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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?
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
Laura Reilly License Number: 01760446 Real Living Real Estate Professionals PHONE: 530-921-1063 ~ Your Redding Short Sale Specialist Realtor® ~
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Tag: divorce
Redding Short Sale Process – How to Short Sale
While 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. 
difficult 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. 
Great News on Short Sales in Real Estate-Redding CA
Great News on Short Sales in Real Estate-Redding CA
A short sale in real estate sometimes called a pre-foreclosure sale, most commonly occurs when the value of a home has decreased and the homeowner owes more than the property is now worth.
In a short sale, the bank agrees to accept the money from the sale even if it doesn’t cover the current mortgage debt. In the past, the only way a lender would agree to a short sale, in general, is if the homeowner has defaulted and stopped paying on the mortgage.
Great news! Under the new rules, sellers can by current on their payments and possibly still qualify.
One of the common issues with a short sale transaction is that it can be an uncertain process, with time frames that vary greatly among banks.
The sale can only be completed with the agreement of the mortgage holder. Lenders, most commonly mortgage companies and banks, might take months to decide whether or not to accept an offer from a potential buyer.
How to qualify.
Homeowners may automatically qualify if they can document certain specified hardships:
Death of a borrower or co-borrower
Divorce or legal separation
Illness or disability
Need to move more than 50 miles for a new job
Want to learn more about the short sale process?
Divorce or legal separation
Illness or disability
Need to move more than 50 miles for a new job
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Great News on Short Sales in Real Estate-Redding CA
New Hope For Faster Short Sales in Redding CA-Real Estate Market Update
New Hope For Faster Short Sales in Redding CA-Real Estate Market Update
A series of new short sale real estate guidelines will go into effect Nov. 1. That are supposed to make the process of short selling easier and speedier for buyers and sellers.
Fannie Mae and Freddie Mac will allow banks to streamline the short sale process for homeowners who are in financial hardship and homeowners who have to sell their homes because of a divorce, disability or job transfer.
The expedited process will open the doorway to many more short sales as an alternative to foreclosures.
Since the housing crisis began, the short sale process has been difficult, long, slow and painful for both homeowner and buyer. All parties to the transaction have been frustrated by the process. But we are starting to see changes.
On average, it still takes four to six months to sell a house through short sale in Redding CA and surrounding area.
Under Fannie Mae
Behind on payments?-Short Sell the Home-Pay No Commission-Redding CA
Behind on payments?-Short Sell the Home-Pay No Commission-Redding CA
This situation is not unique, in fact it happens every day. The foreclosure rate across the nation is rising to an all time high and many, many homeowners are finding themselves falling behind on their mortgage payments.
What can be done? Do you know all of your options? Do you want to sell the home?
Sell your home and pay no commission. If you need to sell but have no equity in the property and are upside down, a short sale is an option you can explore.
Did you know your mortgage debt can be forgiven and you do not have to pay traditional real estate fees or commissions ?
Ask us how? Direct (530) 921-1063 Laura Reilly Our goal at the Redding Short Sale Team is to reach out, educate and help every homeowner who asks.We find the solution that best meets your needs, saves your credit, and helps you move on with your life!
There are many contributors to the current nationwide foreclosure crisis and many reasons why a homeowner might fall behind on their mortgage payments:
An Interest Rate Jump on an Adjustable Rate Mortgage, an increase in Property Taxes or a Separation or Divorce.
There maybe a Medical Hardship, A Reduction in Pay or Loss of Job or other high debt.
Contact us today for a free and confidential consultation with one of our knowledgeable and experienced real estate agents.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Behind on payments?-Short Sell the Home-Pay No Commission-Redding CA
Help for Homeowners who are Underwater-Short Sale-Redding CA
Help for Homeowners who are Underwater-Short Sale-Redding CA
Redding Homeowners who are underwater on their mortgages or are facing other hardships will have an easier time selling their homes for less than what they owe after new federal rules take effect later this Nov, 2012.
The Federal Housing Finance Agency (FHFA) has approved measures that speed up short sales and will give more homeowners the option to enter the process. As a result, the housing market will likely experience a spike in short sales, which already account for about 9 percent of home sales, according to real estate tracking website CoreLogic.
Starting Nov. 1 2012 homeowners with either missed mortgage payments or other financial hardships, such as divorce, job loss, or death will be allowed to apply for a short sale on their property.
It is unclear just how many families will benefit from the new short sale rules. However, nearly nearly 5 million homeowners with loans backed by Fannie Mae or Freddie Mac are underwater on their mortgages.
This will benefit many struggling homeowners but there are a few drawbacks.
Short sales can still put a ding on the credit scores, even if they are current with their payments.
Lenders such as Wells Fargo, Bank of America,Chase, and Citigroup stand to record major losses on home equity debt if more short sales are approved. But, the losses on short sales could be less than if those same homes went through foreclosure.
By avoiding long foreclosures and lengthy vacancy periods, the mortgage lenders will save time and money in the long run.
As part of the National Mortgage Settlement, major banks have agreed to provide $25 billion in cash and mortgage relief to homeowners and short sales are a part of that relief.
The top five US mortgage lenders granted more than $10 billion in consumer assistance
Mortgage Home Loan Debt Relief Act Expiring-What this means to Short Sales-Redding CA.
Mortgage Home Loan Debt Relief Act Expiring-What this means to Short Sales-Redding CA.
Short sales real estate home sales in Redding CA and are expected to pick up as the Mortgage Forgiveness Debt Relief Act draws near its Dec. 31, 2012 expiration.
That means someone who short sells a home in 2013 could be facing an IRS tax bill.
For example, if you owe $100,000 on your home and short sell it for $80,000. The $20,000 difference is taxable income.
What is a short sale in real estate?
The mortgage lender on the home approves the homeowner to sell the property for less then is owed on mortgage and accepts taking a lose on the mortgage.
Homeowners can use this when they have a forced move, for example like job relocation or divorce. Or a short sale can be approved for changes in income, life situations, employment or other hardships.
Normally, mortgage debt forgiveness is considered taxable income by the IRS and the lender issues an IRS Form 1099-C to be included in the sellers tax returns.
All home owner who short sales their home will get a 1099 from their bank. They will need to take it to their tax preparer. The tax person will know how to file it and it is always advisable to discuss your tax situation with a tax counselor before the short sale completes.
The Mortgage Forgiveness Debt Relief Act was passed in 2007 to help struggling homeowners from being taxed on debt forgiveness thru a short sale. This relief act was originally due to expire in 2009, but was extended through 2012.
We have already used one extension, the million dollar question is will congress give us another one.
NO ONE KNOWS!
But realtors are watching daily for updates.
Do I qualify for the debt relief?
To qualify for debt relief, the home must be a used as a primary residence.
The deficiency can be waived on both a first and second mortgage, as long as they were used to buy a home or make significant improvements such as a roof or new kitchen cabinets.
It has created urgency and concern on the part of homeowners and real estate agents around the California to beat that Dec. 31 2012 deadline.
Good News.
Lenders have sped up the short sale approval process. It used to be six months to sometimes a year. Approvals can take several months still, but are much, much quicker. So there still may be time to beat the deadline.
Time is of the essence. Contact Us Today Direct (530) 921-1063 Laura Reilly
We can provide you with a list of legal and tax advisers and free resources for struggling home owners.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Mortgage Home Loan Debt Relief Act Expiring-What this means to Short Sales-Redding CA.
Green Tree Home Loan-How to Sell your Home-Short Sale-Redding CA
Green Tree Home Loan-How to Sell your Home-Short Sale-Redding CA
Reviewing your options to selling your home?
If Green Tree Home Loan servicing owns your mortgage, there is help available if you need to sell.
If you are in danger of foreclosure there are also some steps you can take.
Your home is an important investment that you can not afford to lose. You may be eligible for an alternative to foreclosure. Green Tree may be able to assist you if you have a financial hardship.
Hardships can be anything from a loss of income, wages decreasing and divorce.
There are some alternatives that
Help with GMAC Mortgage-Selling Home-Short Sale-Redding CA
Help with GMAC Mortgage-Selling Home-Short Sale-Redding CA
GMAC offers help to move and avoid foreclosure thru a short sale of the property.
How?
If a homeowner can no longer afford the mortgage payments and the property value is less than the amount owed, GMAC may be able to help the homeowner avoid foreclosure with a short sale.
What is a short sale?
A short sale situation is when you sell your home, your lender agrees to accept an amount less than the total due on the loan. The payoff is “short”.
Do you qualify for a short sale?
It may be a good solution if…
Owe more than your house is worth.
Have a hardship, such as loss of income or divorce. Many situations will apply.
Or you can not afford your current monthly mortgage payments.
Will a GMAC short sale affect my credit?
A short sale will affect your credit.
But since a short sale generally takes less time to complete than a foreclosure, the time for reported delinquency can be shorter. And by successfully selling the property through a short sale, the debt will be reported to the credit bureaus as “paid for less than full balance”.
Contact us today to learn of all the benefits of a
Have a hardship, such as loss of income or divorce. Many situations will apply.
Or you can not afford your current monthly mortgage payments.
Is a Short Sale the Right Choice for Your Redding CA Real Estate?
Is a Short Sale the Right Choice for Your Redding CA Real Estate?
Over the last few years, many Redding CA home owners with distressed homes have opted for a short sale as opposed to foreclosure.
The Redding Short Sale Team offers these tips to help you understand why a short sale is often
“Underwater” homeowners facing foreclosure get help from Federal Government-Short Sale-Redding CA
“Underwater” homeowners facing foreclosure get help from Federal Government-Short Sale-Redding CA
Fannie Maes and Freddie Macs new short sale reform policies may help homeowners facing negative equity. There are potentially a lot of distressed homeowners who may even be current on the mortgage payments and never imagined that a short sale and principal reduction could an option.
Here is what is involved in a Short sale.
Homeowners who have home loans who have been purchased or guaranteed by Fannie Mae or Freddie Mac may qualify for a short sale if they fit key hardship criteria including but not limited to
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unemployment
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divorce
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long term disability
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a change in job location that is more than 50 miles from the current residence
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business failure
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death
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or a natural or man caused disaster