Posted by: terryorealtor | January 1, 2008

Short Sales in Contra Costa County

Due to the overwhelming need to assist homeowners in presenting their homes as short sales to their lenders, Catherine Myers(  )and I are working together to hopefully assist homeowners in distress to minimize the damage to their credit. Our blog ContraCostaShortSalesBlog has some valuable information and links for those seeking some guidance.We are starting to see the banks cooperate more in doing short sales. We make NO guarantees. We are NOT attorneys. We encourage you to check with your lender first, seek legal counsel as well as check with your tax advisor before proceeding with a short sale. There is tax implications in both short sales and foreclosures.If you have a hardship such as divorce, medical issues, loss of job etc you will need to write up a letter to address the reason to the bank why you are seeking a short sale. The bank will require a lot of information before processing any purchase offer received on your home.Time is of the essence. Don’t wait to seek help after you have stopped making mortgage payments.Another item of note: If you did stated income and  if you knowingly stated fraudalent income on your application in order to qualify for a loan you definitely want to speak with an attorney first. It might be better to let the home foreclose. Doing a short sale will have the banks going back through your entire loan papers including application as part of their process to determine your eligibility for a short sale. If they find out you have over stated your income in order to get a loan , could potentially open you up to fraud charges.You may have options to refinance or have your present mortgage interest rate frozen for a few years with the government now getting involved. It is really important for you to speak with your lender, be up front and honest with them about your situation.

Some homeowners have panicked , not because they cannot make payments but because their equity has gone down. Well lets look at this. You bought the home for $400000 a couple years ago.  It peaked at $650000. It is now selling for around $525000. You still have made a profit and you still have equity.  Remember, real estate historically has its ups and downs and is really a long term investment.So give us a call and we can meet and take a look at your overall situation to better advise you.We service but are not limited to the greater Walnut Creek Area and the surrounding communities of Concord, Pleasant Hill, Martinez, Clayton, Orinda, Lafayette, Moraga, Danville, Alamo, San Ramon, Bay Point, Pittsburg, Antioch, Brentwood, Oakley.


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