Redding Short Sale Process – How to Short Sale

What is a Redding Short Sale?

A quick sale in real estate, also commonly called a short sale, happens when a lender is willing to accept a lower pay off on a loan than what is currently owed due to the borrowers inability to continue making payments.

What does it take to qualify for a Redding Short sale?

9bf3d6b2 b25d fdf1 a00257d66feec21c Redding Short Sale Process   How to Short SaleWhile lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a Redding short sale.

  1. Negative Equity – The proceeds from the sale of the property, after all closing costs
    are paid, are less than the amount currently owed on the property,
  2. Financial Insolvency – Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
  3. Financial hardship – Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few. Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell.

Is it possible for me to get money back for completing a short sale?

Until recent times, it was almost unheard of for a home owner to get money back in a short sale. Things have changed for the better. The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program. We have seen home owners get as much as $35,000 back to complete a short sale.

Who will pay the Redding short sale Realtors® commission?

In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your Redding short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.

How Can a Redding Short Sale Real Estate Agent help me?

As a Redding short sale specialist, I have helped many home owners who are in a 2722464d f21c 28c4 9e977c25f06c22d4 Redding Short Sale Process   How to Short Saledifficult financial season get a fresh start with a short sale. Short sales are not part of our “basic training” as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced. Experience is everything when it comes. I’ll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender. 

 

Laura Reilly

License Number: 01760446

Real Living Real Estate Professionals

PHONE: 530-921-1063

reddingshortsaleprocess.com

~ Your Redding Short Sale Specialist Realtor® ~

 


What is a Wells Fargo Short Sale? – Redding CA – Short Sale

What is a Wells Fargo Short Sale?

In a short sale the homeowners have the option to sell your home for less than the amount owed on your mortgage.

By doing a short sale, the struggling homeowner be released from the obligation to pay back the primary mortgage under its original terms. And as the mortgage servicer, Wells Fargo Home Mortgage may accept the proceeds of the sale as payment in full.

This option can help homeowners avoid a foreclosure sale. A short sale may be considered even if the foreclosure process has started, but time is of the essence.
Contact us directly at (530) 921-1063 -Laura Reilly- to start a short sale today.

Depending on your situation, you may be eligible for a short sale through the federal governments Home Affordable Foreclosure Alternatives (HAFA) program, or through many different programs.

If the homeowners is looking for options to avoid a foreclosure sale a short sale should be considered. In some cases the foreclosure sale may be postponed once a written, signed offer is received and approved by Wells Fargo Home Mortgage.

The current homeowner can live in the home until the new owner closes, giving you time to make other relocation plans.

And you as the homeowner can be released from your obligation to repay your mortgage balance.

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What is a Wells Fargo Short Sale?


Underwater Homeowners Get Much Needed Short Sale Relief – Redding CA

Underwater Homeowners Get Much Needed Short Sale Relief – Redding CA

In an effort to conform  California state law to a federal law at the end of Dec. 2012 which extended mortgage debt forgiveness, the CALIFORNIA ASSOCIATION OF REALTORS  is sponsoring Senate Bill 30, so that struggling California homeowners on the brink of foreclosure can get much needed mortgage debt relief.
This bill will for one more year exempt the taxation of mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or loan modification and that is including any principal reduction.

What does this mean?

Homeowners who want to or need to sell their home have 6 more months to do so.  The average time a short sale takes is four to six months.

If you are thinking about selling or need to sell your home, time is of the essence. Contact us for a free consultation to see if you qualify for a short sale.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Mortgage Debt Relief Act Extended – Redding CA

Underwater Homeowners Get Much Needed Short Sale Relief – Redding CA


Short Sale Mortgage Debt Relief Act Extended – Redding CA

Short Sale Mortgage Debt Relief Act Extended – Redding CA

Mortgage Forgiveness Debt Relief extended through 2013

For huge numbers of financially distressed  property owners of homes with underwater mortgages, this was the biggest issue in the entire fiscal cliff debate. The mortgage debt relief act provisions in the IRS tax code, first enacted in 2007, expired at midnight Dec. 31 on 2012.

Had Congress not acted, the IRS tax code would have reverted to its pre-2007 treatment of mortgage principal reductions or cancellations by lenders and banks, whether through loan modifications, short sales, deeds-in-lieu or foreclosures: All principal balances written off would be treated as ordinary income to the homeowners who received them.

For illustration, if a lender wrote off $80,000 of debt to facilitate a short sale, the seller would be taxed on that $80,000 at regular marginal rates, just as if they had earned it as income salary.

A return to taxation of principal reductions would have disrupted short sales , a growing segment of the home real estate market in 2013, and almost certainly would have encouraged more struggling home owners to take foreclosure and or bankruptcy.

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Short Sale Mortgage Debt Relief Act Extended – Redding CA

 


Wells Fargo Short Sale Facts – Redding CA

Wells Fargo Short Sale Facts – Redding CA

Wells Fargo bank owns 18% of their loans. They do not “own” most of the loans so what this means is when we are dealing with Wells Fargo home loans, we really are dealing with someone else.

69% of the loans Wells Fargo services are Fannie Mae, Freddie Mac or Ginnie Mae. 13% are private investors.

These are the people making the decisions about your Wells Fargo short sale transaction.

Fact – Wells Fargo has traditional been more flexible with HOA fees if the offer is for full market value or close to the Wells Fargo based asking price.

The Redding Short Sale Team will coordinate the existing homeowners, escrow and HOA if involved, Wells Fargo and the new buyers in the real estate transaction.

If an offer to purchase your home is received 30 days before a foreclosure sale date, Wells Fargo may postpone the foreclosure sale.

Time is of the essence in order to get a valuation (45-60 days) and a buyer along with being assigned a Wells Fargo negotiator.

We can help, find out what the process is.

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Wells Fargo Short Sale Facts – Redding CA


Chase Short Sale Facts – Redding CA

Chase Short Sale Facts – Redding CA

Deficiencies judgements in the State of California on Chase First Lien Mortgages short sales real estate transactions are waived 100% of the time.

Chase bank is beginning to offering struggling homeowners up to $48,500 in moving incentive payments. This moving incentive is only being offered to Chase homeowners who are already behind on their payments and is determined by what portfolio the loan falls in.

There is no way for the Redding Short Sale team to determine which homeowners will qualify for these moving incentives.

The best advice the Redding Short Sale Team can give to struggling Chase homeowners is they should work with an experienced short sale real estate agent.

Contact us directly to learn about the short sale process.
Direct (530) 921-1063 Laura Reilly-Realtor

Time is of the essence. Chase short sale negotiators are not permitted to reveal the “Chase” Price Opinion for compliance reasons.

It takes about 2 weeks from the time the valuation is done before Chase has a property value. So the sooner your start the better.

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Chase Short Sale Facts – Redding CA


How to Short Sale to Avoid Foreclosure – Redding CA.

How to Short Sale to Avoid Foreclosure – Redding CA.

Banks and other lending institutions are continuing to make strides in helping homeowners who want to sale their home inorder to avoid the sting of foreclosure.

For many years now homeowners have been turning to this foreclosure solution.

What is a short sale?

A short sale is when the lender on the property i.e. Bank of America, Chase, Wells Fargo, etc. agree to accept a purchase price from a new buyer that is smaller than the amount the current homeowner owes on the mortgage.

Another reason why short sales may become even more popular…

If the mortgage interest deduction is eliminated by the the US Congress because of the fiscal cliff issues, it would give many more underwater homeowners and other distressed property owners one more reason NOT to hang on to their homes.

Short Sales are a common and much needed real estate transaction in this US economy.

Want to learn about your options?

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How to Short Sale to Avoid Foreclosure – Redding CA.


Short Sales take over Foreclosures-Redding CA

Short Sales take over Foreclosures -Redding CA

A short sale in a real estate transaction is when the mortgage lender on the property agrees to accept the mortgage payoff for less the the amount owed on the home.  

Why would banks agree to this?

Banks and mortgage lenders are becoming easier to work with on short sales vs. the other alternative which maybe foreclosure.

A foreclosure to a bank will mean a larger loss to the bank due to legal fees, taxes, insurance and property maintenance.

Large banks such as Bank of America, Chase and Wells Fargo are offer homeowners incentives to cooperate in a short sale vs. the bank having to contend with a foreclosure.

The short sale process use to take six month to a year, banks are now working to streamline the process and the process is taking about three months now to get a short sale approved

Do you want to know if a short sale can benefit you?

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Short Sales take over Foreclosures-Redding CA


Tax Relief for Distressed Property Owners-Short Sale-Redding CA

Tax Relief for Distressed Property Owners-Short Sale-Redding CA

The pressure is on for 2012 US congress to extend  the mortgage tax relief for homeonwers who may have mortgage debt canceled or forgiven through a short sale.

Did you know the Department of Justice made a settlement with big banks such as GMAC, Ally Bank, CitiMortgage, Chase, Wells Fargo and the biggie Bank of America.

This settlement to the big banks included approx. $25 Billion a Billion with a “B” to help struggling homeowners with loan modifications and other solutions to avoid foreclosure or short sale their home.

The fight is one for the extension of the mortgage debt relief act, extending the tax exemption.

It is anybodys guess if the tax exemptions will be extended.

Learn your options.

Any tax extension may ease the pressure on some distressed homeowners. But it would not eliminate it. All extensions ultimately will have another expiration date, possibly just one more year away.

Short sale real estate transactions can take several months, and the timelines are likely to stretch as homeowners, escrow officers and real estate agents rush to beat the deadlines.

Is a short sale right for you? What happens to the tax extension?

Ask us. Direct (530) 921-1063

The Redding Short Sale Team has experience dealing with banks and property owners, ask questions.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Tax Relief for Distressed Property Owners-Short Sale-Redding CA


My Neighborhood is Going Down Hill-Redding CA-Short Sale

My Neighborhood is Going Down Hill -Redding CA-Short Sale

A very, very common condition in real estate is the area or neighborhood conditions can change. It is just a matter of fact and of life that situations change.

Often homeowners would like to move but think they can not because they owe more on the mortgage can then could possibly sale the property for.

A “short sale” makes it possible.

In a short sale real estate transaction the lender on the property from Bank of America to Wells Fargo – may work with the homeowner to sell the property for less then is owed on the mortgage.

This process takes several months and requires participation of the homeowners, but it may just be the fix for a difficult situation.

The Redding Short Sale Team has experience dealing with banks and property owners, ask questions.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

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My Neighborhood is Going Down Hill-Redding CA-Short Sale


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