If you are looking for Foreclosures and Short Sales you need to see the most current and updated list out there or you WILL be beaten to these great deals by other buyers.
Free List *** See all current Beverly Hills Foreclosures
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Foreclosure: Sometimes a foreclosure can’t be avoided. Certainly, if a homeowner chooses to do nothing, foreclosure is imminent – it’s just a matter of time. However, it is recommended by many that a homeowner should try to avoid foreclosure if another alternative is available. Why? Because experts agree that foreclosure has the greatest and most negative impact on your credit and junior lien-holders may still have recourse even after the home is foreclosed.
Loan Modification: We’re sorry to report that loan modifications haven’t been very successful. In addition, there have been many unscrupulous companies who have taken money to perform a modification – knowing full-well that the result would likely be unfavorable. It is estimated that only 3 – 10% of all loan modification are successful beyond a year’s time. So, you’re asking, why should I even bother? The answer is because you may be one of the lucky few who get a favorable modification!
HAMP: A government loan modification program that stands for “Home Affordable Modification Program.” If your lender participates in this program, you’ll likely be funneled into it for a trial period.
Short Sale: A short sale is when your lender(s) agree to accept a current sale price of your home as payment in-full. The circumstances are that you’re property is upside-down and there is a legitimate offer on your property that is for the current market value – but for less than what it owed. The terms of the short sale are then negotiated with the bank, usually by a licensed real estate professional. Short sales are the proverbial “win-win” for all parties, including on a community level. Short sales are considered the financially responsible thing to do when loan modification is not an option.
HAFA: A government short sale program, that stands for “Home Affordable Foreclosure Alternatives.” If your lender participates in this program, and if you meet all of the qualifications, you’ll likely be funneled first into the program first. If for some reason, the program doesn’t work, then you’re normally submitted into your lender’s traditional short sale program.
Deed-in-Lieu: Sometimes known as a voluntary foreclosure. In California, where buyers are in abundance, we don’t see the types of circumstances that promote deed-in-lieu as being a viable option. Simply stated, a deed-in-lieu is when the bank accepts the home back without having to go through the normal foreclosure process. It should be noted that lenders are often not willing to accept a deed-in-lieu, due to the nullification of mortgage policies.
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