Behind on Payments?

• Have you fallen behind on your mortgage payments?
• Are you tired of receiving the harassing phone calls from your financial institution demanding repayment?
• Have you been stuck in a loan modification for more than 5 or 6 months? Sadly, about 10% of people who apply for these loan modifications are successful.
• NEVER pay someone an upfront fee to modify your Mortgage. If you have already done so, please call California’s Department of Real Estate or click here.

If one or all of these scenarios apply to your current situation, do not lose hope, there is help! You may want to consider doing a “Short Sale” on your property. A Short Sale is similar to a traditional transaction except, the amount paid back to your Lender is less than what you originally borrowed. This process is lengthy and may take between 3 to 6 months. As a Seller, it is IMPERATIVE that you align yourself with a Realtor who knows this process. Typically, you only get one shot at successfully completing a short sale. If you are denied, you cannot resubmit your file. Robert has become very skilled, efficient, and successful with streamlining the short sale process for his Clients.

BREAKING NEWS as it pertains to Short Sales in California. In October of 2010, Senate Bill 931 was passed into law and become effective January 1st, 2011. Senate Bill 931 aims to prevent banks from pursuing Sellers on ALL first mortgages of residential dwellings (1-4 units), even if the Seller has refinanced the loan. This applies to all primary or investment properties! This bill does not address second mortgages of any kind. This is a HUGE advantage for Sellers who elect to Short Sell in 2011. This can potentially save you hundreds of thousands of dollars!

If you are considering a Short Sale or a Foreclosure, you should also be aware of the “Federal Mortgage Debt Relief Act” that expires at the end of 2012. Generally, this Act may allow federal EXCLUSIONS of income realized as a result of a short sale or a foreclosure on your principal residence. This could mean even more tax savings for short sellers!

If you are on the fence about Short Selling your home versus letting it go to Foreclosure, call Robert. If you have received one of Robert’s Short Sale packets in the mail, call him immediately. Do not wait until a week before the Trustee’s sale date! He has met with numerous people in situations just like yours. Maybe a Short Sale IS your best alternative, but maybe it is not. There are factors that he uses to gauge how well of a candidate you may be for this type of this transaction. Robert will always recommend that you discuss these options with your Tax person or a Real Estate Attorney.

The worst thing that you can do is nothing at all. You have options and there is help! Completing a Short Sale will often cost ZERO out of pocket expense for you. Robert will meet with you under no cost or obligation to answer any questions you may have about this process. You can reach him on his cell phone, 805.460.3000 24/7 or his office, 805.226.5500.