We are local!!! Benicia Short Sale / Pre Foreclosure help available. Are you behind on your mortgage payments? Have you experienced a job loss or recent divorce? Not sure what to do about your home? We’ve seen the devastation foreclosure has on families, especially families with children. Facing the prospect of foreclosure can be overwhelming. Do you know your options? Homeowners with distressed loans often ignore the alternatives until it is too late. Consider your options immediately. The more time you have before you ultimately lose your home through foreclosure the more viable your options may be.
Foreclosure can take quite a toll on homeowners both financially and emotionally. Depending on your circumstances, foreclosure may force you and your family out of your home, damage your credit, increase your tax liability, and expose you to other personal liability. Knowledge is a key component to overcome the financial challenges you face. There are alternatives to foreclosure and we can help….
We are a local REALTOR® team who work for Coldwell Banker Solano Pacific in Benicia. We’ve successfully represented over 100 bank-owed REO foreclosures and short sales in the past 4 years. We specialize in Benicia real estate and homes for sale. All the information we offer here is free. Our goal is to offer solutions and options to help you during these troubled times; not grab your email address.
#1 –> HERE’S HOW YOU CAN HELP YOURSELF
- Prop 8 Property Tax relief? Here is something you can do immediately that may reduce your property tax burden by looking at your home’s current value. In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in taxable assessed value when real property suffers a decline in current market value. When the market value of a property on the January 1 lien date falls below the assessed value, the assessor is obligated to review the property and enroll the lesser of the two values. If it is determined that the market value of your home is less than the assessed value, your property’s assessed value will be adjusted to the level of its current market value, and consequently, your property taxes will be reduced. More info at the Solano County webstite: http://www.co.solano.ca.us/depts/ar or CALL Jennifer 707-319-1933 and we can take a look at your tax records and compare to recent sold comps to see if you could be eligible for a property tax reduction.
- Have you tried a loan modification? Making Home Affordable (MHA) is the Obama Administration’s initiative that helps struggling homeowners get mortgage relief through a variety of programs that aid in mortgage modifications, interest rate reductions, refinancing, deferred payment or transitioning out of your home while avoiding foreclosure. Start here or give them a call at 888-995-HOPE. If you have any questions about a loan modification please CALL Jennifer 707-319-1933
- Keep Your Home California is a federally funded program to help California homeowners struggling to pay their mortgages. California has received nearly $2 billion in federal funding and is working with housing counselors, servicers and housing advocates to provide assistance that will help prevent avoidable foreclosures and keep Californians in their homes. Full details on the program are available at www.KeepYourHomeCalifornia.org. See video below for info:
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Keep Your Home California contains four programs to assist California homeowners. Three of these programs are designed to help qualifying homeowners remain in their homes and avoid foreclosure:
1) Unemployment Mortgage Assistance Program
2) Mortgage Reinstatement Assistance Program
3) Principal Reduction Program
4) Transition Assistance Program, provides financial assistance for homeowners who can no longer afford their home and need help transitioning to other housing. The Transition Assistance Program may only be used in conjunction with a short sale or deed-in-lieu of foreclosure transaction.
If you have any questions about the Keep California Home program please CALL Jennifer 707-319-1933
#2 –> HERE’S HOW WE CAN HELP YOU
- If a loan modification isn’t an option, you can try to sell the property for less than is what is owed. This is called a SHORT SALE. Selling may be challenging if you are upside down on your mortgage. Your lender may agree to voluntarily accept a loan payoff of less that what is owed. As with foreclosure, a short sale may affect your credit, tax liability, personal liability, and pose other challenges. With a short sale you can avoid the stigma of a foreclosure. Doing a short sale allows you to take a proactive approach to dealing with your situation, rather than going through the agonizing foreclosure process.
Even if you haven’t yet missed a mortgage payment, but are worried you might fall behind soon, now’s the time to take action. You may be eligible to refinance or modify your mortgage loan, lowering your payment and making it more affordable. If you’ve missed payments and find yourself buried under late fees and past-due amounts, you may need a more permanent solution to help you get your finances back on track and avoid foreclosure. If you have any questions about any of the options noted above please call us today.
The Moore-Bechelli team worked tirelessly with our bank to help us sell our home for less than we owed. It was a big burden lifted once we sold our home. Their marketing to attract buyers so we could get the best deal for our lender was terrific. Jack D.
SHOULD YOU CONSIDER A SHORT SALE?
If you are facing foreclosure and can no longer afford your home, you may qualify for a Short Sale — even if you don’t think you can (or haven’t been able to) sell your home. Take a look below at what is involved in doing a short sale. If this is something you are considering take a few more minutes and look at how we market homes for sale. You’ll need our unmatched marketing and exposure to help you sell your home.
Overview of the short sale process?
A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.
A short sale is an alternative to foreclosure and may be an option if:
- You are ineligible to refinance or modify your mortgage
- You are facing a long-term hardship
- You are behind on your mortgage payments
- You owe more on your home than it’s worth
- You have not been able to sell your home at a price that covers what you still owe on your mortgage
- You can no longer afford your home and are ready or need to leave
What are the benefits of a Short Sale?
- Eliminate or reduce your mortgage debt
- Avoid the negative impact of a foreclosure
- Start repairing your credit sooner than if you went through a foreclosure
- May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (at least 7 years)
We know homeowners who sold their homes a back in 2009 with a short sale. Now with their finances back on track have qualified for new home loans.
What is the process for a Short Sale?
If you qualify for this option, the process is similar to a normal real estate sales transaction. You will work with our REALTOR team to market and sell your home. However, your mortgage company will also be working with you and our team every step of the way to:
- set the sale price based on current market value – (we will do a Broker Price Opinion (BPO) that will give us a good idea of what the home is worth),
- collect financial information and negotiate with other lien holders (i.e., your second mortgage company) if applicable,
- review acceptable offers,
- agree to the terms of the sale once a buyer is in place, and
- work with the buyer’s real estate agent and mortgage lender to finalize the sale.
In some cases, you may be eligible to receive relocation assistance to use toward your moving expenses and to make the transition to new housing easier. Ask us about the Home Affordable Foreclosure Alternative (HAFA) – when you close HAFA provides $3,000 relocation assistance. For eligibility and more info learn more about the HAFA program here »
Checklist of What You Need to Do…
Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
- Your mortgage statements, including information on a second mortgage (if applicable) your other monthly debt payments (e.g., car or student loans, credit card payments), and your income details (paystubs and income tax returns).
- Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment, the reasons why this is a long-term problem and inform your mortgage company that you want to sell your home to avoid foreclosure. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.
- Contact your mortgage company — Tell them you are interested in a Short Sale and you want to see if you qualify.
- Contact Jennifer Moore or our REALTOR team so we can help you with the process. You will also want to see how we market homes for sale. Our unmatched marketing creates more exposure for your property. More exposure means more buyers. More buyers means more offers. More offers means higher prices, better deals and faster closings.
IF YOU SHORT SELL… MARKETING is IMPORTANT!
OK… we have plenty of experience working with the banks. We’ve represented over 100 bank owned REO foreclosures and short sales in the past 4 years. This is good.
But where we shine as a REALTORS
is how market and expose your property to consumers.
Our marketing and exposure is unmatched. We’ve proved over and over that quality marketing and exposure leads to more buyers. More buyers can lead to more offers. More offers can lead to higher prices, better deals, and faster closings. The banks like this. Our #1 goal is to do the best job for you and the bank (that will approve the sale of your home for less than you owe).
#3–> OTHER OPTIONS
Here are the last couple options available to struggling homeowners.
- A Deed-in-Lieu is a voluntary agrement between you and your lender to give the title of the property back to the lender in full satisfaction of the loan secured by the property. Your lender may like a Deed-in-Lieu because the bank would not have to spend time and money on a foreclosure. A Deed-in-Lieu of Foreclosure has some tax liabilities and it is recommended that you talk to a tax or real estate accountant to see how this would affect your own specific financial situation.
- Bankruptcy is a federal court proceeding for settling your depts with creditors under a judges supervision. If you face foreclosure, the filing for bankruptcymay provide a temporarily “stay” of the foreclosure proceedings. If you file for Chapter 7 Bankruptcy, the court at some time may lift the stay and allow the lender to resume the foreclosure. If you file for Chapter 13 protection, you may be able to keep your property but you must repay the over due amounts in a 3 to 4 year plan- along with regular mortgage payments (which is sometimes hard to do). It is recommended that you talk to a tax accountant for advice on your own personal situation.
The information herein is believed to be accurate and is intended to provide general answers to general questions. This information is not intended to be a substitute for individual legal or tax advice. Individuals experiencing financial distress specifically relating to home ownership should consult the advice of a tax accountant or a real estate attorney that has experience with these issues. If you have any questions about the foreclosure and/or short sale proces please call us ASAP.
Attached here is a FREE pre-foreclosure / short sale guide published by the California Association
of REALTORS. It include much information about the foreclosure timeline, differences between a foreclosure and a short sale, tips for a short sale seller, homeowner liability, avoiding scams (note: you should never have to pay for foreclosure or short sale advise), and more information about foreclosure prevention resources. You can download the pdf by clicking here »
All this information is Free. We are not interested in getting your email address so we can put you on our mailing list and hit you up with never ending pleas to list your home with us. We feel if you take some extra time to learn about us you will call us if you need our help.
Moore-Bechelli REALTOR Team
You can learn more about us here:
Why List Your Home With Us: http://benicia.whylistwith.us
Search For Homes: www.myBeniciaHomes.com