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Short Sales and Loan Modifications
Short Sales
Real estate values have plummeted in recent years. There are record numbers of foreclosures and short sales in San Diego and Temecula. A short sale is when the lender forgives a portion of or lowers the loan amount in order for the property to be sold at market value. In a descending real estate market, values decrease to less than the morgage balance owed on the property. Simply stated, lenders make the financial decision to dispose of the property in a regular real estate transaction instead of foreclosing on the property. Lenders have learned through experiences of a down market that the eventual outcome is they will lose more money if they foreclose on the property. This short sale vehicle is also beneficial to owners because it helps preserve their credit. They avoid a foreclosure on their record; therefore their credit scores are better preserved. The short sale transaction can have negative credit and tax implications, but generally, when the seller has excellent representation by a seasoned real estate broker, the positives far outweigh the negatives. Recovery from the impact of a short sale on a credit report takes about half as much time as recovery from a foreclosure. When the short sale is managed and successfully completed, it is a win-win situation for the owner as well as for the lender.
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March 6, 2009
Dear Friends,
In these troubling times, if you are considering a Loan Modification then you have seen all those advertisements that seem too good to be true. Newspapers, Magazines, billboards, Internet banners and more advertise modifications with rates and terms that appear extraordinary.
Let the homeowner beware—often times, there are strings attached that aren’t immediately obvious. Some loans start out with a fee that is large and with any guarantee the company will perform any work at all, let alone issue a refund to you if your lender will not modify your loan. This puts the consumer – you – in a predicament that is not healthy, or confident by any means. As time goes on, your situation could worsen, and leave you in peril.
To offer homeowners a smarter, safer alternative, we recently launched a new mortgage product with HomeStart which gives you the ability to apply for the modification through the website, risk free, while safeguarding the investment you’ve made in your home. With the Home Start Loan Modification, you can apply for a loan modification for as little as $199.99 that is fully refundable if the file is denied. There is an additional $3,000 fee you pay AFTER you are assured that your loan modification has been approved.
If you are in the position for a loan modification or would like to see if you can receive a modification, you should apply by clicking here: www.click2modifynow.com . HomeStart, lets you lock in today’s historically ambitious modification programs while re-generating confidence in your investment and future. We look forward to helping you keep your home!
If you would like to set up a modification consultation, please call HomeStart at 877 544-9131 and mention our names. We have interviewed many Loan Modification companies and representatives and our proud of our affiliation with HomeStart.
Warmest Regards,
Steve Roque and Jan Meyer
Modification Consultant with
HOMESTART
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