Short Sale Specialist in Lake Forest, CA
What is a Short Sale?
A short sale occurs when a negotiation happens with the mortgage lender to accept less than what is actually owed on the home. The mortgage lender agrees to accept a fair market value, which may be considerably less than the remaining loan amount due to real estate price declines over the last few years. The lenders are not required to negotiate but they may do so to prevent foreclosure, which is much more expensive for the bank.
Who Qualifies for a Short Sale?
Banks consider short sales for 2 main reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is valued at.
What Qualifies as a Hardship?
-Unemployment or Reduced Income
-Divorce
-Medical Emergency
-Transferred by Job
-Bankruptcy
-Death
-Total debt on the property exceeds current market value
Are you currently facing foreclosure in Lake Forest, CA?
After missing your 3rd payment, the trustee will file a Notice of Default with the county. This is the first step in the foreclosure process. The longer you wait, the better chances the bank will not accept your short sale package. If youve already received an NOD, I encourage getting in touch ASAP. I handle ALL "collection calls" and negotiations so you can focus on the other parts of your life.
Your short sale specialist in Lake Forest,
(714) 501-6333
Real Estate Broker
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