short sale help | Bay Area Short Sale Angels | Monclair | Piedmont

Important Information About the New HAMP Program!

Hi, this is Kerri from the Bay Area Short Sale Angels. We are one of :k1:'s number one short sale team. So a lot of you have heard of the new HAMP program that's out there. It's actually not new, it's been around for a while, but it's just got a breath of fresh air. President Obama made sure that they changed the rules so that now if you qualify for the HAMP program you can refinance your home no matter how far underwater it is. So that's great news for people who have actually stayed current on their mortgage and they want to take advantage of the low interest rates that are happening right now. These homeowners wouldn't qualify before because their houses were completely underwater. Now they qualify as long as they fit certain criteria. First of all, it has to be a Freddie Mac or Fannie Mae loan. There's an…

What you Need to Know about Keeping Current on Your Bills During a Short Sale

Hi, this is Kerri from the Bay Area Short Sale Angels. We are northern California's number one short sale team. One of the questions that comes up all the time when people are preparing for a short sale is what bills should they continue to pay. First of all, I have to say that I can never tell you not to pay anything. If you have a contract with someone then you need to pay. If you're in a financial situation where you have to pick and choose which bills might be more important to keep current on, the HOA dues if you are living in a community or a condo or townhouse that has a homeowners association. You need to keep those current. An HOA will foreclose on you faster than any bank would. So keep those current because those are the ones that will cause trouble if you don't. Another really…

Non-Recourse or Recourse Loans – Short Sales and Foreclosure

Hi this is Kerri from the Bay Area Short Sale Angels, Northern California's number one short sale team. A recourse loan means that the bank can come after you for any unpaid debt regardless if you foreclose or short sale. Non recourse loans mean that they can't. California is a non-recourse state as long as the loan was taken out as purchase money. That means the money, whether its a first or second was taken out at the origination of purchasing the property. Now let's say you got a loan, you got into your property, and then a while later you took out an equity line, a second loan. The second loan is a recourse loan. So, if you short sale, what does that mean? It means that the bank can ask to have the homeowner to sign a promissory note, sometimes for the amount that's owed, sometimes less than the amount owed.…

Information for Those Suffering from Financial Hardship

Hi this is Kerri from the Bay Area Short Sale Angels, northern California's number one short sale team. So here's a piece of advice not only for people who are suffering a financial hardship or looking at pre-foreclosure or short sale, this is for everyone out there. This is just a little piece of advice based on some stuff that I've seen going on. There are some other teams out there in the US that I talk to on a regular basis, and they've noticed the same thing, so it's not just California. Do not bank at the same institution that carries your loan. Many times, written in the fine print when you sign up for a checking or savings account, it says that if you owe them any money, they can take if from your account. People usually assume that it has to do with credit cards that are linked to the…

Understanding the Tax Implications when considering whether a short sale is right for you

Hello this is Kerri with the Bay Area Short Sale Angels. :k1: #1 short sale team. A lot of clients first question is what the tax consequences will be when filing for a short sale. The tax consequences will always vary on whether it is a owner occupied property or an investment or renatl property. Of course the first thing to always do is seek the advice of a tax professional to make sure you are aware of what the consequences will be. In my experience if it is an owner occupied property you will not have to pay federal tax on the forgiven debt and as of the last 8 months in California there are also no taxes on the forgiven debt. Having said that, it is still in your best interest to double check with a tax professional to make sure no tax codes have changed recently. On the other hand…

Some helpful information when considering the ramifications of a short sale on your credit

Hi this is Kerri from the Bay Area Short Sale Angels. The :k1: #1 short sale team. We have been finding a lot of people recently who do not seemed to be concerned about keeping their credit score intact after a short sale. Even if you plan to make most of your purchases with cash after completing a short sale or foreclosure there are many unplanned events in life that may require you to have reputable credit. For instance, if your car were to break down and you did not have the cash to buy a new one you would need a car loan. If you walk away from your property and ruin your credit no bank will be willing to give you a loan for a new car. By walking away or foreclosing on your property you are not honoring the contract you signed and this could hurt you when applying for…

The Benefit of a VA Loan Combined with the Right Price on a Short Sale Property

Hi this is Kerri from the Bay Area Short Sale Angels, the :k1:’s #1 Short Sale Team. I have noticed of late there are a lot more VA buyers out there. A VA loan is designed for people who have served our country in the armed forces and it requires zero money down and is a government run program. Recently we have had a few of our short sales get sold to those with VA loans and the process was very easy. The negotiators that we have been working with may just be doing their part to say thank you to those VA loan recipients by offering credits for closing costs and providing an overall smoother process. For me personally as a short sale agent it also feels good to give back to those individuals that have served our country and see them become home owners. It is truly a win win scenario…

Would getting a Deed in Lieu of Foreclosure be better than a Short Sale?

Hi this is Kerri from the Bay Area Short Sale Angels Team. We have had a few clients of late ask about deed in lieu of foreclosure. There banks have recommended this as a better option than a short sale or normal foreclosure. But in actuality a deed in lieu of foreclosure is essentially the same as giving up and handing over the keys to your home. This is a way for banks to lower the costs they face when handling the paperwork and time related with short sales and foreclosures. A deed in lieu has the same affect on your credit as a normal foreclosure which is why we suggest giving a short sale a try to make life easier for yourself. Most homeowners in the situation of having distressed property are truly in a hardship and do not deserve to have there credit damaged because of this. A deed in lieu…