Most of the homeowners don’t know what the bank is looking for in hardship in order to qualify for short sale.  In order to do sell your house with higher loan balance than the worth of the house, you can do short sale.

One of my past clients recently came to me and wanted to check whether they qualify for short sale or not.  He had mentioned that he has bought another bigger house and now he couldn’t afford payment on both houses.  He thought that he would rent his house to cover mortgage payment but the rental payment didn’t cover their mortgage payment and other expenses. Now, he could not afford both house payment and wanted to see if this is hardship or not to short sale his rental house.

Hardship does not only mean that you have loss your job or income got reduced, hardship can be caused by other reasons also like increased expenses, medical expenses, divorce etc.,

Now this family’s hardship had created due to buying another house and cannot afford both payments with his current income.  This is also financial hardship.  Well some banks will approve it some won’t, it all depends on case by case.

If you are buying another house due to job relocation or moving closer to your job or some other reason which makes sense then the lender may approve the short sale.   After checking their reason then I listed the house for sale and received multiple offers with my aggressive short sale marketing and submitted to the bank.  After back and forth negotiation, we had received short sale approval from the bank and closed it successfully.  We have saved one more family from foreclosure.

If you are thinking about short sale, always work with an experienced short sale agent who knows how to negotiate the short sale with the lender. If you are in bay area and thinking about short sale, contact us for a free consultation to see if you qualify for short sale.

 

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Good news for home owners who are facing difficulties! Home Affordable Program extends until December 31, 205.

Here’s the latest news from dsnews.com by Ashley Harris

U.S. Secretary of the Treasury Jack Lew announced today that Treasury is extending the Making Home Affordable Program for another two years. The new expiration date is now set for December 31, 2015.

The program offers help to homeowners through solutions including the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives (HAFA), and the Second Lien Modification Program.

As of March, an estimated 1.1 million struggling homeowners have received a permanent modification through HAMP.

The move aligns with the Federal Housing Finance Agency’s (FHFA) extension for the Home Affordable Refinance Program (HARP), which was first announced in April.

If you are struggling with your mortgage payments, don’t delay to contact the professionals to help you with your situation, there are lot of options to avoid foreclosure.

If you want to keep your house then check with your lender for loan modification program under Home Affordable Modification Program (HAMP) which will help to lower your payments and if you would like to sell your house then you may qualify for HAFA short sale (Home Affordable Foreclsoure Alternatives program.

Don’t hesitate to contact us with any questions at 510-366-9405 or by clicking on Contact Me link.  We have helped many bay area homeowners to avoid foreclosure.

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Senate Approves Mortgage Relief Act of 2007 Extension and “Fiscal Cliff” Favors Housing Market

January 3, 2013

This is really good news for homeowners who are facing foreclosures and financial difficulties and cannot afford the mortgage payment. Senate has approved the extension of the Mortgage Relief Act of 2007 until 1/1/2014. This will help the housing market to recover quickly. If this weren’t extended then homeowners would have liable for the tax [...]

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Foreclosure Halt for Holidays by Banks!

December 4, 2012

This is a good news for homeowners who are facing foreclosure that they don’t have to move out from the house during the holiday season.  Most of the banks are halting their foreclosure eviction process for the holidays. Fannie Mae and Freddie Mac have announced that they will suspend all their foreclosure eviction process beginning [...]

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Updates on Bank of America Short Sales

November 2, 2012

If your loan is with Bank of America and if you get any letters from your bank then don’t ignore the letters, always check the letter because they may send you a letter with change of servicer, normally it will be 15 days before they change the servicer of your loan. Bank of America services [...]

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Short Sales Less Frustrating, but Still Difficult

October 19, 2012

The banks are more willing to do short sale and approval letter quickly compared to last few years ago.  Some banks are really good but few banks are still hard to negotiate and get the short sale approvals. CAR had surveyed the agents and found out from other agents also who are doing short sale [...]

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Are Baby Boomers Keeping the Home or Walking Away?

September 27, 2012

There are lots of homeowners who dip into their savings to pay their mortgage payments to save their house.  The problem with that is you don’t have anything left at the end. You will see more of this happens with baby boomers and less to younger generation.  Here’s an article which I read on dsnews [...]

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Blaison Has Been Selected as Registered Short Sale Agent with DTS

September 21, 2012

We are really excited to inform you that Blaison Samuel has been selected as one of their Registered short sale agent with DTS (Dignified Transition Solutions).  They are one of the approved vendor by Bank of America to help with their short sale. They assist the Bank of America with their short sale files.  The [...]

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Bank of America Short Sale Sellers Receives Up To $30,000!

September 14, 2012

Bank of America is offering homeowners up to $30,000 relocation assistance when they do short sale. This is there new exciting program offering to short sale homeowners. I’m excited to see this offer for homeowners who cannot afford their mortgage payment and wants to sell their house. The homeowners need to initiate the short sale [...]

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10 States with the Biggest Foreclosure Discounts!

September 6, 2012

California is also one of the 10 states with the biggest foreclosure discounts, so if you are still thinking of buying or investing in California, you still have time to buy a good property to move in or to invest for some cash flow. Here’s the article from Dsnews by Esther Cho: While RealtyTrac found [...]

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