VIDEO–Short Sale to Avoid Foreclosure

What is a Borrower?

What is a borrower?

A borrower is someone or party of people who receive something of value such as a property, with an obligation attached to pay back something of greater value.  In real estate terms, the borrower will receive a property as longs as they pay back the loan with certain conditions and terms, such as an interest rate.

Los Angeles Short Sale Listings

Buying a short sale on the open market isn’t only time consuming but it can also be an emotional drain like no other! And thats not the worse part…most Los Angeles short sale listings are receiving multiple offers from families trying to get a “good deal”. The problem this creates is obvious; Multiple offers = multiple counter offers, and that leads to a higher selling price which in most cases, will turn a “good deal” in to a “average deal”.

Whats the alternative? What if you could preview a short sale and have time to consider making an offer without worrying about the Jonse’s?

The short sale specialists at Housing Assist of America help make this a reality.  They have an array of short sale listings in the Los Angeles greater area, and are very accomodating to buyers. They make sure to find you the listing you are looking for and will let you know where you stand in the running.  To view a list of their short sale listings in Los Angeles click here: los angeles short sale listings

It is important to work with a company who recognizes your needs, and helps target the exact property you are searching for.  There are a sea of short sale deals out in the market, make sure you work with a company who will present you with the best deals for your search criteria.

Mortgage Application Process

Are you looking to sign up for a new mortgage or refinance the one that you currently have, well here are some useful tips for you.   The mortgage application process can be tedious and cumbersome, it is important to go at it as if you were going to war.  There are many things that can hold you back from closing on the loan.  For instance, if you don’t end up closing in a timely fashion, you lose that great interest rate you were hoping to get.  Here are a list of things that will help you get the process moving along:

• Be able to show record of your income
• Have proof of pay stubs and tax returns
• If you are self employed your bank accounts for the past 2 years will be sufficient
• You need to supply proof of any supplemental income you are receiving such as social security benefits, child support, veteran’s benefits, etc…
• You need to make a file for all investments that you have, everything should be transparent
• You need to make sure that your credit reports from 3 different credible institutions check out. If by chance they do not you need to address the issue.
• It is important that you make sure your credit check out…This will make the process much easier for you.

Conventional Mortgage

What is a conventional mortgage?

A conventional mortgage is a mortgage where the interest rate is fixed and will not change for the life of the loan. This is also referred to as a fixed rate mortgage.  It is also considered a mortgage that is not insured by the government.

Subprime Mortgage

What is a subprime Mortgage?

A subprime mortgage is a loan that is given to people with poor credit scores, being lower than 600.  These are people who don’t qualify for conventional mortgages.  The interest rates are generally higher on subprime mortgages because these homeowners don’t qualify for conventional loans.

These loans can be extremely misleading to borrowers because they initially pay a lower interest rate, then all of a sudden the interest rate will jump to a number that is unaffordable for the borrowers.  This is what lead to the subprime meltdown.  It is known that about 80% of mortgages issued in the recent years were subprime mortgages, putting  America in a terrible state.  Home value declined drastically, which made it much harder to refinance. These were securities that were backed by subprime mortgages, which caused a monumental decline in many major banks.    In effect this tightened credit all around the world.

Reverse Mortgages

What is a reverse mortgage?

A reverse mortgage is a mortgage for senior citizens, which allows them to stay in the property until it is sold or the owner dies.  They mortgage amount is deferred until this time.  This is generally the move that many people who retire and don’t have sufficient funds make.

Using a Contractor

When to use a real estate contractor?

You are going to want to use a contractor on any real estate purchase you  make.  A general contractor will put a contract together for you in regards to the construction, repairing, or any other type of labor and parts a specific building will need.  According to wikipedia, “A general contractor is defined as such if it is the signatory as the builder of the prime construction contract for the project”.

A contractor is responsible for putting together the plan of attack when it comes to building or repairing a certain property.  The contract will generally include a budget that will map out all the necessary funds to execute the plan accordingly.   A contractor is important for any real estate purchase.

Qualifications of a Short Sale Realtor

Short Sale Realtor

If you are looking to work with a short sale realtor it is important to make sure that they are qualified.  You may be asking yourself, how you can qualify a short sale realtor when you know nothing about short sales.  So here are some helpful tips:

• Please make sure that they have an abundance of knowledge when it comes to the guidelines for bank underwriting in association with distressed homes
• Make sure they have successfully completed 10 or more short sales in the past year.
• Make sure the realtor you are working with is seasoned and has been a working realtor for at least 3 years.
• Your realtor should be able to advise you on certain tax implications you will receive from short selling your home

This is your home and your future they are dealing with, so do your job and make sure you are hiring someone who knows about short sales and negotiating them.  You generally would like to work with a large short sale company who has successfully completed hundreds of short sales and who will be able to walk you through each step of the way.

How to Stop Foreclosure

How to Stop Foreclosure?

The road to recovery is not difficult.  But the first thing that needs to take place, is a change of attitude.  Just because you are facing foreclosure does not mean it is the end of the world, there are options available to you.

You need to act now!! If you are facing foreclosure you need to contact a specialist right away, they will be able to postpone your foreclosure date, and provide you with different options. If you don’t contact a credible company, you can be out on the streets in no time.

At Housing Assist of America we will be able to stop foreclosure for you.  Call one of our experts today, to guide you through the next steps in preventing foreclosure.  It is important to act sooner than later, as a foreclosure can creep up on a homeowner.  There are several options available to escape a foreclosure such as deed-in-lieu, short sale, loan modification, etc… You need to act now!! A foreclosure will stay on your credit score for 5-7 years.

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