Doing a Short Sale in San Diego California
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers
Publish Article
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Login
Login via
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Home and Family > Doing a Short Sale in San Diego California
Doing a Short Sale in San Diego California
Edit Article |
Posted: May 01, 2010 |Comments: 0
|
]]>
Question: Should You Choose a Short Sale (SS) Over a Foreclosure in San Diego California?
A reader asks: My husband and I have been making our mortgage payments every month even though our home is underwater. We owe a lot more than our home is worth. Now, my husband has lost his job. We’re thinking about walking away from our home and letting it go to foreclosure, but my parents are telling us that we may qualify for a short sale. Which is better for us? A short sale or a foreclosure?”
Answer: Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do.
Benefits:
Here are a few benefits for doing a short sale that may not have occurred to you:
•You are in control of the sale, not the bank.
•You may sleep better at night knowing who is buying your home.
•You will spare yourself the social stigma of the “F” word, foreclosure.
•Contrary to popular belief, you can be current on your payments and still effect a short sale.
•Your home sale will be handled like any other home sale.
Buying Again After a SS
If your payments have never fallen behind 30 days late and the lender does not require that you pay back the loan, Fannie Mae guidelines may allow you to buy another home immediately. The wait for an FHA loan is about 2 years.
If your payments are in arrears yet a short sale is granted by your lender, you may qualify to buy another home with a Fannie-Mae backed mortgage within two years, regardless of whether the home is your primary residence.
Buying Again After a Foreclosure
With certain restrictions, you may be eligible to buy another home in 5 years if the home was your primary residence. Without restrictions, the wait is 7 years.
If you are an investor and do not occupy the home, the wait to buy with a Fannie Mae insured loan is 7 years.
Affects on Credit After a SS
A short sale is not a derogatory mark on your credit because credit bureaus do not show the word “short sale” on your credit report. It may say “pay as agreed” or “paid as less than agreed,” among other categories. Some clients have reported negative FICO score drops from 50 points to 130 points.
The point drop is typically due to being in default, that is behind on your payments.
Affects on Credit After a Foreclosure
A number of sources have reported FICO score drops from 200 to 400 points after a foreclosure. Generally this credit score will remain on your credit report as a public record for 10 years.
Credit Reports After a SS
All lenders report short sales differently and some do not report them to the credit bureaus at all.
Credit Reports After a Foreclosure
If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.
Deficiency Judgments After a SS
Judgments are often negotiated between the seller and the short sale bank. In some cases, such as California, if the home is your personal residence and was financed through purchase money, there is no deficiency judgment.
Deficiency Judgments After a Foreclosure
Banks are unwilling to negotiate deficiency judgments with the homeowner after a foreclosure. In California, for example, according to the California Association of REALTORS, a deficiency judgment may be filed regarding a hard-money loan if the lender forecloses under a judicial foreclosure versus a trustee sale or if the second loan is a hard money loan and the sale takes place as a trustee’s sale.
Loan Application Questions After a SS
Loan applications do not ask questions about a short sale. You may report that you sold your home.
Loan Application Questions After a Foreclosure
You are required to answer the question: “Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years.” If the bank sees you have had a foreclosure, your loan most likely will be denied. If you lie, you may be subject to investigation by the FBI for mortgage fraud.
Length of Time to Move After a SS
If you’ve had a foreclosure notice filed, you may be able to postpone that action while the bank considers your short sale. The wait for short sale approval can be from 2 to 3 months, or longer.
Length of Time to Move After a Foreclosure
Unless prior arrangements have been made, the bank may want you to immediately vacate the property and can commence eviction proceedings.
Taxation After a SS
A personal residence is exempt from mortgage debt relief until the end of 2012 on a federal level. Some states will still tax you unless you qualify for an exemption. An investor is not exempt from mortgage debt relief, subject to certain conditions.
Taxation After a Foreclosure
Same as with a short sale. Except some lenders immediately send out 1099s, even if the owner is exempt.
In closing, always obtain legal and tax advice before making a decision between a short sale or a foreclosure.
For more information please feel free to visit http://www.theshortsalesaint.com
Retrieved from “http://www.articlesbase.com/home-and-family-articles/doing-a-short-sale-in-san-diego-california-2274622.html”
(ArticlesBase SC #2274622)
Need more traffic? No problem. Publish with us and see why everyone’s talking about Articlesbase.com
Liked this article? Click here to publish it on your website or blog, it’s free and easy!
Conrad Hodgson -
About the Author:
Trinity Homes & Investments
2121 Newcastle Ave Suite #F, Cardiff, CA 92007
Website: http://www.theshortsalesaint.com
Tel: 760-487-1130 xt 302
Fax: 760-239-6557
Realtor License # 01766003
]]>
Questions and Answers
Ask our experts your Home and Family related questions here…
Ask
200 Characters left
How many zip codes in san diego county ?
How many miles from san jose to san diego ?
How many miles from san diego to san jose ?
Rate this Article
1
2
3
4
5
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Source: http://www.articlesbase.com/home-and-family-articles/doing-a-short-sale-in-san-diego-california-2274622.html
Article Tags:
short sale expert, san diego short sales, avoid foreclosure, hamp, specialist, california, short sales, notice of default, foreclosure vs short sale, loan modification, solana beach, del mar, rancho santa fe, cardiff, encinitas, short sale pro
Related Videos
Latest Home and Family Articles
More from Conrad Hodgson
Short Sale Offer Tips
short sale timing, buying a short sale, foreclosure timing. (03:58)
Short Sale Secrets Clip 2
Short Sale Secrets Clip 2
Learn how to short sale real estate. Bill Twyford and Dwan Bent-Twyford define short sales, outline the structure of deals, and explain the relationship with the banks you need to get those deals done. A.D. Kessler’s Real Estate Roundtable #354 Clip 2 from www.cremag.com.
(01:10)
Learn how to Sell a Home in a Short Sale
Learn how to sell a home in a short sale in this video from experienced realtors and mortgage brokers. (02:54)
Learn about Short Sale?
Learn what foreclose means and what you can do to get back on track -Learn about Short Sale? (00:42)
Investing Tips: Short Sale - Part 3
Learn how to: Bill and Dwan Twyford discuss the details of the short sale and offer many other options for investors to use when assisting the homeowner in the beginning stages of foreclosure. A.D. Kessler’s Real Estate Roundtable #357 Clip 3 from Creative Real Estate Magazine at www.cremag.com. (01:04)
Kids Karate Martial Arts in Jackson Heights, NY
Martial Arts for kids in Jackson Heights are helping to improve self-discipline, build confidence, self-esteem and help kids defend against a bully through professional karate instruction.
By:
ilovekickboxing1l
Home and Familyl
Mar 03, 2011
First Name Terms - William Genealogy
There’s a lot to be said for good old common first names such as William. It’s origins have a Germanic root, from ‘wil’ meaning desire and ‘helm’ as in helmet, and find the relationship with Charlemagne, the 8th century Frankish warlord. Read the full article to discover more interesting facts about the history of the William name.
By:
Chris Barberl
Home and Familyl
Mar 03, 2011
Pregnancy and You - Where do You Start?
These days, women of all ages who are presented with pregnancy symtoms currently have a variety of tactics that might confirm a likely pregnancy. Even though many women call for medical assistance should they have to deal with the earliest pregnancy symptoms many other women pick pregnancy tests in order to find out the proper result.
By:
Kelsi Rheml
Home and Familyl
Mar 03, 2011
Your Samsung Family Fridge Water Filtration Advantages
If you have the fridge that offers strained drinking water, eventually, these filter systems need replacing. Samsung can make several fridge water filters, and also the dimension as well as design rely on your own refrigerator. The majority of the filters last at least six months or regarding 500 gallons depending on the usage as well as amount of water used.
By:
Stanley1Swinehartl
Home and Familyl
Mar 03, 2011
Taking Care of Final Expenses
Do you think that you would feel better if you knew that you could save the ones you love additional angst when you die by taking care of your own final expenses? If your answer is “yes” then you’ll want to read this article in order to find out how you can pay a small premium now that will save your loved ones a lot of pain and money in the future.
By:
Wendy Moyerl
Home and Familyl
Mar 03, 2011
Fabulous Finishes and Luxury Products
A recently published feature article on the website of popular TV show, This Old House, said it best - luxury home buyers want to show off their wealth! Author Keith Pandolfi writes that for the luxury buyer, “the bank account is bottomless; money is meant to be seen, not saved; and the recession doesn’t exist.” So what are some of the products that the luxury home buyer wants to see in the home of their dreams?
By:
Jack Khal
Home and Familyl
Mar 03, 2011
Having the Best Home security
No cost is too high to shield your household and property, so give yourself the most effective home security that one could.
By:
missnancyl
Home and Familyl
Mar 03, 2011
Hamster diabetic solutions
A diabetic hamster will have all or sample of the following symptoms: * Increased hunger.
* Increased thirst, drinking so much.
* Unexpectedly weight loss or weight gain.
* Peeing excessively, strong smelly urine with either a sweetish smell or a acetone.
* Tiredness or excessive exercise or a combination of both at the extremes.
* Irritability, unusual biting when the hamster did not bite before. To check your hamster: * …
By:
Myles Contrerasl
Home and Familyl
Mar 03, 2011
Banks are to blame for much of the real estate losses: Short Sales gone wrong in San Diego
It is high time that the banks are held accountable for treating homeowners badly and botching up short sales. There is more than enough blame to go around for our current real estate mess but it is time to address these issues.
By:
Conrad Hodgsonl
Finance>
Real Estatel
Jul 09, 2010
Residential Rental property Alert in San Diego
When signing a new lease on a residential property is San Diego you should be aware of the potential pitfalls.
By:
Conrad Hodgsonl
Home and Familyl
May 24, 2010
Add new Comment
Your Name: *
Your Email:
Comment Body: *
Verification code:*
* Required fields
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
Conrad Hodgson has 3 articles online
Contact Author
Subscribe to RSS
Print article
Send to friend
Re-Publish article
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Home and Family
Accessories
Babies
Elderly Care
Fathering
Genealogy
Holidays
Parenting
Pets
Pregnancy
Teenagers
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Mobile Version
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.
No Comments »
Entries (RSS)