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Answers (12)
- Austin Logan, "AustinLoganC21"
- Contributions:190
Real Estate consumer websites while helpful are not always reliable or current. To get an accurate valuation on what your home is worth in today's market, it's imperative to consult an experienced agent. They will run the comps on similar homes in the area which have recently sold and those which are currently for sale. This analysis will give you an accurate price on what your home will likely sell for.
Let me know if I could be of any assistance. I live and work in Anaheim Hills and know the market well. Best of luck to you!
Austin Logan, Realtor
Century 21
- Carmen Brodeur, "Scottsdale AZ"
- Contributions:1035
Don't rely on the zestimate. It is not an accurate estimation of value. Call a reputable Realtor in your area to give you a true market evaluation based on recent comps. Your home may be worth more.
- Edwin Baloloy, "Edquity"
- Contributions:183
I'll try to answer every question:
Q: A short sale seems drastic but what are our options?
A: You can apply for a modification, traditional short sale, HAFA short sale, HAFA deed-in-lieu, break-even sale, simply "walk" as a foreclosure. I would need a better understanding in order to see what would be best.
Q: How much would a short sale effect our credit score?
A: It all depends on how much credit you already have established. I've experienced a short sale still keeping an ex-homeowner in the 700s. On the other end of the spectrum, I've seen it go low as -180 pts.
Q: Can they go after my 401k to make up any difference if we have to short sale low?
A: In most cases, it would take a judgment for a collection entity to pursue personal assets or garnish wages. I can explain defiicency risks further if you call me.
Send me a message or call if you need further explanations. I hope this helps.
- Mahesh Mike Patel, "Mike Patel"
- Contributions:58
Dear 'Hurried':
We can understand your situation and frustration:
While no 2 short sales situations are alike, you may have to do what is best for your and your situation. A short sale will affect your credit, but not as much as a foreclosure.
We will be glad to sit down and talk to you and your situations. If we cannot help you, we have many resources that you can call like a CPA or an Attorney who are very familiar with such circumstances. They will be glad to talk to you. They will not charge you for your first call or meeting!
Please feel free to contact us to set up a time to meet. We will be gald to help you. You have no obligation to us.
Thanks.
Mike Patel
CDPE.
[contact info removed by moderator]
We can understand your situation and frustration:
While no 2 short sales situations are alike, you may have to do what is best for your and your situation. A short sale will affect your credit, but not as much as a foreclosure.
We will be glad to sit down and talk to you and your situations. If we cannot help you, we have many resources that you can call like a CPA or an Attorney who are very familiar with such circumstances. They will be glad to talk to you. They will not charge you for your first call or meeting!
Please feel free to contact us to set up a time to meet. We will be gald to help you. You have no obligation to us.
Thanks.
Mike Patel
CDPE.
[contact info removed by moderator]
- sunnyview
- Contributions:25120
You need to talk to several local agents and ask them for a CMA on your house. Zillow is not an appraisal and before you can make a good decision, you need more a more accurate estimate if your house's value.
I would not pursue a short sale if you are not significantly underwater. I would find another way to cover the gap between your mortgage amount and a list price. Get the information about your value and go from there.
I would not pursue a short sale if you are not significantly underwater. I would find another way to cover the gap between your mortgage amount and a list price. Get the information about your value and go from there.
- Clay Branch, "Georgia Loans"
- Contributions:7832
Talk with a realtor about the value, it may be off 10% either way.
- Robert Walker, "So Cal Agent"
- Contributions:1425
California wants you to keep your home and have great information on their site on how to do it.
I guess this is why I don't drive a BMW, I would rather see you and others keep their home :o)
Log onto CalHFA and click through their links...
This is their flyer: CalHFA Expands Eligibility of $2 Billion Effort to Assist Homeowners Struggling to Remain in Homes
Make selling your home your last resort. Not everyone will qualify, but throwing in the towel from the begining leaves you with the question of "could I have kept my home," or hearing others later telling you how they were able to keep their home because of this program.
Good luck
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
You may want to see if your lender would be interested in converting the portion that can't be paid off to an unsecured loan - so you can pay it off over time after your home sells.
- ShortSaleTeam
- Contributions:199
Our Office is located in Anaheim Hills
GetAShortSale.com
GetAShortSale.com
- ShortSaleTeam
- Contributions:199
Having no money for closing cost is common place for people in need of a short sale. Short sales are not drastic anymore. Sadly they are now becoming common place.
As far as what to do if you can't afford your home anymore...
There are a few available options:
1. Loan Modification option (must qualify for the Loan Modification). This is where your Lender will change the terms of your loan to allow you to keep your home
2. Short Sale option (Also must qualify for this) Most people qualify for this if they are having trouble keeping up with paying their bills.
3. Deed in Lieu- (I might suggest other options than this)
4. Refi - (Actually refinancing with another lender)
In regards to your 401k...
The bank cannot come after your 401k if you do a short sale. As far as not having money for closing cost, it is not a problem at all. The bank will pay for them including Realtor fees.
Credit depends a lot on your individual circumstances. Do you have late payments? How many? I find that people with no late payments or only a few can recover from short sales fairly quickly.
If you want to know more details on your specific situation please contact us. We are Local in Orange County. We have 26 years experience and we only do short sales in our business. We will be happy to point you in the right direction
- Diana Gomez, "Diana Gomez"
- Contributions:24
Sorry to hear you guys are going through a hard time. It doesn't cost anything to do a short sale. You have several options such as a loan modification, short refi, a deed in lieu or a foreclosure. It is best to contact your Tax advisor and an attorney so they can suggest which option is better for you. You can go to the www.makinghomeaffordable.gov website to review all of these options. As far as a short sale affecting your credit, it will depend on how many months you are behind on your mortgage. Some clients of mine, aren't behind at all when they do a short sale and they are the one's who have rebuilt their credit the fastest. There is also a new law that passed this year that says once a 1st lender approves a short sale then they will have no recourse to collect on the remaining debt. Although it is a different story if you have a 2nd loan on your home. Every situation is unique so it's hard to tell you exactly what to expect but feel free to contact me with any other questions.
- Robert Walker, "So Cal Agent"
- Contributions:1425
You may want to log onto http://www.calhfa.ca.gov/...
If you want to keep your home, this may be your best option.
You will get hit from many different directions to sell your home, but there are many different options where you may be able to keep your home (there is no money in NOT selling your home).
Speaking with an attorney and/or a CPA might be in your best interest, but researching the link I posted may assist you more than you know.
Remember, advance fees are illegal and there is FREE Governmental Assistance Available.
This is a governmental link and is FREE!! http://www.calhfa.ca.gov/
Remember to stay focused, you are in a stressful situation here and that is when people come out of the wood works to take advantage of people when they are too stressed to focus and trying to keep their heads above water.
Best of luck to you
If you want to keep your home, this may be your best option.
You will get hit from many different directions to sell your home, but there are many different options where you may be able to keep your home (there is no money in NOT selling your home).
Speaking with an attorney and/or a CPA might be in your best interest, but researching the link I posted may assist you more than you know.
Remember, advance fees are illegal and there is FREE Governmental Assistance Available.
This is a governmental link and is FREE!! http://www.calhfa.ca.gov/
Remember to stay focused, you are in a stressful situation here and that is when people come out of the wood works to take advantage of people when they are too stressed to focus and trying to keep their heads above water.
Best of luck to you
We owe $464k and Zillow has our house zestimated at $462k.
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