Facing Foreclosure There is Help!
Thousands of homeowners in Californians and in particular in Stockton, Lodi and the Central Valley are facing foreclosure on their underwater mortgages each month. The Central Valley and San Joaquin are ground zero for distressed mortgages. More than 75% of the homes for sale on the Metrolist MLS are either short sales or foreclosures very few multiple listings are equity sales. The Stockton and Lodi Real Estate market is facing a rising level of distressed mortgages
It is important to know what you options are. Here is some information on what a short sale is and what are the benefits when is properly executed. If you are afraid that you may be facing foreclosure, you'll be glad to know that there may be other alternatives - visit our Short Sales/Avoid Foreclosure page!
What is a short sale? The selling of a home for less than your current mortgage balance. When your property market value is less than what is owed on it. Some call it – over encumbered, upside down or underwater.
Why a Short Sale
· Homeowners who owe more than the market value of their home
· A homeowner who has experienced or is experiencing a financial hardship
· A homeowner who is no longer able to afford their monthly mortgage payments
· Homeowners who have been denied for a loan modification, this is very often the case.
Short Sale vs. a Foreclosure?
· Emotionally less impacting to you and your family as opposed to going through a foreclosure.
· Some lenders provide financial incentives of up to $5,000 for moving costs.
· The real Estate Team of Hugh Lily and Maria Estrada at PMZ will help you work out a short payoff with your lender or lenders and resolve your regrettable circumstances with dignity.
· A Short Sale has the least impact on your credit score (FICO)
· You can buy another home within 2 to 3 years depending on other items on your credit.
www.Homess-in-stockton-forsale.com It is important to understand the California Foreclosure Time Line. Your lender, and the type of mortgage loan you have, will determine your eligibility for different types of alternatives to foreclosure. Ask for our informative report on Alternatives to Avoiding Foreclosure. E-mail hometeam@homes-in-stockton-forsale.com for you no obligation consultation and short sale package or call 209-479-9222.