REO = Bank Owned Assets aquired through foreclosures. Short Sales = Seller's upside down in resale value v. loan value.
If your home is more than 30 days Late - List your Home with SoCal Superior Properties to show the bank you are doing your BEST!
NO OBLIGATION LISTING
Some of the Guidelines for FHA insured loans after Bankruptcy or Foreclosure
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.
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 Years for Short Sales
Acquisition or Abandonment of Secured Property 1099-A must be submitted to the IRS if you abandon property
SoCal Superior Properties is a group of seasoned foreclosure professionals who have dedicated staffs 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 every state's foreclosure laws.
If you ask your Buyers Agent to search 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. ms for sale, that don't have a nightmare attached.
NEW: Many homes have possible unsecured tax liens, clouds on the title and most will fall into foreclosure regardless. New August 2009 Laws for Short Sales, will help, requiring the banks to respond in 21 days, to see if they'll even entertain a short pay, which will alleviate so much inventory the enflames market availability appearance.
The last short sale era, short sales were popular, being government backed homes. FHA & VA would pay the banks the full amount, regardless of how much was short, so banks would accept any short amount. This time around, most of those loans were re-financed turning them into conventional financing making them hard-money loans, without government backing any longer.
NEW STATE LAWS are changing every day and the risk of offering on short sales & pre-foreclosure could be changing dramatically in the days to come. SoCal Superior Properties will list your home Only after a FREE Consult to review your portfolio to guide you through a successful closing.
Here are tips about Short Sales:
A short sale in real estate is not always a pleasant transaction.
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:
Obtain legal advice from a competent real estate lawyer
Call an accountant to discuss short sale tax ramification.
Repo4Less is a licensed Broker and Financial Advisor and not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.
po4Less is Standing By You Every Step of the Way! If you are considering a short sale, Email the help desk now to see if there is an alternative now!
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