Archive for the ‘California Legislation’ Category

Short Sale Your Home

Sunday, February 26th, 2012

Do you owe more on your mortgage than your property is worth? You could ask your bank about offering . Now, California legislation makes clear that once the bank consents to a short sale, it must accept the sale price as full payment of the mortgage. As an example, if the bank approves the sale, then if you owe $300,000 but sell your home for $200,000, the bank must forgive the outstanding balance of $100,000.

Your bank might allow you to apply short sale your property if you’re experiencing significant financial hardship (such as unemployment or divorce) and if other kinds of mortgage adjustment wouldn’t work.

You and the bank get something out of the deal if you offer short sale your property . You are freed from your mortgage debt in return for the house’s sale price. You stop foreclosure and the resulting issues with your credit. The bank gets partial payment of its loan without having to go thru a long and pricey foreclosure proceeding.

If you’re offering short sale your property , you first ought to get the contract of other people who have claims against the house. This means holders of other mortgages, tax authorities to whom you owe taxes, and unpaid contractors with liens against the house.

If you try and offer short sale your home , it might take 1-3 months or even longer for the bank to approve. If the home buyer doesn’t want to wait that long, you may need to search for another buyer.

To persuade the bank to let you offer short sale your property , you’ve got to provide documents establishing your claim of financial difficulty. You should have an experienced real-estate or legal professional negotiate with the bank. The bank will have its own short sale negotiator, and everybody involved in the transaction will often need to sign an Arms ‘ Length Affidavit to protect against the likelihood of mortgage fraud.

Kendra Chui is a expert helping homeowners .

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