Redding Short Sale Team

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

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

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.

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

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Short Sale Mortgage Debt Relief Act Extended – 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.

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

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Wells Fargo 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.

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

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Chase Short Sale Facts – 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?

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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How to Short Sale to Avoid Foreclosure – 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?

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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Short Sales take over Foreclosures-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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Short Sale Certified by the National Association of Realtors License #01760446

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

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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LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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

Short Sales are Not the Same as Foreclosures -Redding CA

The Redding Short Sale Team writes a great deal about real estate short sales in Redding, and we discuss avoiding foreclosures and their effect on homeowners and our Shasta County Properties.

Short sales are not the same thing as a foreclosure, but for some people looking into moving and selling their opportunities in Redding CA, short sales might be your best bet.

Short sale real estate transactions offer homeowners who are underwater on their property an opportunity to release themselves of their mortgage debt without going into foreclosure.

When a foreclosure occurs, the bank or lien holders take over full ownership of the home.

What happens during a short sale, the homeowners agree to put the house up for sale, but the purchase price is less than what is still owed on the mortgage.

In turn the bank agrees to accept less then the full amount owed on the mortgage.
A short sale is when a lender is being paid off “short”, less than the amount owed.

A short sale takes several months to complete. The sale of the property is not solely left to the discretion of the property owner, as is the case during a traditional property sale in Redding CA.

A offer to buy the real estate must pass through the bank or bank(s) for approval before going into a traditional escrow.

For this reason, short sales can sometimes take months to come to fruition, a process that will require patience by the homeowner, potential buyer and agents involved.

The best advice homeowners need when approaching a short sale is to not go the process alone.

Having the expertise of a property short sales agent at your side can make the entire process as easy as possible in this difficult situation.

The Redding Short Sale Team has experience dealing with banks and property owners, ask us for free advise.

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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LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Short Sales are not the same as Foreclosures-Redding CA