San Fernando Valley Short Sale Negotiator

When a borrower or homeowner owns a home that is worth more than what is owed and want to sell, a short sale review with the mortgage servicer is needed. In California if a short sale is completed the lender will settle the debt in full. If you have defaulted or facing imminent default a short sale is one way to avoid foreclosure and potentially reduce liabilities. Short sales are generally more complicated than traditional home sales. A San Fernando Valley Short Sale Negotiator will take the work off your plate, won’t charge you out of pocket and can guide you towards success. They will inform you on potential pitfalls and repercussions for your particular transaction.

Frequently Asked Questions

WHAT IS A SHORT SALE? A short sale occurs when the property is sold for less than the loan amount with the cooperation of the lender. It permits more owner control over the process and according to Fannie Mae, less credit consequences than a foreclosure. Not all lenders will approve a short sale and not all owners or all properties qualify for short sales.

WHAT ARE THE QUALIFICATIONS FOR A SHORT SALE? Both your property and you have to qualify for short sale consideration.

HOW DO I QUALIFY FOR A SHORT SALE? You must meet certain investor requirements. This varies from investor to investor. Generally a borrower needs to show some sort of financial hardship at a minimum. There are many other criteria that make a borrower eligible for review. One must be reviewed for an accurate response.

HOW WILL A SHORT SALE IMPACT MY CREDIT?  A short sale coupled with more than a few delinquent mortgage payments will damage a borrowers credit almost as much as a foreclosure. However, one will have a chance at obtaining more favorable financing in a quicker time frame than if a foreclosure takes place. A foreclosure may prevent traditional lending for more than a few years.

WILL I HAVE LIABILITY FOR THE DIFFERENCE BALANCE? California is a one action state and per California short sale letters the deficiency is generally always waived.

IF MY CALIFORNIA LOAN IS NON-RECOURSE, WILL I RECEIVE A 1099-C FOLLOWING SHORT SALE? Yes, we recommend you speak to your CPA about your situation. Ask if you qualify as insolvent.

HOW LONG DOES A SHORT SALE GENERALLY TAKE? Mortgage servicers generally quote 45-90 days for a decision but at times it may take longer. The time frames will vary on multiple factors.

Please call 1-800-692-9960 or fill out the form below for immediate assistance.