Option ARMs defaults on the rise!! Many will have to Short Sale

Option ARMs accounted for 750 Billion in mortgages issued between 2004 and 2007. It is predicted that at least 50 percent of these Option ARMs are in default.  Lenders have stopped issuing this type of loan product.  These loans give you the option of paying a principal and interest payment or an interest only payment, as well as a negative amortization payment which doesn’t even cover all the interest. It is estimated that three-quarters of people with this loan are paying the interest only payment. This loan when the cap is reached will also increase in rate dramatically for most that have held the loan for 5 years. The good thing for people that have these loans is that the banks are aggressively getting short sale approvals on these deals. If you find yourself in the unfortunate position of being in one of these loans we can help. We may if current on your mortgage be able to do a short pay refinance where you could stay in your home. Contact www.california-shortsale.com for a review of your  situation.   

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You Can Afford Short Sales!!!

The average median income per family in the United States is $64,000 per year. This means you could afford to buy 72% of all the homes sold during the second quarter of 2009 in this country.  30% of all homes sold during the second quarter sold for less than the sellers paid originally per Zillow.  There are currently plenty of distressed properties that can be bought at deep discounted prices. Negotiations with the banks are keys to purchasing these properties at a premium discount.  Your dream home could very well be within your price range and you don’t even know it. Home prices have fallen dramatically since the peak of the market. We will find you the deal of a lifetime contact California Short Sale Solutions.

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4th down and the foreclosure clock is about to expire

You haven’t been making payments and your home is going to auction. You have taken no action and your home will be sold and you will have to move. You either care or you don’t but you are living in a home not making payments. Want to live there longer without paying and delay the foreclosure sale?  We have solutions and the investors to make that happen as well as save a foreclosure from your credit. Seems like a no brainer live in your home longer and don’t suffer the extreme credit impacts of a foreclosure. California Short Sale Solutions can help. Our experienced team will find a solution. Contact us and live in your house longer @ www.california-shortsale.com.

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Short Sale Think Tanks tell a different story

 

Some people think the housing crisis is behind us and that things are turning around. Housing sales numbers are rising and there are plenty of Google and Yahoo articles saying that the housing crisis has bottomed out. But a recently released study by two think tanks came to the conclusion that current home owners with mortgages will remain underwater for sometime increasing the chances that foreclosures will continue well into the future. This will mean a rise in the rental market.  California’s default rate climbed to 9.5% in June and 9.9% in Los Angeles County according to first American CoreLogic. The end of government moratoriums and voluntary foreclosures freezes by lenders have stopped which will also increase the amount of foreclosures.  If you are facing foreclosure and would like to explore your options, contact industry leader California Short Sale Solutions @ (800)557-4988.

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Are you upside down and need a way out?

 

 

Your house is worth $250,000 and you owe $400,000 in loans on your property. You can afford to keep making your payments but your neighbor who just bought a model match to your property is paying half the mortgage payment that you are with 200K in less loans. Should I walk away from the house or should I keep making payments till my property appreciates? How long will that take? 10 15 years? Nobody really knows but most expect it to be well into the future. If you have current hardship then the situation seems to be a no brainer. Short sale your home, go rent for 2 years; you can probably get a larger place renting and still pay less money than your current mortgage payment. If the short sale is negotiated correctly by a professional you can walk away from 150K in debt and tax consequences in the above example and still have the option of purchasing a home 2 years down the road. Contact us to explore your options www.california-shortsale.com.

 

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