Selling Shortsales in California
Answers about Short Sales and the Foreclosure process
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February 13, 2011 by shortsale · Comments Off
Crum & Associates Residential Group has served Southern California distressed homeowners with short selling their homes since 2007. And we have a 98% success rate with short sale approvals. We are experts in the foreclosure process, and will give you honest answers to your questions. All of our services are FREE to distressed homeowners. Our fees are paid by your lender after we sell your home. DRE Lic #01826783
Crum & Associates Residential Group understands that you are in your situation through no fault of your own. The economy and unplanned circumstances has created financial hardship and stress that make you feel very vulnerable. There is so much information out there for homeowners that have fallen behind on their mortgage. The question is….how do you know if this person is really knowledgeable about your situation or is trying to scam money from you. First, talk to someone you trust. Second, you should Google the company or realtor that you are interviewing. And finally, ask for references.
It is very important who you choose to process your short sale. The difference between an experience realtor and inexperience realtor is your credit score dropping up to 350 points. With a successful short sale, you can repurchase a home after 24 months. On the other hand, if have your receive a foreclosure on your credit report, you will have to wait between 5-7 years to qualify for a loan. Crum & Associates are short sale specialist and will write your short sale letter, submit your entire short sale package, and negotiate on your behalf to get a short sale approval.
Crum & Associates Residential Group takes great pride with staying on top of the banking industry changes and short sale procedures. New California laws and federal regulation can not only make the short sale process easier but protect you as the home owner from tax implications down the road. Our broker and owner, Ramón Crum was recently featured in the June 30, 2011 issue of the Long Beach Post. We can meet with your at your home to discuss all your options for FREE. Your lender will pay all our fees. CA DRE Lic #01826783
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FAQ
Q. Will I have to pay taxes on the deficiency from my short sale?
a. Current law allows short sales of a principal residence completed during 2007 through 2012 to exclude the forgiven balance from taxable income, up to $1 million for a single filer and up to $2 million for a joint return. For more detailed information, consult IRS Publication 4681 or your tax adviser.
Q. Will I receive a deficiency judgment from my lender?
a. The good news for California borrowers is all purchase-money loans on a one- to four-unit residential dwelling are exempt from deficiency judgments. Hard-money loans in California -- loans taken out after the home was purchased through a refinance or second mortgage -- can be subject to a deficiency judgment under the following conditions: The lender forecloses under judicial proceedings (California Code Civil. Proc. §726). Most lenders foreclose through a non-judicial trustee's sale which does not give the lender the right to pursue a deficiency judgment.
Q. Who pays the short sale realtor commission?
a. Your mortgage lender will pay ALL fees. So don't give a realtor or anyone processing your short sale "one red cent". Many homeowners are desperate and are being taken advantage of by scams. Ask for a license number and referrals.
Q. How long does the Short Sale Process take?
a. Depending on your lender, the process is typically 3-6 months. Though, I have had some short sales last almost a year.
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