"Short Sales - Helping good people in a not good situation!"
Are you behind on your payments, is your home underwater, do you owe more than it is worth?
You have options!
1. Repayment Plan
2. Forbearance Agreement
3. Loan Modification
5. Deed in Lieu
7. Short Sale
Short Sale FAQ
Q. What is a short sale?
A. A short sale is where the homeowner owes more than the home is worth and asks the lender to reduce the amount that is owed in order to sell the home.
Short sales are different in each state. However in California, short sales are a great alternative to foreclosure.
Q. Is a short sale .... short?
A. No, in short, if we were to look at a short sale from a time perspective, we would call it a long sale.
A short sale can be completed in just a few months, I have seen them drag on for years! Each short sale is different and it depends on the lender and how many liens are on the property.
My average client stays in their home for 12 months without making a payment.
Q. Why would I want to do a short sale vs. a foreclosure?
A. In the state of California a foreclosure is on your credit report for 7-10 years (in some cases it never goes away) and will be reported to the credit agencies as a defaulted or foreclosed account. It takes a credit score a long time to rebound from that kind of rating. With a short sale it will show up on your credit report as "negotiated payoff" or "account settled for less than owed". I have seen good people in a not good situation be able to complete a short sale on their home and then be able to purchase a new home within 12 months.
Q. What is a short sale going to cost me?
A. Nothing... there is never a Realtor fee for my short sale service! All closing fees are paid for by your lender.
Q. How do I get started?
A. Simply give me a call at 760-271-9971 or email: James@BaxterCo.com and I will sit down with you and go over everything in detail.
Q. What am I going to have to do?
A. Every lender is different on what they are going to request, however there is a list of documents your lender will want. There will be a few documents to sign and that is about it.
Generally I can stop the collection phone calls and delay any foreclosure proceedings
(depending on how far behind you are in payments)
The bottom line, I am here to help and get you moving forward again.
Q. Can my lender come after me for what is owed or garnish my wages and what about taxes?
A. In a word, No. Here is why, (keep in mind, each state is different) In California we have had State and Federal legislation pass that that protects the home owner.
SB 580e & SB 931
The Debt forgiveness act of 2007
Q. I have a first and second loan on my home, can I still do a short sale?
A. Yes, and if you have a third and a fourth... but it will take longer.
Q. Will my lender approve my short sale?
A. Short sales are not a guarantee, however I have had great success helping good people in a not good situation just like yours.
Q. I do not have any extra money to fix up my house, is that going to be an issue?
A. No, I can sell your place as is.
Q. I am current on my home loan, can I still do a short sale?
A. Yes, however it depends on your lender some will approve your short sale without being behind, others will want to see you behind on your payments.
Q. Is a short sale my only option?
A. No, There are others:
It really depends on what you want to do and your personal situation.
You will always want to consult with your accountant, tax professional and legal advisors. However these laws are in place to protect you on the State and Federal levels.
You have options!
Information is deemed liable but is not guaranteed.