Poway Short Sales 

 
A Short Sale allows a Poway resident to sell their home for less than what they owe in order to help avoid foreclosure. It is important to note that a short sale is not right for everyone.

With a Short Sale, it's possible to:

  • Prevent Foreclosure
  • Sell your home quickly and easily
  • Avoid Judgment from the lender/bank for the attorneys fees, penalties & deficit balance
  • Avoid an IRS Income Tax responsibility
  • Become a homeowner again in as little as 12-48 months
  • Lower your monthly payments by renting
  • Eliminate your stress and start fresh
  • Save your credit - Little effect to your credit
  • Pay No Commissions or Closing Costs
  • Avoid Bankruptcy

Contact Me now to discuss a doing a Poway short sale. Do it today! You must act fast to save your credit and your family! Ideal candidates are the following:

  • Can't afford payments because a hardship.
  • Have a high interest rate(s) or an adjustable rate mortgage that is going to recast
  • You owe more than what the home is worth

If you are having troubles with your payment(s), you are likely a good candidate. To be a good candidate and qualify for a short sale, the negotiator needs to be able to show the lender that you have a reason for not making the payment (a “hardship”) There are many types of hardship and lenders are working with us every day to help you short sale your home. 

Examples of hardships:

  • Family emergency. (Medical or otherwise, Divorce)
  • Loss of job
  • Decrease in income (Reduced pay due to lack of overtime or other cuts)
  • Increase in families expenses

Act today. The most important factor in successfully helping you obtain a short sale approval for a property in Poway, is acting quickly. The earlier we get involved, the more options are available in our negotiation process with the lender(s).

It doesn’t matter if you are fearing that you will not be able to afford your payment(s). We will work with you to do whatever is possible in order for you to obtain a short sale and enjoy the continued benefits of the California dream. Time is of the essence… act now and save your home from foreclosure.

There are a number of alternative options that should be considered when you are facing trouble with your home. We have experts knowledgeable in each of these and our negotiators will consider options when developing possible solutions:

Pay Minimum on an Option Arm (Do nothing)
  • Payments can range from as low as 1% to as high as 5% and rates can rise at any time.
  • Stay in home until loan recasts and payments go up
  • If you're just making the minimum payment, you aren't making a dent on your principal balance,
  • If you've already stopped making payments, you are destroying your credit while not resolving any of your issues in the process. (See Recent Blog post on Option Arm Short Sales)

File Bankruptcy
  • Both Chapter 7 and Chapter 13 bankruptcy represent a severe negative impact on your credit for 7-10 years.
  • Can cost between $2,500-$25,000 to file.
  • May have a negative impact on your employment status.
  • In a Chapter 13 filing, you may end up paying 75 - 100% of your debt back.
  • Chapter 7 is much more difficult to qualify for under the new bankruptcy laws.
  • May result in higher interest rates on future loans.
  • Carries a negative stigma, mental stress, and other burdens.
  • Bankruptcy is a 'last resort'.
  • Chapter 13 completion rates average only 32%..

Debt Consolidation Loans / Traditional Refinance
  • Need to qualify first.
  • Requires equity in Real Estate property or a pledge of collateral, ability to prove income and good credit.
  • Home Equity loan reduces future equity available in your property.
  • Consolidates your debt.
  • Missing payments could cause you to lose your home or the collateral you pledged.
  • A transaction fee is usually required upon closing or is built into the interest rates.
  • Payback can be 10-30 years depending on debt balance and ability to pay back loan.
  • You will pay back the full amount of debt balances plus interest.

Debt Settlement Program
  • Companies are independent and not affiliated with your creditors, and thus, are working for your best interests.
  • Fees are rolled into the program and are spread out over time, usually 12-24 months, depending on the length of the program.
  • Client's debt is paid off in anywhere from 12 - 48 months depending on cash availability.
  • Will receive an 'open delinquency' on your credit until debts are settled.
  • Lowers your debt to income ratio more quickly than Consumer Credit Counseling, which represents a significant factor in your ability to quality for a loan.
  • You may typically end up paying only up to 50%* of your outstanding balance.
  • Negative impact on your credit

Before making this important decision, please Contact one of our Experts to explain your options. 

Individual results may vary and are dependant on successful approval from lender.

Call me and schedule a no obligation interview to determine what we can do to help in your situation.