Today, Certified Distressed Property Expert Matt Gregory, continues our series with Short Sale Myth Number Two. Most people think you must be behind on your mortgage to short sale your home but Surprisingly enough, it’s just not true! In fact, if possible, it’s best to current with your mortgage. Even if you short sale your home you may be able to obtain a new mortgage home loan sooner than if you we’re several months behind when your short sale closed escrow.
Schedule a Confidential Short Sale Consultation. 661-347-6955.
<h3>Update!</h3> As we approach 2015 we’re updating hundreds of dated posts. This post really is still relevant and so we’ll keep it on this site for your viewing. When this was originally written back in 2010, over half of the homes in Santa Clarita real estate market were distressed properties. Thankfully, today it’s the other way around and around 90% of the homes on the market are standard sales. Gelow, wee the post as it was originally written!
Hello and welcome back to this extreme Santa Clarita short sale world. This blog post is a follow up from last weeks short sale myth #1. As you know short sales make up 40% of our current active real estate market in the Santa Clarita Valley. With so many questions regarding short sales, I thought I would provide everyone with some short sale myths provided by the Certified Distressed Property Institute.
Here is Santa Clarita Short Sale Myth Number Two
YOU MUST BE BEHIND ON YOUR MORTGAGE TO NEGOTIATE A SHORT SALE – This has proved to be false! Today’s lenders are looking for verifiable hardship, monthly cash flow shortage, or pending shortfall and insolvency. You may have been unemployed or maybe taken a cut in income. What about medical bills? There are many reasons and any one of them could be enough to prove hardship.
If you meet these requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.
This short sale myth is provided by the Certified Distressed Property Institute. If you or anyone you may know might be considering a short sale, please consider contacting a Certified Distressed Property Expert. Agents like Matt Gregory are CDPE certified and have extensive knowledge about the short sale process. Matt can be reached at 661-347-6955 and he offers free confidential consultations for anyone with questions.
Beware of Scams
As always, we want to remind everyone to watch out for the SCAMS out there. In times of financial distress we always have those predators out there taking advantage of the misfortune of others.
- Remember, if it sounds to good to be true, it probably is!
- Don’t give anyone any money up front for a loan modification
- When short selling, sure to use a Certified Distressed Property Expert Real Estate Agent
- Verify the agent is an expert in negotiating short sales or teams up with an experienced short sale negotiator.
- A short sale should cost the homeowner nothing. It’s FREE to the homeowner and the broker commissions are paid by the lender!
- Watch out for those Forensic Loan Audits. They rarely result in anything substantial enough to be helpful and can cost $3,000. to $5,000. Just BE CAREFUL out there!
We Can Help!
We have helped many homeowners throughout the greater Los Angeles area to avoid foreclosure by short selling their homes. We will help you explore your options, find a solution and if possible, stay in your home.
We look forward to your thoughts and comments regarding our topic, Santa Clarita Short Sale Myth Number Two