Short Sale Expert | Serving Simi Valley, Thousand Oaks, Moorpark, Santa Susana

Simi Valley (93063, 93065) is west of the San Fernando Valley and includes Santa Susana. Simi Valley will likely see more short sales to come mainly because of the continuing weakness in the job market and overall effects on the economy. I would anticipate another 8 to 10 years of this type of real estate market. Incomes have dropped for many employees and business owners which has put a strain on spending and mortgage payments have remained the same or are sometimes increasing. As homeowners begin to have more difficulties affording the terms of their loans, they will be faced to look at alternatives to foreclosure like loan modification and short sales.

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 is for the people who are able to move on from a bad situation and want to begin to rebuild for the future. Coming to grips with the reality of dealing with an over-encumbered property is very difficult. 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 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 $3000 in 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 VP at Chase willing to help.  Fighting for what's right and not letting the big banks do anything they want is important.

Short Sale Specialist | Simi Valley, Moorpark, Thousand Oaks, CA