[by Jason Ian Hector, REALTOR® | 11/10/2015] 
 
The Simi Valley area is located just west of the San Fernando Valley and is very close to my office.  I have had great success in Simi Valley with the recent closing of a HAFA Short Sale on Crosby. For homeowners who are having difficulties affording the terms of their loans, there are alternatives to foreclosure to consider.

For example, a short sale is an alternative to foreclosure in which the bank can agree to accept less than what is owed on a property to allow a sale to occur.  For many homeowners facing mortgage difficulties, the concept of selling is difficult to handle.  The seller must take a close look at their financial situation and time is of the essence.  Homeowners should be trying to seek assistance from their lender immediately after they miss any payments or if they are on the verge of imminent default, as the lender's terminology goes.  If a seller is not eligible for a loan modification or cannot get to an affordable payment with a refinance or modification, the next step is usually a short sale.  For a successful short sale, it will be important for the seller to be willing to cooperative with the showings, provide updated financials and be willing to complete all the required paperwork. A short sale seller is going to need to be engaged throughout the process.
 
A short sale can help homeowners move on from a bad situation and begin to rebuild for the future. Dealing with an over-encumbered property is very difficult by yourself and obtaining the help of a REALTOR®, like myself, is a necessity. Also, understanding how your credit is affected by short sale vs. foreclosure will help you understand why short sale is a reasonable alternative. The quicker the loans can be worked out, the sooner the rebuilding process begins.
 
Being able to move on is much easier with the US Treasury Departments HAFA program because there are benefits to homeowners, such as a $10,000 relocation incentive, which banks typically try to negotiate out of during a traditional short sale.  For example, asking the homeowner for a promissory note, not preventing the property from going into foreclosure, etc.  The HAFA program has specific guidelines and protections for these items.
 
Most recently, I closed a HAFA short sale for my client and despite the great effort of JP Morgan Chase not to give the relocation assistance, I was able to get them enroled in the program and get them the relocation assistance.  By using the HAMP Solution Center to escalate the case, it was resolved that they were eligible but they still tried to not put them in the program.  With the help of an OCC complaint filed at www.helpwithmybank.gov, I was able to put enough pressure and found a Vice President at JP Morgan Chase who was willing to help.  Fighting for what's right and not letting the big banks do anything they want is important.  It really is a good feeling when you are able to overcome adversity and help the client to get the relocation assistance after they were unfairly denied by the bank.  These are the little things that make me love what I do in real estate.

[by Jason Ian Hector, Short Sale Specialist]

  • Crosby Ave. in Simi Valley Sold for $230,000


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