid the much more costly foreclosure process.

Sometimes, although there may be other legitimate reasons for a short sale, mortgage lenders do not usually accept a short sale merely because the borrower is annoyed or frustrated by significant loss in their home’s equity.

Not all lender’s will accept short sales or discounted payoffs, sometimes the lenders will just let just let the home go, especially if it would make more financial sense to foreclosure. No all sellers nor all properties qualify for short sales.

Another thing that you have to know is that Your lender will not allow you to have one penny from this sale, Any monies that you receive must be given to your lender.

Keep reading my site for information to help you through the Short sale process.

If you need honest professionals to guide you in the best direction Call me! (951)858-5797 MY SERVICES DO NOT COST YOU ANY MONEY!

In a 15 minute telephone call, we can explain to you all the current options available to help you solve your short sale situation, through my English is not perfect I do have the expertise to help families avoid foreclosure.

If you know somebody who might benefit from talking to me about options to avoid foreclosure, please feel free to call, or pass on my contact information. I want to help as many residents of our Great Riverside County, Surrounding Areas communities as I can to find real solutions to their challenging circumstances.

Contact me for a confidential consultation My services are always FREE to the sellers.

I have helped many homeowners in the same situation you find yourself in, I am on your side.

Cecilia Rodriguez. Specializing in Residential Real Estate, Pre foreclosures, Realtor, Distress property expert. Certified Action Specialist.                                           Ceciliarod@prudentialcaliforniarealty.com
(951)858-5797
Lic # 01505884                                                             
Prudential California Realty

Short Sales In Riverside Ca, What You Need To Know About Selling Or Buying In Riverside County.

Part 1
We are going through difficult times. Distress homeowner don’t know what to do who to ask for help. There is a misunderstanding information about short sales, knowing the facts its going to help to which direction its in your best interes !

Avoiding foreclosure is always something worth pursuing if you can, and there really are dignified alternatives available.
If you would like to find out more about HAMP or HAFA programs, or someone you know needs assistance in avoiding foreclosure, please don't hesitate to call me.( 951 ) 858-5797 or send an email, Ceciliarod@prudentialcaliforniarealty.com

Why Would a lender Want to do a Short sale in Riverside County in First place?
Sometimes the loss that the lender takes on a short sale is less than if they foreclosed on the property. Foreclosing is an expensive and time-consuming process. Many times the lender feels it is better for their bottom line to accept a short sale. Not every homeowner is qualified to do a short sale.

How long a Riverside County Short sale takes?
Short sales can take as little as a 4 weeks to 12 months to be approved, But the approval process varies widely from lender to lender .It is not as simple as just sending some documents in and that is it. There are formulas and procedures that lenders and as I said above not all lenders use the same ones.

Recently I have found a lot more home owners are getting foreclosure notices before they start thinking about a short sale. This of course makes it more difficult to get one done but certainly not impossible.
In fact I have been involved in transactions where I have gotten the foreclosure postponed when the auction date was only 7 days away. This of course is not ideal. If you see financial problems ahead that you know are not going to change, you should really be actively thinking about initiating a short sale.
 
An important thing to understand about a short sale is that the seller of the property; you, still own the property, still hold the title to the property, and still decide what offers will be accepted. The bank does NOT own the property. A foreclosure proceeding may have started, but until the property is sold, the owner of record is the person in control of the property

There are Several important reasons why a Short Sale is better for you instead of a Foreclosure, here’s some of them:

A Dignified Solution:
With a Short Sale, you sell your home just like your neighbors. It’s a dignified resolution to a tough situation. Instead of a 'Bank Foreclosure For Sale' signs in front of the property for your neighbors to see

Future Liability:
Riverside Ca is a "Non-Recourse" state which means that the debt written off by the 1st lien holder or any first money also known as Purchase money is exempt from any future liability. However, HELOC’s do not qualify for this exemption, which means that the Creditor can pursue the borrower for the remaining balance and often times will not release the junior lien until the future liability has been settled.

This is with a purpose to general information not for legal , Tax advice. Consult your attorney, Tax specialist

Less Damaging to Credit Rating:
Once the short sale is complete the sale will be reported as "paid as agreed, or paid as settled,". The negative impact on your credit comes from any delinquency on the mortgage. However, you will recover from these delinquencies within 12 months.
 
A Foreclosure will severely damage your credit rating for 7 years, but a Short Sale is less damaging and its effect does not last as long.

Probable Relief from HELOC 2nd Mortgage:
When the 1st Mortgage Bank forecloses, the 2nd TD HELOC loan is not deleted from your debt. The 2nd TD HELOC Mortgage Bank may take legal means to collect their debt after the Foreclosure. With a Short Sale, I negotiate with both lenders to highly reduce or totally eliminate the HELOC loan debt.

This is with a purpose to general information not for legal , Tax advice. Consult your attorney, Tax specialist.

NO guarantee that your short sale will be successful.
Please keep in mind that each short sale is different, each seller has different circumstances and different lenders.

If you are considering a short sale in Riverside County, San Bernardino, Orange County please contact me and let's talk. In a 15 minute telephone call, we can explain to you all the current options available to help you solve your short sale situation.

Remember that you are asking the lender to take a loss on this sale. Your Short Sale package is the only chance you have to explain in detail why this is necessary. If you do not provide complete, accurate information you could be denied

If you are facing a possible foreclosure, please don't give up hope and do nothing. There is current legislation and bank cooperation to help see you through Short Selling your home avoiding a foreclosure. Please call me , I can help. I have extensive experience working short sales and am available to answer any and all questions you might have. This is what we do every day and I have an excellent track record. Through my English is not perfect I do have the expertise to help families avoid foreclosure.

If you are considering a short sale in Riverside County, San Bernardino, Orange County, Los Angeles County, please contact me and let's talk

In a 15 minute telephone call I can explain to you all the current options available to help you solve your short sale situation. (951)858-5797 or send an email to Ceciliarod@prudentialcaliforniarealty.com

MY SERVICE DOES NOT COST YOU ANY MONEY!
The consultation is absolutely free and confidential.

Please if you don’t do your Short sale with me list with an experienced short sale Realtor.

My name is Cecilia Rodriguez and I am here to help. I am you side
 
If you know somebody who might benefit from talking to me about options to avoid foreclosure, please feel free to call, or pass on my contact information. I want to help as many residents of our Great Riverside County, Surrounding Areas communities as I can to find real solutions to their challenging circumstances.

Keep reading my site for the Part 2 of the Short sale process.

Cecilia Rodriguez. Specialist in Residential Real Estate, Pre Foreclosures Distress Properties Expert, Certified Action Specialist.
(951)858-5797
Lic # 01505884
Ceciliarod@prudentialcaliforniarealty.com

Prudential California Realty