Still Need A Short Sale?
Do you still need a short sale? 
The recent increase in home prices in the Santa Maria CA and Orcutt CA has given hope to many homeowners who were stuck hopelessly underwater in their properties. Indeed, some were able to squeak out of their properties after the recent uptick in values. However, many other property owners remain deeply underwater as they purchased in 2005 and 2006 at or near the height of the market.
If your payments are affordable on your current income, and you are paying down principal with your loan payments, eventually time and payments will win out. If you still have an interest only loan (yes they are still out there!) or you’ve restructured to an even longer amortization schedule (40 years for example) to make the payment more affordable, your wait may be longer. The situation can also get tricky if one hits a bump in the road with a divorce, job loss, reduction in income, disability, job relocation, or death of one of the borrowers on the note. Anyone of those situations can force a short sale of a property.
One thing is for sure, if you are still underwater and need to sell your home, you are by no means alone. I speak to homeowners every day who are still underwater and waiting for the tide to recede and leave them above water. If you do need a short sale, it is important to meet with a team of experts BEFORE you miss that first payment. Your options may be better than you think. Lenders will consider and approve short sales without missed payments in certain situations — that is why consulting with the appropriate professionals first is so vital.
Before deciding whether a short sale of your home is right for you, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering the short sale of your Central Coast home and would like a complimentary short sale consultation, please call my office to schedule an in person meeting or a telephone consultation at (805) 878-9879.
Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She has successfully completed short sales with Bank of America, Wells Fargo, CHASE , GMAC, Seterus, IndyMac, CitiMortgage, Green Tree Servicing, Specialized Loan Servicing, Ocwen, HomEq Servicing, Wachovia, Coast Hills Federal Credit Union, Select Portfolio Servicing, CAL HFA, Fannie Mae, Freddie Mac, and others.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Tni LeBlanc and MInt properties are not affiliated or endorsed by any lender, investor, guarantor or mortgage insurer.
Copyright ©2013 Tni LeBlanc *Still Need A Short Sale?*
