What is "Financial Hardship", and why is it so important?
"Financial Hardship" is a critical part of the short sale equation. No matter what you hear about banks "not in the business of owning real estate", etc., they DO NOT give homeowners a break easily. They require GOOD REASON to give a discount for a short sale. They have entire departments called "Loss Mitigation", which means their entire job is to reduce the loss the bank takes on a bad loan. Giving big discounts to sellers increases the loss on a bad loan, so they don't take it lightly.
The ONLY reason a lender will agree to a short sale is if they determine that the short sale will net the more money that proceeding with the foreclosure. Understanding the homeowner's financial hardship is a big part of the lender estimating whether they will be paid in full for the mortgage.
IF THERE IS NOT A LEGITIMATE FINANCIAL HARDSHIP, A LENDER WILL NOT SHORT SALE EVEN IF THE HOME IS WORTH LESS THAN THE MORTGAGE BALANCE. Quite simply, the lender will make the borrower pay the shortfall if there is no hardship.
Many homeowners try to use a short sale as a "get out of jail free" card to dump their poor investment. Lenders will not allow this and it is a waste of time to try. If you are employed and have some assets, but you have simply lost value on your home and want to sell, YOU PROBABLY CANNOT SHORT SALE. If you are current on your mortgage, IT IS VERY DIFFICULT TO SHORT SALE. Lenders need to see that you simply cannot pay them back before they will short sale.
For The Pahua Group to try to short sale your home, you need to demonstrate a Financial Hardship or be in default on your mortgage. If you don't have one of these, we will not attempt a short sale.
To see if we might be able to handle your short sale call (949) 309-2400, or e-mail us at Info@PGcoastal.com.
June 15, 2008
I am NOT in foreclosure and I have missed NO PAYMENTS, can a short sale work for me or do I qualify for a short sale?
It is difficult to do a short sale if foreclosure has not been filed but it is possible if a couple of payments have been missed and there is a good hardship story. The lender must be convinced that they will NOT BE REPAID without the short sale.
If you are not in foreclosure and you have not missed any payments, a short sale is probably not likely, but it is possible. The key is to have a legitimate financial hardship that will keep you from making the payments. A short sale is not just an easy way out of a bad investment. If you are working and your house has just lost some value, that is just unfortunately a bad investment and you are responsible to pay the shortfall.
Short sales are when lenders agree to discount a mortgage for someone who has had legitimate hardships and who has little chance of paying the amount owed. You may be hearing stories that mortgage companies are hurting and they don't want these houses and are giving big discounts away. These stories are mostly urban myths and are not true. In fact, the opposite is happening. Since profits are down, lenders are getting tougher when negotiating prices. They are not letting properties go cheaply and without very good reason. They will try ANYTHING to get you to repay the mortgage in full. A short sale is only a last resort, but we do know how to get lenders to agree to a short sale. E-mail us at Info@PGcoastal.com if you have questions about your situation.
If you are not in foreclosure and you have not missed any payments, a short sale is probably not likely, but it is possible. The key is to have a legitimate financial hardship that will keep you from making the payments. A short sale is not just an easy way out of a bad investment. If you are working and your house has just lost some value, that is just unfortunately a bad investment and you are responsible to pay the shortfall.
Short sales are when lenders agree to discount a mortgage for someone who has had legitimate hardships and who has little chance of paying the amount owed. You may be hearing stories that mortgage companies are hurting and they don't want these houses and are giving big discounts away. These stories are mostly urban myths and are not true. In fact, the opposite is happening. Since profits are down, lenders are getting tougher when negotiating prices. They are not letting properties go cheaply and without very good reason. They will try ANYTHING to get you to repay the mortgage in full. A short sale is only a last resort, but we do know how to get lenders to agree to a short sale. E-mail us at Info@PGcoastal.com if you have questions about your situation.
Will a short sale "save my credit"?
The short answer is yes and no, a short sale can save you from the worst credit disasters.
By defaulting on mortgage payments and having a foreclosure filed against your property, you have already done damage to your credit. Your credit score has declined and those negatives will stay on your credit report for some time. However, it will get much worse if you allow the foreclosure to continue and do not try to short sale the property.
Once a foreclosed property is sold at auction, your credit score is further reduced and when the foreclosure is completed via eviction and repossession of the home, your credit will be even further damaged. If you can complete the short sale BEFORE either of these takes place, then you can prevent that further damage to your credit. In addition, when the short sale is completed, it shows up on your credit as a "Paid" mortgage and a canceled foreclosure, which shows future creditors that you did take care of your obligations.
If your situation eventually winds up in bankruptcy, then that is the worst item that could appear on your credit report and it will remain there for years and cause numerous difficulties in getting future credit. A short sale can help avoid this, but the key is not to wait.
Contact The Pahua Group for your Orange County Pre-Foreclosure needs. 949-09-2400.
By defaulting on mortgage payments and having a foreclosure filed against your property, you have already done damage to your credit. Your credit score has declined and those negatives will stay on your credit report for some time. However, it will get much worse if you allow the foreclosure to continue and do not try to short sale the property.
Once a foreclosed property is sold at auction, your credit score is further reduced and when the foreclosure is completed via eviction and repossession of the home, your credit will be even further damaged. If you can complete the short sale BEFORE either of these takes place, then you can prevent that further damage to your credit. In addition, when the short sale is completed, it shows up on your credit as a "Paid" mortgage and a canceled foreclosure, which shows future creditors that you did take care of your obligations.
If your situation eventually winds up in bankruptcy, then that is the worst item that could appear on your credit report and it will remain there for years and cause numerous difficulties in getting future credit. A short sale can help avoid this, but the key is not to wait.
Contact The Pahua Group for your Orange County Pre-Foreclosure needs. 949-09-2400.
Will a short sale "save my house"?
In the sense that you will be able to continue to live in the house, unfortunately, the honest answer is no. A short sale is only done involving a legitimate sale of the home from the foreclosed owner to another unrelated party.
Many of the cards and letters you have gotten have probably promised to save your house, however, this is very seldom possible. We would recommend that you NEVER sign away your deed to someone who promises to "save your house" from foreclosure. It is probably a scam.
Mike Pahua can help you with your Orange County Short Sale. 949-309-2400
Many of the cards and letters you have gotten have probably promised to save your house, however, this is very seldom possible. We would recommend that you NEVER sign away your deed to someone who promises to "save your house" from foreclosure. It is probably a scam.
Mike Pahua can help you with your Orange County Short Sale. 949-309-2400
Why would a bank or mortgage lender want to do a short sale?
A common saying is that banks are in the business of lending money and do not want to own real estate. This is slightly misleading but is essentially true. When a bank takes a property back via foreclosure, it is a long and expensive process and often results in holding the property in their inventory as a non-performing asset. Banks have a limit to the amount of non-performing assets they want to hold. Once this limit is exceeded, they have strong incentive to get rid of the properties at discount prices.
For a lender, doing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrower bankruptcy, damage to the property, costs associated with resale, property tax, insurance, etc. all must be paid by the bank during a foreclosure. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster.
Contact The Pahua Group for more information 949-309-2400 www.PGcoastal.com
For a lender, doing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrower bankruptcy, damage to the property, costs associated with resale, property tax, insurance, etc. all must be paid by the bank during a foreclosure. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster.
Contact The Pahua Group for more information 949-309-2400 www.PGcoastal.com
How does a homeowner benefit from a short sale?
First and foremost, it relieves the stress of being in foreclosure and being hounded by the mortgage lender; and it allows homeowners to get rid of their big mortgage payment and move on with their lives. A short sale allows you to stop the foreclosure and get a fresh start. In our experience, this is the primary benefit to homeowners. They are tremendously thankful to just relieve the burden that their home and mortgage have become.
A short sale also prevents additional damage to your credit. Having some late payments and a foreclosure filed has already done damage to your credit. However, a completed foreclosure will do much more damage and lower your credit score tremendously. Obviously, if you have to declare bankruptcy, that is a huge black mark on your credit. A short sale results in the mortgage actually being paid off, which reflects positively compared to a foreclosure. Visit Orange County Short Sale FAQ for more information.
Orange County Foreclosures
Orange County Foreclosures. Search only 100% Bank Owned REOs. 100% free search with addresses, pics, descriptions, and prices.
Visit, http://www.PGcoastal.com
Visit, http://www.PGcoastal.com
ORANGE COUNTY SHORT SALES -did you make an offer?
Mike Pahua is your Orange County Short Sale Realtor. If you want to purchase a home that is a short sale then you need to speak with an agent who understands how they work and how to negotiate your offer for you. Call Mike Pahua at 949-309-2400 ext 5
Have you made an offer a short sale lately?
Did you wait around for weeks only to hear nothing?
Did the price seem too good to be true?
SOME AGENTS DO NOT HAVE EXPERIENCE IN CLOSING SHORT SALES
Short sales are relatively new to todays market. Only now, that values have declined have most people even heard of short sales. Some agents won't work short sales or will discourage your low offer because of how complex and time consuming an Orange County Short Sale can be.
Keep in mind, if your offer is too low I won't work it either. There is, however, a fine line between doable and a waste of time. You need experience to guide you to where that line it.
IF YOU ARE NOT COMMITTED TO ANOTHER AGENT AND YOU WANT TO PURCHASE A SHORT SALE.....
Call, Mike Pahua -Orange County Short Sale Specialist 949-309-2400
ORANGE COUNTY SHORT SALE Listing Agent -Realtor-
ORANGE COUNTY SHORT SALE REALTOR
List you home with Mike Pahua 949-309-2400 ext 708
Facing Foreclosure? Missed a couple of house payments? NO EQUITY???? Whatever you do DON'T GIVE UP and let the bank take back the house!!! Does not matter if you are upside down in the house and have no equity! We specialize in SHORT SALES where the bank will take a discounted settlement. We ARE experts, and this will put you in a much better situation all around.
Benefits include:
**** Your credit won't be as damaged,
**** You maybe able to stay in the house longer,
**** Your lender will pay the commission and closings costs of the sale.
**** We handle ALL the paperwork that is required.
**** You sit back and relax. There are no disadvantages to you what-so-ever.
We are a real estate brokerage NOT investors.
call Mike with The Pahua Group, Fairview Realty at 949-309-2400 ext708
FREE Consultation. We can only help you. EMAIL: Info@PGcoastal.com
DO YOU HAVE MORE QUESTIONS BUT YOU'RE NOT READY TO CALL YET?
Please review our Frequently Asked Questions section or view our quick evaluation form. http://www.shortsalesoc.com/
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Get Help for you Orange County Foreclosure
ORANGE COUNTY SHORT SALE REALTOR -LIST YOUR HOME WITH MIKE PAHUA
DID YOU LIST YOU HOME WITH AN AGENT WHEN THE MARKET WAS BETTER?
DID YOU RECEIVE AN OFFER EARLY ON, THAT YOU DIDN'T TAKE, IN HOPES TO GET MORE?
DO YOU WISH YOU WOULD HAVE TAKEN THAT ORIGINAL OFFER?
DID YOU REDUCE YOUR PRICE A COUPLE TIME THEN YOU REACHED YOUR BREAK EVEN AMOUNT?
ARE YOU IN A POSITION WHERE YOU NEED TO COME UP WITH 30K, 70K, EVEN 100K THAT YOU DON'T HAVE TO SELL YOUR HOME?
YOU ARE NOT ALONE...
This market downturn is affecting thousands of Orange County Real Estate owners. If you have a legitimate hardship (loan adjustment, reduced income, too much debt, divorce, can't refi, etc...) you may be able to short sale your home.
If you think a short sale may be the answer please visit our ORANGE COUNTY SHORT SALE FAQ page.
WHEN YOU ARE READY TO SPEAK WITH AN ORANGE COUNTY SHORT SALE SPECIALIST PLEASE
CALL MIKE PAHUA AT 949-309-2400 EXT 5.
DID YOU LIST YOU HOME WITH AN AGENT WHEN THE MARKET WAS BETTER?
DID YOU RECEIVE AN OFFER EARLY ON, THAT YOU DIDN'T TAKE, IN HOPES TO GET MORE?
DO YOU WISH YOU WOULD HAVE TAKEN THAT ORIGINAL OFFER?
DID YOU REDUCE YOUR PRICE A COUPLE TIME THEN YOU REACHED YOUR BREAK EVEN AMOUNT?
ARE YOU IN A POSITION WHERE YOU NEED TO COME UP WITH 30K, 70K, EVEN 100K THAT YOU DON'T HAVE TO SELL YOUR HOME?
YOU ARE NOT ALONE...
This market downturn is affecting thousands of Orange County Real Estate owners. If you have a legitimate hardship (loan adjustment, reduced income, too much debt, divorce, can't refi, etc...) you may be able to short sale your home.
If you think a short sale may be the answer please visit our ORANGE COUNTY SHORT SALE FAQ page.
WHEN YOU ARE READY TO SPEAK WITH AN ORANGE COUNTY SHORT SALE SPECIALIST PLEASE
CALL MIKE PAHUA AT 949-309-2400 EXT 5.
New Orange County Foreclosures Website
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June 3, 2008
Orange County Short Sale Realtor (documentation list)
Short Sale Documentation
Common Documentation Needed from the Seller(s) in a Short Sale Listing
___ Authorization to Release Information
___ Purchase and Sale Agreement
___ Client Financial Sheet
___ Hardship Letter - handwritten, signed, and dated (Any missing financial data needs to be explained in a separate handwritten, signed, and dated letter to the bank
___ Supporting Hardship Information (Letter of termination, lay off notice, unemployment benefit letter, letter from Doctor, medical documentation, repair bills / receipts, etc.)
___ Last 2 Yr's Tax Returns with W-2's
___ Two Most Recent Consecutive Payroll Stubs
___ Two Most Recent Months Consecutive Bank Statements
___ Any Recent Lender Correspondence Received
___ Divorce Decree (if Applicable)
___ Bankruptcy Discharge (if Applicable)
___ Death Certificate (if Applicable)
Contact The Pahua Group at (949) 309-2400 or email at Info@PGcoastal.com for all your Orange County Short Sale Needs.
Common Documentation Needed from the Seller(s) in a Short Sale Listing
___ Authorization to Release Information
___ Purchase and Sale Agreement
___ Client Financial Sheet
___ Hardship Letter - handwritten, signed, and dated (Any missing financial data needs to be explained in a separate handwritten, signed, and dated letter to the bank
___ Supporting Hardship Information (Letter of termination, lay off notice, unemployment benefit letter, letter from Doctor, medical documentation, repair bills / receipts, etc.)
___ Last 2 Yr's Tax Returns with W-2's
___ Two Most Recent Consecutive Payroll Stubs
___ Two Most Recent Months Consecutive Bank Statements
___ Any Recent Lender Correspondence Received
___ Divorce Decree (if Applicable)
___ Bankruptcy Discharge (if Applicable)
___ Death Certificate (if Applicable)
Contact The Pahua Group at (949) 309-2400 or email at Info@PGcoastal.com for all your Orange County Short Sale Needs.
Aliso Viejo Real Estate 359k 3 Bedroom
23436 Via Jacinto, Aliso Viejo CA 92656.
3 Bedroom, 2 Bath 1246 sqft. View all the pictures for this Aliso Viejo Real Estate.
OVER $50,000 IN RECENT UPGRADES WHICH INCLUDE: GORGEOUS DARK HARDWOOD FLOORING! BASEBOARDS THROUGHOUT! CUSTOM BUILT KITCHEN WITH BEAUTIFUL GRANITE COUNTER TOPS, STAINLESS STEEL APPLIANCES, & CENTER ISLAND! CUSTOM BUILT BATHROOMS WITH BUILT-IN VANITIES & CUSTOM STONE SHOWERS! PRIVATE ENCLOSED PATIO WITH UPGRADED WOODEN ARBOR! LIGHT, BRIGHT & OPEN FLOOR PLAN! 2 CAR GARAGE! COMMUNITY POOL & SPA! CLOSE TO ALL THE SHOPS, PARKS, & SCHOOLS! THIS IS A ONE OF A KIND PROPERTY! MUST SEE TO APPRECIATE!
Contact The Pahua Group for a showing at 949-309-2400. Price and Availability are only guaranteed as of the date and time of this posting.
Corona Short Sale 375k.
25249 Poplar Ct., Corona, CA 92883A Huge 2437 sqft home priced at 375k.
This beautiful Corona home in Sycamore Creek located on a quiet private cul-de-sac street, boasts 4 large bedrooms, 3 1/2 bathrooms, an upgraded open kitchen, spacious family room, wrought iron staircase, and an amazing backyard which includes a built-in BBQ, fire pit, and fountain. Upgraded features include: newer upgraded tile & carpet, custom window coverings throughout, newer stone counter tops in kitchen and bathrooms, dark wood cabinetry throughout, custom made window draperies, and a 6 jet Jacuzzi tub in the master bathroom. This home is light, bright, with an open floor plan suited for even the most discriminating buyers. View more pictures of this Corona Real Estate.
Contact The Pahua Group for a showing at 949-309-2400. Price and availability is only guaranteed as of the date and time of this posting.
Santa Ana Short Sale 449k
215 N Main St., Santa Ana, CA 92881.
LIVE/WORK LOFT. Retail space on the ground level.
Welcome to this model home in Santa Ana's Tranquil Artist Village. This home boasts over 2,200sqft of living space, high vaulted ceilings, open kitchen with newer stainless steel appliances, newer custom paint, custom window coverings, elegant distinct draperies, walk-in closet, inside laundry, & a light, bright, and open floor plan. This live/work loft has a ground level that can be used for business purposes as well as an attached garage. Truly a must see. View more pictures of this Santa Ana Real Estate or call The Pahua Group to schedule a showing at (949) 309-2400. Price and availability is only guaranteed as of the date and time of this posting
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