Do not abandon your property. Taxes are very different for Principle residence and non principle residence. If you leave the property early, you may lose a lot in taxes and the tax man never stops coming after you. Penalties and interest add on each and every day!
Don't talk with strangers or open your door to them. It is usually a scam. They call themselves, "Investors." I can assure you the rip off is coming. I hear about another one almost every day.
Do not sign anything you do not fully understand. Many scam artists try to scam you out of your house and use your property for all sorts of things and never pay your loan or even consider talking to your lender. If they do call your lender they offer far less than your property is worth and the lender will never accept the offer. It is a fools game.
Don't wait to do a Short Sale. Time is very limited and not on your side. You need to sell your property and close escrow before the final foreclosure date! The foreclosure date is 111 days from the date of the NOD aka Notice of Default.
If the Banks are harassing you with phone calls, under the fair credit act, it is your right to make a written request to your lender to only contact you by mail if you wish to stop the calls. You may have to write any collection agencies as well if any loans get turned over to them.
If your property is foreclosed, you will not be thrown out onto the street in one day. You will be met usually by a REALTOR working for the bank, who will ask you nicely to leave and usually give you some time, such as two weeks. However, If the property appears abandoned your contents will be removed and brought out onto the driveway and thrown out.
For many of you in Denial which is very normal, I can assure you the bank will foreclose on your property and the average time the foreclosure begins is around 4 months. The start of foreclosure is called the Notice of Default, and is filed with the county in which your property is located.
You can ask me by email if your house has had a NOD filed. Simply email me your full address, and full name, and ask has NOD been filed?
It is not smart to wait for this to happen if you think you may qualify for a short sale. Start the short sale as soon as you know you can no longer make your payments.
Short Sales are usually, at no out of pocket cost to you. That's right! All fees are paid out of the sale of your property by your lender. However, HOA fees dues must be paid by you. Realtor commissions, taxes, escrow all paid by your lender. Don't worry if you don't like what you see you can reject the short sale offer from the lender, and let it foreclose at no cost to you.
A short sale is like any other sale of a property. You need to spiff up the place so we can take photos and get it sold and we have to get it sold in a short amount of time!
What are you waiting for? Pick up the phone, call Dante 951-234-7674 so we can get this done and make the bank take the loss.
A Short Sale, if you happen to have a qualifying hardship is the best option at this time. If not consider renting rooms and doing what you have to in the meantime.
A Loan Modification is a fools game and yet you see lines of people on the morning TV news every month lined up to pay the bank even more money. Most people, if not all, that qualify for a loan modification, would probably qualify for a short sale if they tried. Five years from now we will see the outcome of these Loan Modifications and I can assure it will be ugly for those who did decide to Loan Modify. Those who modify their loan, their house will be like a prison.
The Banks like to play you against yourself. When you make a decision stick to it. The lenders will call you and offer you a Deed In Lieu, or a Loan Modification, while short selling and then just foreclose on you. They don't play nice.
The banks love to play the game of saying you are in a loan modification, or a temporary Loan Modification, while you are paying the bank thinking everything is fine they are foreclosing on you behind your back, and never say a word while you continue to make what the bank calls "Partial Payments" which is not considered a full payment which is why the lender can continue to foreclose on you. They do this all the time!
Ask yourself why would the bank file a Notice of Default on your property if your loan modification was going through? There is only one reason a bank files a notice of Default, it is to foreclose on your property. A short sale may be the only way to beat the bank figuratively and time wise.
A short sale can rid yourself of the property and the excess payments.
When it comes to facing Foreclosure, Do something. Do not let it go without some sort of fight. You do not have to deal with your lender all that much, your REALTOR Broker will do that for you.
Don't bury your head in the sand.
Ask Yourself why so many are Short Selling their property?
Short Sales do work for a fair amount of people.
Short Sale bennefits will go away in 2013.
When you qualify for a Short Sale, the time is now.
A Short Sale is far better than letting your property go to foreclosure.
Consult your CPA for the tax benefits of Short Selling that both the U S President and the Governor of California have provided for you until Dec 31 2012. Short Sell Your Property.