You may be one of many local homeowners owning a home or rental property which has declined in market value to such an extent that the current market value is much less than your mortgage debt on the property. You are “under water,” or “upside down.”
 

We can help. Let us explain how.

The price collapse in the housing market caused by the bursting of the speculative bubble that grew from easy money, loose lending practices, overbuilding, and years of rampant speculation is causing homeowners like you, lenders, and mortgage insurers to suffer billions of dollars in losses. The lenders themselves, and the “lender / insurer of last resort”—Uncle Sam, are now cutting their losses. Among other efforts aimed at reducing losses, “Short Sales” are being encouraged. Perhaps you should cut your losses too!
 

You may benefit from restructuring your situation by doing a short sale. Frankly, on both individual and national levels, recognition of the negative equity and matching indebtedness to fair market value is part of what’s needed to rationalize the credit and housing markets. The next step is to Schedule A Consultation to review your specific situation.
 

Foreclosure is a disaster for everyone, homeowner and lender alike. There is no sense going to foreclosure when your property could be sold. Even if you are not facing foreclosure, but are holding too much debt relative to the decreased value of a property, it makes sense for you to restructure out of the precarious situation.

You may benefit from taking immediate and sensible action to keep your situation from deteriorating to an unmanageable level. You don’t want that. Your lender does not want that to happen. It is far more costly for all concerned when you’ve reached a point where you are financially unable to meet your obligations.

Most folks think that they cannot sell a property on which they owe more than the property would fetch at sale. That is not true. You can, and perhaps should, sell the property.
 

The term “Short Sale” is used to describe a sale where the debt owing against a property combined with the costs of its sale exceeds the property’s market value. Upon sale, the lender accepts net proceeds of sale as full and final settlement of the mortgage, and releases its lien. The amount of debt in excess of proceeds from sale is called the “Deficiency.” Another type of Short Sale is called a “Short Payoff.” In a Short Payoff, the lender accepts proceeds of sale, and releases its lien, but the Homeowner pays some or all of the Deficiency under lenient terms and goes forward with a greatly reduced and modified debt.
 

When the necessity for doing a Short Sale has been precipitated by a “Hardship,” such as death, job loss, divorce, relocation, medical problems, etc. and you are financially unable to pay the “Deficiency,” your lender generally forgives or “cancels” this remaining debt not satisfied by the sale. 

We can help;  Call for an appointment and we will review your specific situation and provide you with information about your alternatives.

It is our privilege to serve you and we appreciate the opportunity and your business. If you have any questions or would like to discuss your situation please Contact me at 916-787-1200 or Email davidav@kw.com