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Worried about Owing Money after a Hollister Short Sale?

Hollister CA – We recently received an email from Joy. She was thinking about a short sale but was worried about a deficiency.

Here is a sentence from her email: "We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may assess, but we also want the house to move as quickly as possible."

Click here to discover how other sellers successfully executed a short sale and avoided foreclosure.

Here is the good news for Joy. In about 80-90% of all cases, the homeowner is allowed to walk away without a deficiency. Yes, banks are releasing homeowners from hundreds of thousands of dollars in upside-down debt.

We've seen homeowners walk away from $300,000, $500,000, and more in upside-down debt. It's like a "Get Out Of Jail Free" Card.

So, how do you find out if you will not owe a deficiency after a short sale? Here is the first step. Find out who owns your loan. Even if you send your monthly payment to ABC Bank, it's likely that your loan is owned or insured by one of the one of the following entities.

Fannie Mae or Freddie Mac. There is about a 60% chance that your loan is owned by one of these two entities. If they own your loan, then mortgage forgiveness will be granted according to their policies.

FHA Insured. FHA does not own your loan, but it insures the owner against loss--which means it will be writing the check for the loss. As a result, it dictates whether or not the debt is forgiven.

VA Insured. The Veteran's Administration does not own your loan, but it insures the owner against much of the loss. As a result, it dictates whether or not the debt is forgiven.

USDA Insured. USDA does not own your loan, but it insures the owner against much of the loss. As a result, it dictates whether or not the debt is forgiven.

Sliced and Diced Loan. This is a mortgage that has been securitized. It is called "Sliced and Diced" because of the way the ownership of each loan is sliced up and sold off to thousands of different people. The actual owners of the loan are the people who bought the securitized loan product.

Once you have found out who owns your loan, you move to the next step. That is to find out the short sale deficiency guidelines of the individual owner or insurer of your mortgage.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at israel@ighomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (831) 636-8858.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?Our Hollister loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail to israel@ighomes.com to request a Free Copy.

Or, click here to request a copy.

Thanks for reading this.~Israel Gonzalez.

Israel is a Real Estate Agent at Beale Properties.

Phone: (831) 636-8858. israel@ighomes.com.

View My homes for sale at www.bestREOhomes.com.

Israel Gonzalez specializes in loan modification assistance and short sales in Hollister California. Hollister Loan Modification Help, Hollister Short Sales. Hollister Short Sale Realtor Hollister CA Short Sales. Hollister Realtor.

Important Notice

Israel Gonzalez, Beale Properties, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Gonzalez's personal views and do not reflect the views of Beale Properties.

This information on "Worried about Owing Money after a Hollister Short Sale?" is provided as a courtesy to our readers to help them make informed decisions.


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