san diego short sale: I received this email.....looking for feedback
- 07/28/09 06:57 PM
Hey Sara! The reality these days is that the rules are changing every day. It is extremely important for investors to stay on top of the news and know what the real impact of the headlines is. There was some really big news in the short sale world recently, so I wanted to take this chance to explain its impact and how I am dealing with it in my business. Bank of America, which also now owns Countrywide, quietly added a clause to its short sale agreements recently that obligates homeowners to pay back the deficiency owed as … (4 comments)
san diego short sale: Why we are San Diego's Short Sale Experts
- 06/26/09 06:22 PM
Through our marketing efforts, I get many people that ask me how Prestige is different than most short sale companies. I have broken down a quick outline on why we are San Diego's REAL Short Sale Experts! We are a short sale negotiation company that works directly with both homeowners and Agents. I believe we have a niche in the market that makes us extremely successful. 1. Legal: Even though the market changes by the day, we have put an extreme amount of upfront work with the legal aspect of the entire short sale transaction. We are not in the business … (5 comments)
san diego short sale: Are you a good short sale candidate?
- 06/26/09 06:14 PM
As people look into pre-foreclosure options, many people ask if they are a good candidate for a short sale. I have provided some basic guidlines that may qualify you as a good short sale candidate. Ultimately, the final approval of the short sale will come from the investor / lender. You may fall into all of these categories, but the lender will still deny a short sale. You have very little to negative equity in the home You have a financial hardship that has caused you not to be able to make your mortgage payment You owe more on your home than it's … (0 comments)
san diego short sale: California Foreclosure Prevention Act (CFPA) in a nutshell!
- 06/26/09 05:47 PM
I know a few people have been asking for the nuts and bolts of the new CFPA. I have taken snippets from a couple different resources and have included them below for your convenience. Hope this helps! The California Foreclosure Prevention Act was enacted by the state Legislature, and signed by Governor Arnold Schwarzenegger on February 20, 2009 and put into effect today, June 15th, 2009.The Act, which amends the California Civil Code as it relates to residential mortgage loans,states it's goal of allowing "additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers … (1 comments)
san diego short sale: Short Sale Package Checklist
- 01/14/09 04:15 PM
For those of you doing "Short Sales" in your marketplace...Here is a Checklist of documents to send in to the lenders! I"m sure everybody knows this by now....a quick refresher should do!
□ Authorization to Release Information for all loans signed by borrowers □ All letters you have received from the lenders pertaining to foreclosure □ A copy of the Notice of Default □ The Hardship letter detailing your situation on why you are unable to pay the loan (please see sample attached in package) □ Financial Statement (attached) - completed and signed by all borrowers □ 2 most recent … (2 comments)
san diego short sale: 2 Main Advantages of a Short Sale
- 01/13/09 02:39 PM
One of the most common questions we get when working with homeowners is "What are the advantages of a Short Sale." For today's purposes, I just want to point out two main reasons, among the many advantages of considering a Short Sale instead of letting the property go into Foreclosure. Advantage #1. You have the opportunity to minimize the damage to your credit: Foreclosures can remain on your credit for up to seven years. On the other hand, a short sale will usually report as a "settled debt." This results in significantly less damage to your credit rating. A short sale … (5 comments)
san diego short sale: Short Sales Really DO Work!!
- 01/08/09 04:08 AM
In my experience with many San Diego Agents and Homeowner's, many are skeptical if short sales even work. I don't blame them. There are a very small percentage of companies in San Diego that are successfully closing short sales. Fortunately, we are one of the companies that ARE doing them correctly and successfully! I have addressed a brief description of why the banks really do want to Short Sale their properties instead of letting them go into foreclosure. Why does the short sale process work? Typically once a notice of default is assigned, the mortgage company will run different scenarios on … (5 comments)
san diego short sale: San Diego Short Sale Defined!
- 01/07/09 06:44 AM
What is a short sale? The term short sale is prevalent in today's market. However, it seems that many are still inexperienced as to what a short sale really entails. For educational purposes, we have included a brief definition of a Short Sale --- A "Short Sale" is a sale of real property in which the outstanding loan balances are greater than the amount that the property can be sold for. A short sale is typically done during the foreclosure process, after a Notice of Default" has been filed. A short sale will typically stop the Trustee Sale which terminates the foreclosure process. … (0 comments)
san diego short sale: FORECLOSURE HELP SAN DIEGO! *FREE FORECLOSURE E-BOOK*
- 12/23/08 07:08 AM
FREE REPORT: "5 WAYS TO STOP FORECLOSURE IN 48 HOURS OR LESS..." By: PRESTIGE REAL ESTATE SERVICES Our Help for Homeowners Program is a systematic approach designed to help homeowners who are experiencing real estate related problems that have become emotionally and financially draining. Whether you are currently in foreclosure now or this may soon be a reality, we have the expertise and information that can help. Prestige Real Estate Services provides assistance with every major Mortgage Relief Program available to homeowners in today's market to stop foreclosure! Prestige Real Estate Services provides the homeowners with: 1. Preforeclosure educational consulting 2. Foreclosure loan … (0 comments)
Hey Sara! The reality these days is that the rules are changing every day. It is extremely important for investors to stay on top of the news and know what the real impact of the headlines is. There was some really big news in the short sale world recently, so I wanted to take this chance to explain its impact and how I am dealing with it in my business. ;)
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