Sherman Oaks Short Sales

Sherman Oaks Short Sales

If paying your mortgage is a financial burden and you owe more on your property than what it’s worth, a short sale might be the answer.  Foreclosing on your property could leave you with horrible credit and your neighborhood with a decreasing property value.  In a short sale, a lender or bank will accept less than what’s owed on the house.  Lenders are open to short sales because it’s easier to cut their losses and not deal with the difficulties of the foreclosure process than to try to collect from a homeowner who doesn’t have the money they owe.  More and more short sale transactions are occurring, as homeowners are trying to climb out of debt

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Beverly Hills and Westwood, properties have decreased significantly.  As the values of property declines, homeowners who don’t own their houses are paying high ticket mortgages that will continue to rise.  In many cases, homeowners will owe more than what their house is now worth.

If you owe more on your property than what it’s worth, and you live in Sherman Oaks, Tarzana, Encino, Studio City, or Reseda, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home, and they can certainly help you if you are trying to alleviate yourself of the pressures of debt.  Housing Assist of America has helped dozens of valley homeowners move their properties.

Underwater On Your Santa Monica Property? Consider a Short Sale

Underwater On Your Santa Monica Property?  Consider a Short Sale

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Malibu and Santa Monica, properties have decreased significantly in value.  As the values of these house decline, homeowners who don’t own their houses outright are paying high priced mortgages that will continue to increase.  In many cases, homeowners will owe more than what their house is now worth.

A short sale should be your first thought if owe more on your property than what it’s worth and paying your mortgage is a financial burden.  If your decide to foreclose on your property, you could be left with horrible credit.  If you decide on a short sale, you could wipe out your debt and start fresh.  In a short sale, a lender or bank will accept less than what’s owed on the property.  Lenders agree to short sales because cutting their losses and not dealing with the difficulties of the foreclosure process is a better than collecting form a homeowner who doesn’t ht money they owe.  More and more of these transactions are happening, as homeowners hope to climb out of debt

If you owe more on you Santa Monica property than what’s it’s worth, and you are trying to alleviate yourself of the pressures of debt, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home.

Owe More Than What Your Westwood Home is Worth? Think Short Sale.

Owe More Than What Your Westwood Home is Worth?  Think Short Sale.

A short sale should be your first thought if you owe more on your property than what it’s worth and paying your mortgage is a financial burden.  After all, foreclosing on your property could leave you with horrible credit.  In a short sale, a lender or bank will accept less than what’s owed on the house.  Lenders agree to short sales because cutting their losses and not dealing with the difficulties of the foreclosure process is easier than collecting from a homeowner who doesn’t have the money they owe.  If you choose a short sale, you could start fresh while wiping out your debt.   More and more of these transactions are happening, as homeowners are trying to climb out of debt

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Beverly Hills and Westwood, properties have decreased significantly.  As the values of property declines, homeowners who don’t own their houses are paying high ticket mortgages that will continue to rise.  In many cases, homeowners will owe more than what their house is now worth.

If you owe more on you Westwood property than what’s it’s worth, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home, and they can certainly help you if you are trying to alleviate yourself of the pressures of debt.

Considering a Short Sale of Your Los Angeles Property?

Considering a Short Sale of Your Los Angeles Property?

Over the past few years, as the economy has slumped, so has the housing market.  Even in upscale neighborhoods like Beverly Hills, properties are no longer worth what they once were.  As property values are declining, homeowners who don’t own their houses outright are paying high priced mortgages that continues to increase.  In some cases, homeowners will owe more than what their property is worth.  These houses are referred to as‘underwater’.

When you owe more on your property than what it’s worth, and paying your mortgage is a financial burden, you should consider a short sale above any other solution.  Foreclosing on your property will leave you with horrible credit while a short sale will alleviate your debt and give you a fresh start.  In a short sale, a lender or bank will accept less than what’s owed.  Lenders agree to short sales because they find that cutting their losses and not dealing with the difficulties of the foreclosure process is a better than collecting form a party who doesn’t have what they owe.  Data shows that lenders are approving more and more of these transactions.

If your Los Angeles property is underwater and you are trying to alleviate yourself of the pressures of debt, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America helped more than two hundred homeowners with a short sale of their home.  

California Home Sales Drop

California Home Sales Drop

In July, California home sales fells to their lowest level in 16 years.  Economic turmoil is certainly keeping buyers away from purchasing properties, as July say an 11 percent decline from property sales in June.

Financial analysts are claiming that the political drama regarding the debt ceiling has much to do with buyer’s concern over purchasing new properties.  With concern over the nation underwater in debt, buyers are showing more trepidation than ever.

July saw almost 35 percent of resale homes as foreclosures, and almost 18 percent sold in short sales.  Serious buyers should definitely consider the idea of a short sale.  When an homeowner is underwater on his mortgage, a lender might consider allowing the owner to sell his property for less than what’s owed.  In these cases, buyers can find dream deals on properties that are worth more than the asking price.

Short Sales in Beverly Hills?

Short Sales in Beverly Hills?

By: Joshua C Anderson

Published: Tuesday, 2 Aug 2011

Afshar Properties Chief Correspondent

Over the past few years the housing market has taken a turn for the worst, even in affluent communities such as Beverly Hills, Bel Air and Malibu, to name a few. Homeowners are left with few options once their property value declines. In some cases, the homes are owned free and clear, but in most they carry high ticket mortgages that seem to balloon as the market declines. If a home goes into foreclosure and sells at auction, the neighborhood will be adversely affected. Often times when the property is underwater, a homeowner can choose to short sale it as long as there is a legitimate hardship, and in 90 percent of the cases, there are.

Los Angeles based Housing Assist of America knows the short sale market better than most. With over 200+ short sales under their belt and one of the biggest names in real estate backing them, they are a short sale powerhouse. Coldwell Banker brought them on board in 2011 and hasn’t looked back since. The secret to their success lies in their ability to negotiate effectively with hardball lenders, an attribute that separates Housing Assist from the distressed property expert.

Overall the short sale is a proven method to alleviate debt and get a fresh start, no matter what the property is worth or how much you owe. It is always advantageous to the seller in every aspect, however in some cases there could be tax ramifications. Whether it’s a 250k home in a modest community or 1.5 million dollar villa in Beverly Hills, the banks just want to cut there losses and move on, The process is exactly the same, but keep in mind no two short sales are alike. Avoiding foreclosure at all costs should be a top priority to sellers. And recent research has shown that lenders are approving more and more of these complex transactions. As of April 2011, bank of America has completed well over 23,500 short sales nationwide, with Wells Fargo and GMAC at 13,500 apiece and counting. JP Morgan Chase has even offered some owners as much as $30,000 as an incentive to short sale their property.

If you owe more on your property than its worth and it’s a financial burden to make the payment, the answer should be quite clear, short sale 

Top Options for Upside-down Mortgage Holders

Top Options for Upside-down Mortgage Holders

Tons of homeowners are underwater on their mortgages and looking for ways to dispose of these properties.  Of course, because the mortgage of these properties exceeds the current property value, these homeowners are in quite a bind.

In these situations, homeowners will likely ‘default’ on the property.  Homeowners will strategically default on their homes when the mortgage exceeds the property value in combination with the neighborhood beginning to decline.  There are a few ways to dispose of your property without making a full payment to the bank.

Homeowners can choose loan modification, and restructure the term’s of the borrower’s loan.  This option however does not make for any principal reductions in payments.  A deed in lieu of foreclosure occurs when the homeowner, with the bank’s consent, deeds a property back to the lender, instead of foreclosing altogether.  Foreclosure is another option.  This of course, occurs when a lender takes the property back from the delinquent homeowner.

The best option, however, might be a short sale.  Short sales occur when a homeowner sells the property for less then when he owes.  Homeowners must get the bank’s consent before the sale, as well as word that they will forgive the deficiency on the sale.  Short sales are a great option because there’s less paperwork, less hassle, and nobody needs to declare bankruptcy or take the time and energy to foreclose.

Foreclosure decrease indicates unpromising future for the market

Foreclosure decrease indicates unpromising future for the market

In the first half of this year, foreclosure files have decreased both locally and nationally, but this doesn’t necessarily mean that the market is recovering. Across the country from January to June, foreclosures decreased 30%. The number of foreclosures was the lowest in the second season of this year since the end of 2007.

However, such a drop in foreclosures doesn’t necessarily indicate a better economic situation. It does, however, speak about the prolonged process of foreclosure. In fact, as a result of the delayed process of foreclosure, most foreclosure actions that should be done this year, may be postponed to next year 2012, which means we still need to worry about the future of the housing market.

It is suspected that such a drop in foreclosures resulted from a joint effort of banks in holding back their progress. The “shadow market”, in which vacant properties owned by banks have not been listed for sale, grew a year ago, and some companies even rushed to deceptive foreclosures. However, such holding back caused by bank-imposed moratoriums seems to be ended now, and now, banks are holding back because of the expiration of government’s homebuyer tax credit.

If you have more questions about foreclosure and short sales, please contact Housing Assistant of America, http://www.housingassist.com/, 1-888-877- 0078.

How to Short Sale Your Home

Key Words: short sale, real estate, instructions, property obligations, property loans, process, tips, warns

How To Short Sale Your Home 

If you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. Short sale often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

The general processes of doing a short sale are:

1.  Verify the value of your property

2.  Add up all the costs of selling the property

3.  Determine the amount owed against the property

4.  Do the calculations: Subtract the total amount owing against the property from the estimated proceeds of the sale.

5.  Contact the lender(s)

6.  Ask the lender what its procedures are for a short sale

7.  Sell the property

Here are some tips and warns to remember when you are starting the Short Sale process:

• Closing costs will include title and escrow fees (if the seller is responsible for any portion of them, which will depend on your county), attorney fees, a portion of unpaid property taxes, re-conveyance fees, notary fees, delivery fees, documentary fees and/or transfer fees.
• If you sell the property without the assistance of a real estate broker, you will save the amount of the commission and have more to apply toward paying off your loan.
• If you feel more secure having a real estate broker handle the transaction, consider using a discount broker to market your property. You could also try to negotiate the sales commission with your broker.
• Remember that the amount on your monthly loan statement does not include interest. Interest is accrued until the date a loan is paid off, so you may have as much as 30 days of interest on top of the balance owing, and you’ll need to include this interest in the total payoff amount.
• If a property is sold under a short sale, the lender may require the buyer to make up the difference, either through a personal obligation or a collection.
• The IRS often gets involved with short sales, because they are seen as a relief of debt and may be treated as income. Check with your accountant.

Save Money…Buy A Foreclosed House!

Save Money…Buy A Foreclosed House!

If you’re in the market and looking to buy, you should definitely consider purchasing a foreclosed house.  Houses being offered as ‘short sales’ should not be overlooked.  When a lender agrees to accept less then what a homeowner owes on his house, the property is put on the market as a ‘short sale’.  Buying distressed properties is tedious, but if you’re dedicated and willing, it will prove worth your while.

So what makes buying a foreclosed house so stressful?  Well, you’ll be dealing with multiple third parties instead of a single agent, and so the process is entirely time consuming.  This is particularly tedious because each of their third parties has a separate agenda and code to adhere to.  As you can imagine, there’s a lot of back and forth talk.

But if you’re thick skinned and can take the angst, you should seriously consider buying a distressed property.  And now for a few suggestions to help you out.  When you make an offer bid low, but not insultingly low, as the houses are already priced to sell (seriously!) Also, make sure you are pre approved to be financed before you even discuss a negotiation.  And lastly, make sure you generate a contract that give you leeway to terminate the sale if the house is not in the condition you presumed it to be.  Now take these tips to the bank, and get ready for a new house at a fraction of the price 

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