What is the difference between a Short Sale vs. a Foreclosure?
This is a commonly asked question. A short sale transpires when the homeowner is no longer able to make their mortgage payments so in turn owes more on their home loan than what the home is worth in the current market. The homeowner will contact a Stockton California Short Sale Realtor Specialist so they can gather the proper documentation to speak with the lender about taking less for the home than the original amount of the homeowner's loan. A short sale is typically the first step in avoiding a foreclosure. A foreclosure is what happens when the lender takes back the property when the homeowner has not tried to reach out for other options, such as a short sale. A foreclosure can make it almost impossible to qualify for a loan and/or become a homeowner for up to seven years, whereas a short sale would be up to two years.
What are the requirements for a Short Sale in Stockton CA?
First and foremost, you need a valid financial hardship letter.
Examples of financial hardships would be:
● Loss of employment
● Decrease in income
● Death of a family member
● Massive Medical expenses
● Job transfer
● Illness or Injury
● Divorce or separation
● Call of Duty in the Military
After typing up your hardship letter, you will also need what is called a Short Sale Package. Contact one of our Short Sale Specialist to help you get this package together!
If I am already in the process of a Foreclosure, is a Short Sale still available to me?
You better believe it! The bank looks forward to helping homeowners with a short sale. A short sale will save them money due to the fact the home will be sold instead of them holding on to it and "owning it" themselves. In most cases a lender will be quick to stop foreclosure proceedings to opt for a short sale instead. they too, save money in the long run from a short sale.
How can a Short Sale Realtor Specialist in Stockton help me?
Our agents consist of approvingly experienced short sale specialists who have a passion in helping homeowners escape foreclosure and the horrible repercussions it can bring. We help homeowners by working with your lender to settle on a lower settlement amount in order to price your home below other competitors in the Real Estate Market. Our agents work determinedly to market your home to magnetize buyers. To make this even more of a benefit to you, our services are absolutely 100% FREE to you, the homeowner! Get in touch with us right now! Our massively experienced agents are ready to help you get out of your present condition and on with your life!