If your home is more than 30 days Late - List your Home with SoCal Superior Properties at No Cost to the Homeowner, to show the bank you are doing your BEST! NO OBLIGATION LISTING
REO = Bank Owned Assets aquired through foreclosures. Short Sales = Seller's upside down in resale value v. loan value.
Some of the Guidelines for FHA insured loans after Bankruptcy or Foreclosure. Call SoCal Superior Properties for up to date guidelines as loan requirements are changing DAILY.
FHA INSURED LOANS are available to people who have had both bankruptcies and foreclosures in their past. There are some restrictions, the borrower must have virtually perfect credit since the bankruptcy or the foreclosure. These loans are also subject also to normal qualifying guidelines with income and debt limitations.
BEFORE proceeding with a bankruptcy, please seek attorney advise for clarification of tax liability if you let your home go into foreclosure and how a short sale during or without bankruptcy could be an option.
Chapter 13 Bankruptcy There must be 12 consecutive months of on time payments on all accounts (including utilities, cell phones etc) from the filing of the chapter 13 bankruptcy.
Chapter 7 Bankruptcy There must be 24 months of perfect credit from the disposition of a Chapter 7 bankruptcy.
Foreclosure There must be 3 years of perfect credit from the foreclosure.
2-3 Years for Short Sales. (As of Nov. 2010, many are trying to change this to 7 years)
Acquisition or Abandonment of Secured Property 1099-A must be submitted to the IRS if you abandon property
SoCal Superior Properties has a group of seasoned foreclosure professionals who have dedicated staff, knowledgeable in how to stop foreclosure and find the right solution for you to exit your cycle of debt. We can help with preforeclosure, seized homes and are versed in up to date market trends.
Do NOT spend any money before you call SoCal Superior Properties for your options. SoCal Superior Properties does NOT charge the homeowner to negotiate cash for keys or to negotiate a short sale. No your Rights! Click here: For a list of Tax Attorney's email us today!
Buying Short Sales: If you ask your Buyers Agent to search the MLS for "REOs," you will probably find that a very small handful of REO's are amongst the Short Sales, Pre-foreclosures and distress Sales, since it can take up to a year to become a bank REO. It's a stressful process to identify the homes in this market on your own, especially with so many unscrupulous agents taking advantage of stressed out sellers and eager buyers.
NEW STATE LAWS are changing every day and the risk of offering on short sales & pre-foreclosure are changing dramatically. SoCal Superior Properties will list & negotiate your sale and review your financial portfolio to guide you through a successful closing. We have direct access to Wells Fargo/Wachovia, Bank of America, Chase, etc. with some lenders approving right on the spot. Others willing to help with relocation. There are many new options, so call or email today.
