Wednesday, February 17, 2010

San Fernando Valley Short Sales - Encino, Sherman Oaks, Tarzana, Burbank

2010 is planning out to be the year of the short sale.  A lot of home-owners who are attempting to modify their home loan in the San Fernando Valley will soon find out, it doesn't work!  The Federal Mortgage Modification Program is failing to deliver - thank you Mr. Obama!

The other day I spoke with a client who wants to lower their monthly payment in North Hollywood.  Their home has fallen 40% in value during the past few years.  The problem (which is not really a problem) is that their income has risen during the same period.  Their lender refuses to even consider modifying their loan because they are not in any kind of hardship.  What are they to do???

The clients above did invest money when they purchased their home.  So it's a lot harder for them to just walk away.  But for others who purchased their home with no money down and seller pays closing, the situation is different.  These home-buyers really have nothing to lose - except their credit for a few years and eventually a home they never invested in.

So what do you do if you can't or don't want to pay your mortgage payment?  I recommend you take the following steps.
1. Call the lender(s) and explain your situation.
2. Try to modify your loan(s).
3. If #2 doesn't work, call me. I'm a Short sale specialist in the San Fernando Valley 818-730-4128
4. Pay all your other debts on time.
5. Don't give any money to people claiming they can help.  It's against the law!  I'm serious!
5. Don't panic!  It's not the end of the world.

I've seen some home-owners live in their home for over 18 months without paying their mortgage before they have to leave.  So, if you haven't paid for a few months, their is no reason for you to panic.  Just don't wait. Also, you won't pay any capital gains tax when you sell short

If you are considering buying a short sale home, all I can say is have a lot of patients.  The process is long, tedious, confusing, mind-boggling, plain dumb, but it does work when you work with a short sale specialist like me :-).  I do have a strategy to get you into a short sale home.  My objective is to get you into a home, not just to write offers.

If you have written a hundred offers on short sale homes and still find yourself homeless, call me 818-730-4128.  There is a difference when you work with a professional short sale specialist.

Here are my list of short sale homes for sale in the San Fernando Valley.

Also, before you go, be sure to sign-up for my San Fernando Valley mobile real estate search.

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