Broker Facing Federal Prison Time in Short Sale Flipping Fraud

In real estate, short sales are triggered when a seller’s property is worth less than what they owe on the property. The seller then needs to get an agreement from their lender or lenders that will allow the seller to sell the property for less than the outstanding loan or loans against the property. This process […]

The Short Sale Process

Short Sale Flow Chart

The Flow Chart below illustrates the short sale process from the time an offer is received until the Short Sale is approved.  What is in the Seller’s Package typically? Financial statement Hardship Letter detailing the particular hardship that has interfered with the seller’s ability to meet the current loan terms (payments). Copy of pay stubs […]

Home Owner Relief – FHA policy seeing the benefits of Short Sales

While the new improved FHA policy looks to aim at the hardest hits part of the county, this is definitely an improvement in understanding how to tackle a difficult problem.  Over the last 4+ years, 50% of the sales I have been involved in have been Short Sales.  There is no shortage (no pun intended) […]

2013 Tax problem for Simi Valley Home Sellers – The Mortgage Forgiveness Debt Relief Act

The extension of the Mortgage Forgiveness Debt Relief Act is very important to the housing market and has major Income Tax implications for those who sell their home through the Short Sale process or lose their home to Foreclosure.These details are scrutinized in the overview, testimonials and review of lexington law for credit repair. URGENT! […]

Simi Valley Home Owners – HAFA Short Sale Requirements Set To Improve

What are HAFA Short Sale Requirements and how will it help Simi Valley Home Owners?    HAFA (Home Affordable Foreclosure Alternative)  is a government sponsored program working with HAMP (Home Affordable Modification Program) qualified Borrowers/Homeowners to sell their homes when loan modification options fail. If you have been working on a loan modification for your Simi Valley […]

How does a Lis Pendens affect California Real Property?

I see questions all the time about Lis Pendens in online Real Estate discussion forums all the time.  Before diving into the information below please understand the following.  This information pertains to California Real Estate Law. This information was obtained with permission from the California Association of Realtors Legal Department.  I am not an attorney and this […]

I’d Like To Buy Your House For Cash – Beware of Short Sale Flipping

Beware of Short Sale Flipping

A series of news reports over the last few years are covering a problem that has hit the Short Sale Market.  As in any market, if there is an opportunity, the opportunist go to work.  This time they are trying to create screaming deals out of Short Sale properties. Beware of Short Sale Flipping These flippers […]

What is a Short Sale & Can I Short Sell my Home?

Simi VAlley housing Market What is a Short Sale

What is a short sale? A short sale occurs when the seller of a property owes more money against that property than what they can ultimately sell the property for. Example, you have a $500,000 loan against your property, but now it is only worth $400,000. Adding the costs to sell your property at $400,000, […]