Short Sales
At Short Refi Services our goal is to keep our clients in their homes through a loan modification, or a short refinance. However, in some instances it may not be possible to obtain the loan modification or short refinance. If we are not able to provide you help with a modification or short refinance, there may an alternative to a foreclosure: a short sale.
According to the CaliforniaAssociation of Realtors, a short sale is defined as a “sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan," There are a number of lenders who are willing to do a short sale, since the lender is able to avoid the cost of a foreclosure. From the borrowers standpoint, the short sale may keep them from the damage that can be done to their credit report.
There are a number of factors to consider when doing a short sale. We have enclosed some resources to help you should you wish to pursue a short sale instead of a shortrefinance or loan modification.
GetReferral.com:
http://www.getareferral.com/california_short_sales.cfm?
PPCCode=G1-RP
A Lawyer Referral and Information Service (LRS or LRIS) is an organization created with the purpose of referring potential clients to licensed, insured attorneys experienced in the area of law related to a clients' particular legal issue or problem. The site also gives good legal information related to short sales within the state of California.
ShortSaleHelp.com: HYPERLINK http://www.shortsalehelp.com/package.html http://www.shortsalehelp.com/package.html: a site designed to help regarding the short sale, and also provides information on what information a lender will require when you request a short sale.
About.com _ Elizabeth Weintraub
http://homebuying.about.com/od/4closureshortsales/a/
shortsalebasics.htm
A detailed description of what a short sale is by author and Realtor Elizabeth Weintraub as written in About.com. The article details the steps involved with the short sale, and gives useful information about the process.
MortgageNewsDaily: The Definitive Short Sale Article: http://www.mortgagenewsdaily.com/wiki/Short_Sale_Defined.asp
An article reprinted in Mortgage News Daily on what is involved with doing a short sale.
RealEstateABC.com: http://www.realestateabc.com/homeguide/mistakes.htm
A site that is a wealth of information related to real estate, and the link provided lists the top ten mistakes made when choosing a Realtor.
Where Short Sales Stumble: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/14/AR2008061400058.html
A good article appearing in the Washington Post from writer Elizabeth Razzi detailing some of the potential pitfalls when trying to use a short sale to sell your home.
ShortSaleCenter: http://www.shortsalecenter.com/aboutus.html
A national firm that assists homeowners when they are attempting to sell their home with a short sale.
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