The Frost Group
What is a short sale?
In a short sale, the lender agrees to accept less than the loan amount in the sale of the house. The lenders agree in writing to forgive and release the mortgagee of the debt amount owed on the house.
A short sale must be approved by the lien holder or lien holders in order to close escrow.
How does a short sale affect my credit?
A short sale is recorded on your credit report as "settled for less than the amount owed." A short sale limits the damage done to your credit. Sellers typically can expect to repair their credit and qualify to buy a new house within 24 months.
How does a foreclosure affect my credit?
A foreclosure is more costly to the lender than a short sale. If the lender forecloses on your house, your credit will be more damaged than in a short sale. Usually, it takes about 7 years to qualify to buy a new house after a foreclosure.
Can I stay in my home past the auction date if we do a short sale?
Yes, we can extend your stay in your home past the auction date.
What is California Senate Bill 458?
Governor Jerry Brown signed Senate Bill 458 (Corbett) into law on July 15, 2011. The new law protects homeowners pursuing short sales by barring first and secondary lien holders from filing a deficiency judgement for money owed after the short sale closes. Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but the rule did not apply to junior lien holders. SB 458 extends the protections of SB931 to junior liens. The new law specifically requires all lien holders, including HELOC's to forgive and release the mortgagee from the debts after the short sale is completed. The lien holders cannot pursue the mortagee in court for a deficiency judgement at a later date.
How common are short sales in Southern California at this time?
Real estate tracker DataQuick said short sales made up 30 percent of Southern California home resales this year.
Our Short Sale Program:
Free: No cost to you. All commissions and fees, including closing costs are paid by the lender.
SB 458: Be debt free. All liens on the property, including junior liens are forgiven and released.
Negotiations: We handle all the negotiations and paperwork with the lender and escrow.
Streamlined, more efficient process.
Buy another house again in 24 months (24 months from close of escrow).
Limit the damage done to your credit.
HAFA program: If you qualify, you may receive $3000 for relocation assistance.
What is HAFA?
HAFA is a government-subsidized “Home Affordable Foreclosure Alternatives” program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale prior to listing using standard forms and specific timeframes.
If you do not qualify for HAFA, you can still qualify for a short sale. Please contact us today rather than later, as we need some time before the auction date to stop the foreclosure process.
In a short sale, the lender agrees to accept less than the loan amount in the sale of the house. The lenders agree in writing to forgive and release the mortgagee of the debt amount owed on the house.
A short sale must be approved by the lien holder or lien holders in order to close escrow.
How does a short sale affect my credit?
A short sale is recorded on your credit report as "settled for less than the amount owed." A short sale limits the damage done to your credit. Sellers typically can expect to repair their credit and qualify to buy a new house within 24 months.
How does a foreclosure affect my credit?
A foreclosure is more costly to the lender than a short sale. If the lender forecloses on your house, your credit will be more damaged than in a short sale. Usually, it takes about 7 years to qualify to buy a new house after a foreclosure.
Can I stay in my home past the auction date if we do a short sale?
Yes, we can extend your stay in your home past the auction date.
What is California Senate Bill 458?
Governor Jerry Brown signed Senate Bill 458 (Corbett) into law on July 15, 2011. The new law protects homeowners pursuing short sales by barring first and secondary lien holders from filing a deficiency judgement for money owed after the short sale closes. Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but the rule did not apply to junior lien holders. SB 458 extends the protections of SB931 to junior liens. The new law specifically requires all lien holders, including HELOC's to forgive and release the mortgagee from the debts after the short sale is completed. The lien holders cannot pursue the mortagee in court for a deficiency judgement at a later date.
How common are short sales in Southern California at this time?
Real estate tracker DataQuick said short sales made up 30 percent of Southern California home resales this year.
Our Short Sale Program:
Free: No cost to you. All commissions and fees, including closing costs are paid by the lender.
SB 458: Be debt free. All liens on the property, including junior liens are forgiven and released.
Negotiations: We handle all the negotiations and paperwork with the lender and escrow.
Streamlined, more efficient process.
Buy another house again in 24 months (24 months from close of escrow).
Limit the damage done to your credit.
HAFA program: If you qualify, you may receive $3000 for relocation assistance.
What is HAFA?
HAFA is a government-subsidized “Home Affordable Foreclosure Alternatives” program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale prior to listing using standard forms and specific timeframes.
If you do not qualify for HAFA, you can still qualify for a short sale. Please contact us today rather than later, as we need some time before the auction date to stop the foreclosure process.
Located in the heart of the vibrant Cedros Design District
444 South Cedros Avenue, Suite 188
Solana Beach, CA 92075
(760) 978-3162 Office
(858) 999-2226 Direct