FAQ

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The Foreclosure Process in California

Here are some Frequently Asked Questions about short sales and the short sale process:

1.  What is going to affect my credit less, a foreclosure or short sale?

A short sale will affect your credit less than a foreclosure because it will show as a settled account.  By contrast, a foreclosure will show negatively on your credit report for 7 years, and will be remain in the public record forever.  It is considered one of the worst things to have on your credit report.

2.  How long will it be before I have to move out of my house?

Generally, it takes about 3 months to get the short sale approved.  The buyer then has to complete his own loan process for the property, which typically takes an additional 35-45 days.  Barring extensive negotiations or any unforeseen issues on the buyer’s side, you’re looking at a minimum of 4 months, with the average being closer to 5 or 6 months.

3.  How much will it cost me to do a short sale?

I will negotiate with the bank to absorb all of your closing costs, leaving you nothing to pay out of pocket.

4.  What do I need to do to prepare my house for a short sale?

That is entirely up to you…my recommendations would be to de-clutter and clean up the property.  However, you do not need to spend any money to fix anything, as the property will be sold “as is.”

5.  Can my house still foreclose when I am doing a short sale?

I have never had a property foreclose during the short sale process.  It is still a possibility, but very unlikely if I am working with you and the bank on your short sale.

6.  What exactly is a short sale?

A short sale describes the situation where you owe more on your house than it is worth, and you want to sell your house rather than continuing with the mortgage.  During a short sale, the bank has to approve receiving less than what is owed to them in order for the title to transfer.

7.  Will I ever be able to buy a house again with either option?

If you sell your house as a short sale, under most circumstances you will be able to buy another house in two years.  If your home forecloses you will not be able to buy another house for 7 years.

8.  Can I lose any other assets?

If the bank accepts a short sale they will not pursue any of your other assets.

9.  How long will the short sale process take?

With my “Sold In A Week” system, it will take only one week to find a buyer.  Once the buyer is identified, I will submit the offer to the bank.  On average I am able to get a short sale approval in about 90 days.  Then the buyer will typically take 35-45 days to secure financing for the property.

10.  Will other people know if I am doing a short sale?

Prospective buyers will know because it is a material fact that has to be disclosed to them.  To the general public it is no different than selling your house traditionally.

11.  Will other people know if I am going into foreclosure?

As part of the foreclosure process, a notice of foreclosure will be posted on your front door.

12.  How do you get paid?

Once I help you complete a successful short sale, my commission is paid by the bank.

13.  What if I am behind on my property taxes?

I will negotiate with the banks to pay your delinquent property taxes as part of the short sale settlement.

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San Jose Short Sale Question: Can I Short Sell My Home If I Have More Than One Mortgage?

San Jose CA – It is possible to sell your home if you have multiple mortgages. But, it can be difficult. This is something many short sale homeowners have to consider because they have multiple mortgage.

All the mortgages on the property will have to be satisfied before you can give clear title to the buyer. But the most important negotiation is the one which has to be made with the lenders; which will be two or three in case of multiple mortgages on your home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Negotiating with two or more lenders might seem to be an intimidating task. But, you do have a strong negotiating position because second mortgages typically receive nothing if the home is foreclosed by the primary lender.

It is also possible for the first mortgage company to reject a short sale offer if they thinks that they can do better with a foreclosure. Most second mortgages lien on the property is wiped out in a foreclosure.

They will opt for that if the second mortgage is demanding to much money to approve the short sale. A second or third mortgage is called a junior mortgage.

(Third mortgages are rare. We have never seen a fourth mortgage on over 100 short sales we have worked on.)

The junior mortgage received a much smaller percentage of whatever they are owed. Most of them agree to the short sale with them being paid $3,000, and sometimes less than that.

The easiest second mortgage negotiations are short sales of piggyback loans. A piggy back loan is the junior mortgage when a single bank issues two mortgage against the same house.

This was very common during the housing boom. The loan officers at many banks offered this combination to borrowers. The costs were usually lower than getting just one mortgage and the banks agreed to the loans.

This piggy back loan is the second mortgage which is written off by the same lender as of the first mortgage. In this case the realtor or the home owner will be able to negotiate with a single person at the bank that is handling the two loans. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on San Jose Short Sale Question: Can I Short Sell My Home If I Have More Than One Mortgage? is provided as a courtesy to our viewers to help them make informed decisions.

A Spy’s Advice On How To Be Successful With San Jose Short Sales

San Jose CA – A recent episode of the hit TV Show, Burn Notice had an important lesson. The star of the show is a no nonsense spy named Michael Westen.

A guy calls him and tells him that some bad guys are after both of them. Michael says that in spy work you learn that a hot lead needs to be followed up on right away.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“I’ll be right over”, he tells the guy. Then, he rushes over to the guy’s place to meet with him. He shows up to find the guy has been murdered. He lost out on any information he could have gotten from him.

I think we have all learned that lesson. Sometimes in life things need to be dealt with right away. If not, then you miss your opportunity.

This happens in real estate, sports, and most people’s work. If you delay, then the opportunity will be gone forever.

So, how does that lesson relate to short sales? There are certain times during the short sale process where you have to drop everything and rush to get something completed. Here is an example.

Everything has been completed for a short sale negotiation. You have sent the bank everything they have requested up to that point.

The bank has all of the information they need to make a decision on the short sale file. The bank’s short sale negotiator contacts you and tells you that the short sale will be approved.

However, the buyer needs to pay $364,000 for the house versus the $360,000 that was offered. In addition, they need a certain document from the short sale seller.

Then, they give you the deadline. “If I don’t have this stuff within 3 days, then I will close the short sale file”, they tell you. After that you rush to get everything completed.

It usually takes 30-60 days of hard work for us to have gotten to this point. We know that if we don’t get the short sale negotiator what they want, then we will have to start the entire short sale process all over again.

We will have wasted 30-60 days and put our seller at greater risk of losing their home to foreclosure. So, we get to work right away and track down all that information.

If we can get the necessary items, then the short sale will be approved. But, if not, then all our work will have been in vain and we will have to start the process all over again. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on A Spy’s Advice On How To Be Successful With San Jose Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

San Jose Short Sales: What Is The HAFA Short Sale Program And How Do I Qualify?

San Jose CA – This short sale program is ideal for someone who needs to move to an affordable home and cannot afford to pay their current mortgage payment.

HAFA will provide you with free advice from HUD-approved counselors and the sale will be less harmful to your credit than a foreclosure or the typical short sale procedure.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

You also will be paid $3000 to pay for relocation costs. If you qualify for HAFA, then your mortgage company will work with you to short sell your home.

The good news is that HAFA guidelines stipulate that after you sell your home, then you are released from the debt.

This is the biggest reason some people choose the HAFA short sale program versus a conventional short sale.

To qualify for The HAFA program you must be suffering from a hardship (loss of income, increased mortgage payment, etc).

It is unlikely that you will qualify for the program without a hardship. The mortgage that you owe to the bank or to a third party must be less than $729,750 and for your personal residence.

In addition, you must have obtained your mortgage on or before January 1st, 2009. Your mortgage payment, taxes and insurance payments must not be more than 31% of your total monthly income, and you should not have bought any property in the last 12 months.

The program requires you to apply for the Home Affordable Modification Program (also known as HAMP) before moving forward with the short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on San Jose Short Sales: What Is The HAFA Short Sale Program And How Do I Qualify? is provided as a courtesy to our viewers to help them make informed decisions.

Do Some Realtors Actually Hate San Jose Short Sales?

San Jose CA – Realtors have a very important role when it comes to helping sellers short sell their homes. It is the realtor who works to attract the purchaser by communicating with buyers and their realtor.

The seller’s agent and the buyer’s agent often have to negotiate to come up with a consensus that is acceptable to both clients. Getting everyone to come to a mutual agreement is not an easy task for realtors.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Realtors get stressed out because of the task that is placed upon their shoulders.

They have to look for buyers, help the seller come up with a good hardship letter, deal with a buyer’s realtor, and basically do everything they can to help with the short sale.

The seller’s realtor has to analyze various offers and send these to the lender (or the bank) and wait for them to respond to the offer that is sent to them.

Sometimes all the effort is in vain when a buyer decides that they are not interested in buying the home anymore.

Often buyers agree to buy a short sale property but then, never get back to the seller or to his realtor. Then the realtor has to find out whether or not the buyer is still willing to buy the seller’s house.

I recently met a realtor in a another town. “I hate short sales”, she told me. “They are frustrating and take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”

Apparently this agent does not specialize in short sales. Neither do a lot of the other agents that complain about them.

These agents openly admit they hate short sales. They say stuff like, “Maybe lenders worry about what would happen if they approved too many short sales.”

They haven’t taken the time to learn how they work. They don’t know who owns the loan, or their short sale requirements. (This is all readily available information for anyone who has an internet connection.)

Maybe these agents have chosen to specialize in other area of the real estate business, such as new construction or first time home buyers.

Or they specialize in commercial property. All of a sudden they want to short sale your house. Where does that put your odds of a successful short sale?

I agree that short sales can be frustrating. But, most short sales do not take 9-12 months, especially when you know what you are doing. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on Do Some Realtors Actually Hate San Jose Short Sales? is provided as a courtesy to our viewers to help them make informed decisions.

A Common San Jose Short Sale Myth: You Must Have Missed a Payment Before Your Lender Will Consider a Short Sale

San Jose CA – It is thought that lenders tend to permit short sales only when and if a borrower has missed a payment. This is not true.

Lenders also take into account other hardships the borrower may be encountering such as a divorce, job transfer, relocation, etc.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

No lender will consider a short sale just because a borrower has missed a payment. The lender also looks at the borrower’s financial status including tax returns, budget, bills, income, etc.

After reviewing that documentation they decide whether or not to approve short sale. A lender will first look at the borrower’s ability to pay back the mortgage.

Some people have a hardship that they project will cause them to fall behind on payments in the future. But, they haven’t fallen behind yet.

In this situation, then the lender will see that they will have to liquidate the property one way or another.

If they conclude that a sale of the property is inevitable and that a short sale will be the best way to cut their losses, then they will approve the short sale.

We have also seen lenders approve short sales even if someone’s hardship didn’t put them in a position where they couldn’t make their payments.

But, the person must move and is unwilling to accept a deficiency payment for their upside down home. A good example of this is a credit worthy person with a stable, solid income who has a job transfer.

That person is upside down and unwilling to repay the lender for the loss. The lender knows from past experience that going thru the foreclosure process and then trying to collect from the borrower is hopeless.

First, the foreclosure process will take longer than a short sale and cause them to lose even more money.

Second, they know that the borrower has the option to declare bankruptcy and use other actions to avoid paying the lender.

Third, many states do not allow the lender to pursue a borrower for the loss after a foreclosure. So, they lose money on a foreclosure that takes a long time and get zero from the borrower.

Based on their prior experience they know that a short sale will be their best option to reduce their losses as much as possible. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on A Common San Jose Short Sale Myth: You Must Have Missed a Payment Before Your Lender Will Consider a Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

San Jose Short Sales: I Want To Short Sale And Buy A New Home. What’s The Best Way To Do That?

San Jose CA – In the field of real estate buying a new home while short selling an old one is not an easy task.

The reason that banks allow you to short sale and walk away from the debt is to benefit the bank, not benefit you. Banks approve short sales because they see it as a way to cut their losses versus a foreclosure.

They do not like it when people short sell to benefit themselves and walk away from their debt. Let’s look at how the process would work if you short sale your home and then, buy a new one.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Where this option is concerned you have to consider that if you have not paid your mortgage, it is very unlikely that lender would give you a loan for a new house.

The whole reason that they agreed to grant you a short sale is that they know that you are facing financial setbacks and hardship(s). It would not make sense for them to give you another loan to purchase a new house.

The best way to do this is to short sell your home but not miss any payments. It will be more difficult to convince the bank to approve the short sale and allow you to walk away from the debt.

However, there are a lot of loan programs available to help you buy a home after your short sale is completed. FHA has a mortgage program that allows you to qualify after a short sale.

Many other banks and credit unions also have loan programs for this. Yes, a short sale does affect your credit.

But, these lenders also know that it gets rid of a lot of debt which makes it easier for you to pay your bills. They consider a short sale to be an “acceptable derogatory” on your credit report.

They will approve you for a loan to buy a new home after taking that into consideration. So, there are many different options to buy a home after you short sell your current home.

The bottom line is that you have to continue making payments and maintain your credit during the short sale process. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on San Jose Short Sales: I Want To Short Sale And Buy A New Home. What’s The Best Way To Do That? is provided as a courtesy to our viewers to help them make informed decisions.

San Jose Short Sales: Don’t Go To Jail by Making This Short Sale Mistake

San Jose CA – Short selling a home is not always an easy task. Many people make a number of mistakes, inadvertently, not knowing of the legal repercussions that follow.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

If you are someone interested in selling their house via short sale, then you should be aware “buy and bail”. Buy and bail is a mistake some short sale sellers make by purchasing a new house and walking away from the old one because it is ‘underwater.’

This is a method that short sale sellers may use because they feel that their current situation may never improve. So, they buy a new home at today’s lower prices.

This is considered to be ‘mortgage fraud’ and could have serious legal consequences and that’s the last thing you want.

Many homeowners may buy and bail and believe that what they are doing is justified because they were misled. For example, a real estate agent may have led the buyer to believe that home’s value would never fall.

Another possible scenario is that a bank may have told the homeowner that refinancing would be an option that would always be available to them. Then, the bank changed their lending policies and the buyer cannot obtain a new loan.

These are scenarios where a homeowner may feel like they were deceived. Do not make the mistake of doing this, no matter how deceived you may feel, because you may end up going to jail.

Buy and bail is considered a mortgage fraud because often the borrower does not reveal certain information such as their intention to discontinue making payments to another creditor.

That is the part that is considered fraud. It is punishable by up to 30 years in prison and a fine of up to $1,000,000. Doesn’t sound like fun, does it?

If you do want to short sale and buy another house, then make sure you talk to competent legal counsel before trying this or a similar strategy. They will be able to tell exactly what is illegal and what is now illegal. With their guidance you may be able to buy another home and then short sale and do it legally. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on San Jose Short Sales: Don’t Go To Jail by Making This Short Sale Mistake is provided as a courtesy to our viewers to help them make informed decisions.

A Common San Jose Short Sale Myth: The Realtor Is Required To Submit All Offers to the Short Sale Lender

San Jose CA – Many people have misconceptions about a short sale and how it works. Many people think that the seller’s realtor and the seller are required to submit all offers to the short sale lender.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

It is the owner’s house. If they want to sell the house or not, then it is their decision. The only role of the lender is to approve or deny the short sale offer.

The lender is interested in getting the highest offer so they can reduce their losses as much as possible. It is quite possible that more than one potential purchasers are interested in buying the house.

However, it is the seller’s decision to choose which one to submit to the short sale lender. It is not a necessity that the realtor submits all offers to the lender because the lender is only interested in the best bid.

The remaining offers can be kept as backup offers in case the original offer doesn’t go thru. Some lenders require the realtor to submit all offers, but that is not usually the case.

A purchaser may feel that their offer is being withdrawn or withheld from the bank intentionally but there is nothing one can do about it.

Think about it. If your offer is not as good as the others, then it would not make any sense for the realtor to present your offer to the lender.

Even if he did present all offers before the lender, it is most likely that the lender will choose the highest offer. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on A Common San Jose Short Sale Myth: The Realtor Is Required To Submit All Offers to the Short Sale Lender is provided as a courtesy to our viewers to help them make informed decisions.

A Common San Jose Foreclosure Myth: I Can’t Short Sell Because The Bank Already Foreclosed On My Home

San Jose CA – Many homeowners do not understand the foreclosure process and how it works. A recent story I heard illustrates this.

A homeowner’s lender told them that a foreclosure auction date had been scheduled for their home and that they should move out. The homeowners moved out a few weeks later.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Three years later they notified of a lawsuit against them. Someone had tripped on their sidewalk and hurt themselves. They were suing the homeowner because they were still the owner of the home.

“You can’t sue me! I don’t even own that home anymore”, the homeowners told them. They did some research and found out that they were still the owner of the home.

It turns out that for whatever reason the foreclosure auction on their home had been cancelled. Now, three years later they still own the home and are being sued as a result! Did the person at the bank lie to them? No one knows for sure.

The lesson of this story is that you should check the court records before moving out of your house or deciding that a short sale is not for you. Most short sale agents understand how to look up these records.

They can tell you about the foreclosure case and whether or not you have enough time to attempt a short sale. The other lesson is that you should never move out of your house until after the foreclosure auction has been completed.

Most banks will even give you cash to move out after the foreclosure has completed. They know that an eviction is expensive and can take a long time.

They know that giving someone $1,500 to move out is less expensive than paying $800 to file an eviction and waiting 2-3 months for an eviction to be approved. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on A Common San Jose Foreclosure Myth: I Can’t Short Sell Because The Bank Already Foreclosed On My Home is provided as a courtesy to our viewers to help them make informed decisions.

A Common San Jose Short Sale Myth: Negotiations With The Bank Are Adversarial

San Jose CA – Lenders are misunderstood when it comes to a short sale. Some people think that lenders prefer a foreclosure over a short sale. This is not true at all.

Lenders actually lose out when they foreclose on a house. Remember, your lender prefers the option that will net them the most money possible.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

They prefer a win-win situation a short sale offers. The lender knows that they are losing money and expect to suffer a lost. They just want to minimize that loss as much as possible.

A recent study showed that a short sale reduces a lender’s losses by 20%. In my experience with short sales that number has been much larger.

A seller’s job is to be friendly and open with the lender so that the lender is more comfortable with the option of allowing a short sale.

Sellers should be prepared to write a good hardship letter, and provide the lender with all the important documents so that the lender understands the seller’s situation.

That way the lender may even help the seller throughout the procedure by looking for an agent that could help him, etc. The seller is not required to argue with the lender or be hostile.

Sellers should keep their egos aside when dealing with lenders. An aggressive and hostile approach is not needed. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at sccrealestatepros@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 408-977-1700.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Guiseppe Matese
Phone: 408-977-1700
sccrealestatepros@gmail.com

Helping San Jose Families Avoid Foreclosure

Click here to view my homes for sale at www.AvoidMySanJoseForeclosures.com

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

This information on A Common San Jose Short Sale Myth: Negotiations With The Bank Are Adversarial is provided as a courtesy to our viewers to help them make informed decisions.