My first goal is to help people in the Sacramento, Carmichael Areas avoid foreclosure. Sometimes we can do that with a loan modification. A loan modification requires two elements: 1) the desire to stay and 2) the ability to pay. In other words, we have to show the lender that you’ve come across some hard times and if your payments were just reduced to a certain amount, you could then keep current on your mortgage. Some companies are charging quite a bit for loan modifications, so be careful who you choose to represent you.
If you cannot get a loan modification, if you’ve been late in your house payment, or if you know that it’s just not realistic for you to stay in this situation any longer, you should consider a short sale on your home. Some homes will be able to be short sale listed through the new HAFA Guidelines. However, some wont, at least not right now. Here’s a few ruling guidelines to know if your home qualifies for the HAFA Guidelines:
1) you have been delinquent on your mortgage or there is pretty clear evidence you will be
2) your loan is not government backed (FHA loans do not currently qualify)
3) your house payment exceeds 31% of your gross annual income
Now don’t worry if you do not meet those exact criteria. First off, you can still short sale your home. Please understand that, by definition, a short sale is simply selling a home for less than what is owed on it because the market has declined. When not under HAFA the process may take a bit longer, however, even government-backed loans will be, in my opinion, jumping on board before too long.
The key consideration is NOT whether or not your home qualifies for a HAFA short sale, but whether or not you can afford to keep your home. If the payment has become a burden of some sort, a short sales might still work for you. Please read the new book that I am literally giving away to Sacramento and Carmichael Area residents. It’s called, “Should I Short Sale My Home?” I think it will enlighten you as to the process.
Short sales are more complicated than traditional sales, but honestly, they are so much better than foreclosures in every respect from credit ratings to recourse to maintaining your dignity. I encourage you to read through the book, and call me if you have any questions. If I can help you, I will, but it all starts with you picking up the phone and letting me ask you some questions about your current situation. From there, I can advise you as to the best way to go.
Remember, as the Sacramento seller, you pay nothing in the process–not to me or anyone. But again, this is assuming that we can qualify your home for a short sale. I can be reached at 916.482.5834. Call me anytime 
At your service,
Tamara Dorris
PS- catch my radio show each Wednesday at 10 AM where we give real estate updates and feature a guest who helps educate and inspire Sacramento on all things good! You can hear podcasts anytime: www.InLoveWithSacto.com
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