Helping San Diego homeowners with short sales has become a passion for me. My goal is to help at least 10 San Diego homeowners with short sale needs per week. This maybe a drop in the bucket compared to the fact that there were 1832 new notices of default filed in San Diego county just last month. Chula Vista, CA 91911 was the area with the most amount of defaults within the county with a total number of 60 notices filed.
Why do I want to help San Diego homeowners with short sales? The answer is simple, it's a better option than foreclosure. A short sale is not the only option if you're facing foreclosure, there's deed-in-lieu or even a loan modification if you qualify. However, millions of homeowners describe the loan modification process as frustrating, difficult and not much chance of success. I often hear homeowners who are denied loan modifications say the "banks just don't get it" they are not sympathetic to their situation.
A short sale is when the lien holder (lender/bank) agrees to accept a purchase offer for less than the mortgage owed on the property. The process can take on average now about 2 - 6 months. The credit score impact is far less than a foreclosure, and homeowners are advised to check with a financial expert about any potential tax liability.
Considering there were 1706 homes foreclosed on last month, helping San Diego homeowners with short sales is going to be a matter of getting the word out. It's going to be a job of letting people know there are options when facing foreclosure. Many people who are behind on mortgage payments think that there is no hope, they are often in denial and don't want to take action. Refusing to do anything when foreclosure is looming can cost you. That's why, helping San Diego homeowners with short sales is my way of giving back during a time when many are desperate for a solution.
Lorraine Santirosa is a real estate agent that helps homeowners facing foreclosure find solutions. Her experience includes helping military families sell their home through the US Government HAP program instead of short sale.