Saturday, April 12, 2014

How do I know if I qualify for a short sale?

How do I know if I qualify for a short sale? 

Now that time has passed since the initial real estate market collapse, it is much easier for home owners to qualify for a short sale. With this being said it still depends on each individual situation and lender to determine if a home owner qualifies for a short sale according to their own terms and guidelines. We educate our home owners when consulting with them at our South Gate Real Estate office about what a lender is looking for when trying to determine what programs they might qualify for while going through their financial hardship.
There are multiple programs with multiple different guidelines but the one rule that is common for all programs is that you, the home owner, must show the lender that you can’t maintain your mortgage obligation now and in the future. The term used to describe this is referred to as Eminent Default. 
Probably the one thing that is a must to first determine is, what is the exact hardship? You must have a true hardship and be able to communicate that to your lender. Now with that being said, there are programs that streamline the qualification process for a short sale by stating in their guidelines that if your credit score is below 620 and your having trouble paying your mortgage you have a true and valid hardship. Again that is how it is written in the guidelines but at the end of the day it is the investor who holds the interest on your debt that will determine if he or she or they approve your short sale request.
After determining your hardship you should obtain a valuation of your home. This will sometimes and actually in most cases help your request for a short sale. The way that it works is that if your a home owner starting to have trouble making payments and your property is underwater then the lender has motivation to get that bad asset off their books. 
After figuring your hardship, then getting a valuation on your home the next step is to hire the right Realtor and or Broker who is knowledgeable about foreclosures and short sales.
This is probably the next most important step after figuring out your hardship. The reason is that who you hire will be your advocate and must be willing and able to work with your lender and their particular guidelines. We have been representing buyers and sellers of short sales and foreclosure properties for over 10 years. Our team, even though we are based in South Gate, Ca covers all of Southern Ca.
We help home owners figure out what in fact is the best solution for their particular situation. There is like we mentioned previously multiple foreclosure programs some are lender sponsored and some are federal and state sponsored. The reality is that there is great programs out there that could help you keep your home and if it is the best financial decision for you and your family and you qualify we will help you to do that. However keeping your home isn’t always the best decision for you in your particular situation and that is where hiring the right Realtor and or Broker comes in to play. Whomever you hire must be able to present you with all your options and all the good and bad of each of those options. 
Assisting home owners who are in trouble with their mortgage or who are making their mortgage payments but just can’t afford to keep things going isn’t something that can be learned in a seminar or certification. Like anything else it takes countless hours of being in the trenches helping home owners daily to get efficient enough to be a true resource to you the client.
We offer no cost consultations 7 days a week by appointment at our South Gate, Ca Real Estate office or we can even come to you. Our goal is to educate you and show you that facing a foreclosure and having to do a short sale is not the end of the world and actually can be considered and viewed as a fresh start.
If you want to know what your home is worth please go to and if you want to learn more about us and short sales in general please go to 
If you want to contact us and schedule your no cost no obligation consultation please give us a call (877)801-1923 Ext-101 or send us an email
We are here to serve and educate you. Please remember the longer you wait the worse you make your situation.

  Guillermo Serafin
 Phone: (877) 801-1923 Ext. 101
 Fax: (877) 803-3190
Berkshire Hathaway HomeServices 
California Properties
BRE #01471159

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