short sale: Can I Ever Buy Again if I Short Sale? - Costa Mesa Short Sale FAQS - 06/08/12 03:19 PM
Can I Ever Buy Again if I Short Sale? Costa Mesa Short Sale FAQs  
This is one of the biggest questions that comes up for people who are considering a Costa Mesa short sale. It's understandable, most distressed homeowners like to be homeowners and want to be again when possible.
Fortunately, the answer is you should be able to own again, and it may not take as long as you think.
Generally, the timeframes in which lenders will allow you to buy again are much shorter after you do a Costa Mesa short sale than they would be if you … (6 comments)

short sale: Where Will I Go After I Short Sale? - Costa Mesa Short Sale FAQs - 06/08/12 02:51 PM
Where Will I Go After I Short Sale? Costa Mesa Short Sale FAQs
If you are facing a foreclosure or considering a short sale on your Costa Mesa home, you are probably wondering where you will go.
We can help!

Perhaps you already know where you are going. Perhaps your family has a rental property you can move into or maybe they have space in their own home. If this is not the case, many potential short sale sellers are concered about what will happen to them and where they will go.
The concerns may be that you don't have … (4 comments)

short sale: Can I Do a Short Sale on My Costa Mesa Home if it's Rented? - 06/08/12 02:44 PM
Can I Do a Short Sale on My Costa Mesa Home if it's Rented?- Costa Mesa Short Sale FAQS  
Are you having trouble making your mortgage payment on a Costa Mesa rental home? Are you upside down, and afraid you can't sell it? Have you seen your rental income and/or your other income drop significantly and can't make up the shortfall any longer?
Well, amidst all of the difficulty, there is good news! You can do a short sale on a Costa Mesa home even if it's rented. The fact that it is a rental property will not disqualify you … (2 comments)

short sale: Can I Short Sale My Costa Mesa Home if I'm in Bankruptcy? - 06/08/12 02:34 PM
Can I Short Sale My Home if I'm in Bankruptcy? Costa Mesa Short Sale FAQs
The short answer is yes.
Doing a short sale while in bankruptcy adds another layer of complexity the short sales and may increase the time it takes to complete the short sale. Still it is quite possible to complete a short sale while in bankruptcy.
Depending upon your situation and the chapter of bankruptcy filed, you may need permission from the court and/or trustee to short sale your Costa Mesa house and/or employee your Realtor.
Although it is easier to obtain a Costa Mesa short sale … (0 comments)

short sale: How Much Will It Cost Me to Short Sale My Home? Short Sale FAQs - 06/08/12 02:19 PM
How Much Will It Cost Me to Short Sale My Home? Costa Mesa Short Sale FAQs
You're probably looking for a clear cut answer to this.
However, the answer is "it depends".

It depends upon a variety of things like: Do you need termite repairs? Are you behind on your HOAs? Do you have more than one loan on your property?

Although there are many variations, this post will discuss a few of the more common scenarios.

Usually, the bank will allow a large majority of the closing costs for a Costa Mesa short sale to be paid from the purchase … (2 comments)

short sale: Do I Qualify for a Short Sale? - Costa Mesa Short Sale FAQs - 06/08/12 01:43 PM
Do I Qualify for a Short Sale? - Costa Mesa Short Sale FAQs
Have you been considering a short sale on your Costa Mesa home?

Are you behind on your mortgage?

Facing foreclosure?

Don't know what to do?

Well, it's time for some answers.

Generally, there are three requirements that will allow you to qualify for a short sale on your Costa Mesa house.
Monthly short fall Hardship Insolvency
Let's look at each of these.

1. Monthly shortfall
This means that you run out of income before you run out of month, ie. your monthly living costs are $8,000, and you … (0 comments)

short sale: Short Sale Versus Foreclosure - Costa Mesa Short Sale FAQs - 06/08/12 01:37 PM
Short Sale Versus Foreclosure - Costa Mesa Short Sale FAQs  
If you are facing foreclosure, you may be trying to decide whether you should try to do a short sale on your Costa Mesa home or just allow it to go to foreclosure.
As you are making this decision, it is important to understand what the differences are between the two and what the results might be for each.  
Future Home Purchase - The time frame to be able to purchase is typically significantly less with a short sale than foreclosure.
- On a Fannie Mae loan it … (0 comments)

short sale: What are My Alternatives to a Short Sale? - Costa Mesa Short Sale FAQs - 06/08/12 01:32 PM
What are My Alternatives to a Short Sale? Costa Mesa Short Sale FAQs

Are you behind on your mortgage payments?

Are you facing foreclosure?

Do you want to keep your home, but don't know what to do?

Are you hoping not to short sale your Costa Mesa home, but you know that you don't want to go through a foreclosure? Can you do anything else?

Yes, you can. There are several options.
Reinstatement - This means to pay the mortgage current including any back payments, interest, past due fees, etc. Forbearance or Repayment - Thebank may be willing to allow … (2 comments)

short sale: What is a Short Sale? - Costa Mesa Short Sale FAQs - 06/08/12 01:24 PM
What is a Short Sale? - Costa Mesa Short Sale FAQs  
Five years ago, the term short sale was unknown to most homeowners and even to many real estate agents that is because homes had been appreciating rather than depreciating for a decade or more and even back in the 1990's, the decreases weren't as drastic nor as long lasting.
 
Enough history, the question is what is a short sale?
 
A short sale occurs when a homeowner needs to sell their home, and they owe more on their Costa Mesa home than it is worth.
 
For instance, … (0 comments)

short sale: Will BofA Give You $30,000 to do a Short Sale on Your Costa Mesa Home - 05/23/12 05:51 AM
Will Bank of America Give you $30,000 to do a Short Sale on Your Costa Mesa Home? Have you heard about BofA's new program that offers significant relocation assistance to Short Sale Sellers?
BofA announced on May 15, 2012, that it will be offering as much as $30,000 in relocation assistance to distressed home sellers who choose to short sale their home rather than allow it to go to foreclosure.
Once a short sale has been initiated in the Equator system by your agent, BofA will evaluate your eligibility for the program.
To qualify:
Home owner must participate in one of the … (3 comments)

short sale: Can I Do a Short Sale if I'm in Foreclosure in Orange County? - 07/10/11 03:29 PM
Can I Do a Short Sale if I'm in Foreclosure in Orange County?  
The short answer is maybe, maybe not.
Not clear enough? Read on.

In California, most foreclosures are done as non-judicial foreclosures, meaning that they do not require that a lawsuit be filed.
California Non-judicial Foreclosure Process
 
Notice of Default (NOD) is filed Trustee must wait at least 90 days after the NOD is filed to file a Notice of Trustee Sale (NTS) 21 days after NTS is filed, trustee can hold an auction sale  
 
 
The process can take longer than this, … (3 comments)

short sale: The Recession Won't Be Over Until Home Owners are No Longer Upside Down - 04/11/10 04:46 PM
The Recession Won't Be Over Until Home Owners are No Longer Upside Down
 
 
Some believe the recession is over, and we are in recovery.  Others say we still haven't seen the end of it.
 
I do not have an economics degree, but it seems to me that this recession will not truly be over until the American home owner is comfortable in their own home.
 
The American Dream of owning a home, has become a nightmare to millions of Americans in the last few years.  Instead of being a point of pride and comfort, owning a home … (9 comments)

short sale: The Appraisal Came Back Too High - Sorry, There's Going to be a Delay in Closing?! - 03/17/10 05:26 PM
The Appraisal Came Back Too High - Sorry, There's Going to be a Delay in Closing Your Short Sale?! (UPDATED)
 
The pendulum has definitely swung.  A few short years ago, a borrower could sign his name for a million dollar loan without having to provide proof of his income or his assets.
Today, even a borrower who has good income and a lot of money for a down payment can find it difficult to obtain a loan without jumping through many hoops.
 
Rules keep changing.  A year ago, HVCC was enacted which prevents buyers, their agents or their lender … (81 comments)

short sale: Can I Afford Your Services? How is my Agent Paid in an Orange County Short Sale? - 02/28/10 03:16 PM
Can I Afford Your Services?  How is my Agent Paid in an Orange County Short Sale?
 
In a typical equity sale, the seller signs an agreement to pay a commission to the listing agent, and the listing agent then shares this commission with the buyer's agent.
When I meet with sellers who are considering a short sale, which occurs when they owe more on their home than it is worth, they are concerned that they will have to pay an agent commission.  Most can't afford to make their mortgage payments and do not know how they will pay a commission.
I explain to them that any offers … (4 comments)

short sale: Huntington Beach Short Sales - By the Numbers - 02/09/10 05:12 PM
Huntington Beach Short Sales - By the Numbers
Huntington Beach has seen a large decline in prices in the past few years, just like the rest of Orange County.  As a result, short sales have become common place.
It's obvious from reviewing the numbers for the current Huntington Beach real estate market that it too reflects this loss in value.
There are 489 homes currently for sale in Huntington Beach, and 120 of them are short sales or in the foreclosure process.  This means that nearly 25% of all of the homes that are for sale are short sales.
 
When looking at the … (0 comments)

short sale: Short Pay Refis - If You Don't Know What They Are. . . You Should - Part 8 of You Owe More on Your Orange County Home than It's Worth, and You Don't Know What to Do! - 09/20/09 09:14 AM
Short Pay Refis - If You Don't Know What They Are. . . You Should - Part 8 of You Owe More on Your Orange County Home than It's Worth, and You Don't Know What to Do!

This is a series for people who are "upside" down in their homes and looking to learn about their options. 
For more information the rest of the series, see: 
 
You Owe More on Your Orange County, CA Home than It's Worth & You Don't Know What to Do - Intro
Reinstatement & Forbearance 
Loan Modifications and Obama's Making Home Affordable 
Obama's Making Home … (0 comments)

short sale: You Owe more on Your Home than It's Worth, and You Don't Know What to Do. Come Find Out About Your Options - 08/26/09 05:56 PM
Do you owe more on your Orange County, CA home than it's worth?
If you do, you're not alone.
21% of homeowners in Orange County owed more on their homes than it was worth at the end of 2008.
13% of mortgage are in default.
The median home price in Orange County was down 38% as of December 2008.
Are you one of these people? Do you wonder whether President Obama's Home Affordable plan might apply to you?
Do you want to refinance but can't because you're upside down in your Orange County home? Do you want to know what a … (6 comments)

short sale: Short Sales and Foreclosures - What Effect do They Have on Your Future? Part 7 of of you Owe More on Your Orange County, CA Home than It's Worth, & You Don't Know What to Do - 08/25/09 04:40 PM
Short Sales and Foreclosures - What Effect do They Have on Your Future? Part 7 of of you Owe More on Your Orange County, CA Home than It's Worth, & You Don't Know What to Do.
 
This is a series for people who are "upside" down in their homes and looking to learn about their options.  For the the first three posts see You Owe More on Your Orange County, CA Home than It's Worth & You Don't Know What to Do
Reinstatement & Forbearance 
Loan Modifications and Obama's Making Home Affordable 
Obama's Making Home Affordable Refinance Program.
Short Sales - What … (6 comments)

short sale: Foreclosure and Deed in Lieu of Foreclosure - What are They & How Do They Work? Options 5 & 6 of you Owe More on Your Orange County, CA Home than It's Worth, & You Don't Know What to Do - 08/23/09 03:40 PM
Foreclosure and Deed in Lieu of Foreclosure - What are They & How Do They Work? Options 5 & 6 of you Owe More on Your Orange County, CA Home than It's Worth, & You Don't Know What to Do.
This is a series for people who are "upside" down in their homes and looking to learn about their options.  For the the first three posts see You Owe More on Your Orange County, CA Home than It's Worth & You Don't Know What to Do
Reinstatement & Forbearance 
Loan Modifications and Obama's Making Home Affordable 
Obama's Making Home Affordable Refinance Program.
Short … (0 comments)

short sale: Short Sales - What Are They & Can You Get One? - You Owe More on Your Orange County, CA Home than It's Worth & You Don't Know What to Do - Option 4 - 08/21/09 04:43 PM
Short Sales - What Are They & Can You Get One? - You Owe More on Your Orange County, CA Home
than It's Worth & You Don't Know What to Do - Option 4
 
This is a series for people who are "upside" down in their homes and looking to learn about their options.  For the the first 3.5 posts see You Owe More on Your Orange County, CA Home than It's Worth & You Don't Know What to Do
You Owe More on Your Orange County, CA Home than It's Worth & You Don't Know What to Do -  Options 1 … (4 comments)

 
Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) Ambassador large

Christine Donovan

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Costa Mesa, CA

More about me…

Donovan Blatt Realty

Address: 250 E. 17th St., Ste. 295, Costa Mesa, CA, 92627

Office: 714-319-9751

Mobile: (714) 319-9751

Email Me

Author Bio: Christine Donovan is a real estate broker and attorney. She is a lifetime local resident of Orange County, and the head of the DonovanBlatt Team which specializes in real estate sales and purchases in the Orange County area with a focus on Costa Mesa, Newport Beach and Huntington Beach. View all AR Posts By Christine Donovan Blog Google+
Enter your email and receive future articles: Delivered by FeedBurner
Search Newport Beach Homes Search Costa Mesa Homes


Listings

Links

Archives

RSS 2.0 Feed for this blog