Successful Stockton and Lodi Short Sales
Foreclosure should be your last resort: California Foreclosure Time Line. Are you a home owner facing foreclosure or in the foreclosure process? We may be able to help you through a Short Sale. A Short Sale occurs when the homeowner is selling a home for less than the mortgage balance (underwater loan) and is negotiating with the lender to forgive the unpaid balance. In the event of a short sale, a lender can release you free and clear and fully forgive any mortgage deficiency! Ask for our special report: Five Steps to Avoid Foreclosure and Alternatives.
The majority of homes in Stockton and homes in Lodi that are currently available for sale on the MLS are short sales and foreclosures. Short sales are dominating the California Real Estate Market.
Benefits of a Short Sale
Ø Avoid the costly consequences of foreclosure and deficiency judgments.
Ø Get a fresh start, save your credit: A short sale has less impact on your FICO score.
Ø Gain relief from negative equity: It may be years before homes appreciate to 2006 levels.
Ø Gain relief from stress: Late notices and bill collectors take a toll on a family’s life.
Ø Do not pay commission or service fee. You pay nothing, your lender pays.
Ø Your lender pays back property taxes.
Ø You may qualify to buy a home in 2 to 3 years with a short sale rather than 5 to 7 years with a foreclosure.
Short sales can be frustrating and complicated. It has been our experience that it takes a great deal of patience and experience to package and to negotiate a successful short sale. Most lenders require a mountain of documentation. Lenders will ask for a hardship and financial package. The experience level of the lender's staff is often poor. They are over burdened with the sheer number of transactions, making the approval process even more frustrating. It takes a dedicated real estate professional to negotiate a short sale.
The Lilly Team at PMZ Real Estate has working relationships with many of the banks such as Wachovia, Wells Fargo, World Savings, Bank of America, Chase and many others. We have negotiated successful short sales where the home owner has been current or behind on loan payments.
You can request a short sale package that provides you with forms and information to get you started: register here for your package. Packaging of the hardship and short sale is extremely important to the success of a short sale. It takes experience and attention to detail. The Lilly Team at PMZ Real Estate is experienced and certified short sale specialists and alternatives to foreclosure consultants. Call us and ask for your free short sale hardship package or consultation at 209-479-9222 or e-mail us at hlilly@pmz.com .