How to Stop West Hills Foreclosure: Best Options for Your Individual Needs

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Nobody wants to lose their home, but it is especially difficult for homeowners already facing hardship. A home is supposed to be a permanent safe haven, a space that families and individuals can escape the problems of the outside world and relax. While the threat of a West Hills foreclosure can seem like a catastrophe to homeowners already facing financial hardship, there are several ways in which to prevent it.

Unfortunately for California homeowners, banks are not concerned with what a home symbolizes; they only care about the financial reasons that could result in you losing your home.

• Losing a source of income is a very common problem for homeowners facing foreclosure. Unemployment, for example, can cause a serious shortage in money needed to pay mortgages and bank loans. Divorce is another way in which California homeowners can lose a source of income needed to pay bills.

• Unexpected emergency expenses, such as medical emergencies and home repairs, can cause a shortage of money as well. Evidence of this fact, is the research results that indicate the leading cause of bankruptcy is medical bills.

• In some cases, West Hills homeowners are forced to foreclose their home for no fault of their own; Mortgage fraud has become a serious risk in the past few decades.

• Increasing Mortgage rates and interest rates are just one more reason families are forced to leave their homes.

However, no matter how bleak the situation looks, it is important to take a deep breath and realize that there may be a way out of the impending foreclosure. Many options are currently available to homeowners to help stop or delay a California foreclosure of their house and it is important that homeowners be aware that there are many scams that can cost even more money in the long run. Consequently, it is imperative that you do the necessary research before leaping into any plan of action.

It is a good idea, before making a strategy, to first go back and understand how your finances went wrong in the first place. This will help prevent a dire financial situation from occurring again and insuring a more stable fiscal life. To help diagnose the problem, it might be a good idea to get financial advice; there are many non-profit organizations that offer financial assistance if money is preventing you from getting help.

Looking over your loan documents and original mortgage is also a good idea before taking any drastic measures. After talking over an accurate assessment of your income and total budget with a financial professional, it is time to make a plan to avoid West Hills foreclosure. There are many choices and decisions to be made when concerning different methods:

• Short Sale – A short sale typically has one of the highest success rates when dealing with foreclosures. In a West Hills short sale, a lender permits a property to be sold for a smaller amount than what is owed on the mortgage. Because the property does not sell for a large enough amount to cover the homeowner’s debt, the lender accepts what part of the debt can be repaid from the sell and often forgives the rest of the debt.

• Loan Modification – Loan modifications are typically short term solutions and, for homeowners in difficult financial periods, can make a situation worse. This process entails modifying preexisting loans. These modifications can include interest rates, maturity dates, and any other terms of a loan. Loan modifications are typically much harder to get approved than a California short sale, and by dragging out payments, a homeowner will often end up owing a larger amount of interest on their house.

• Strategic Default – Many individuals turn to the strategic default method, which is sometimes referred to as “jingle mail” because a homeowner is metaphorically mailing their house keys to the bank. Strategic default is the decision of a homeowner to stop all payments on their debt. This most often happens when a house price drops substantially and the debt owed is now greater than the property value. While a borrower can live several months free of payments until the house is foreclosed, there are serious repercussions to this approach. The foreclosure will effectively lower the borrower’s credit rating, which makes obtaining loans extremely difficult and more expensive in the future.

• Forbearance – Forbearance, or “holding back”, is a deal between the borrower and lender to suspend a foreclosure. This option allows the California homeowner to catch up on their mortgage payments by a designated time. However, this method is only good for short term financial problems because the full debt still must be paid. Also, the decided time in which the homeowner has to catch up on payments, is not usually long enough to overcome a dire financial situation.

• Repayment Plans – West Hills Homeowners are allowed the chance to throw out the original schedule and establish a brand new time table for repayment of their loan. In theory, the borrower would only be paying a small amount of extra cash every month to repay the outstanding debt. Repayment plans, however, pose many of the same problems as Forbearance does; they both are good for short term financial problems but are almost impossible to stick to for anyone who has long term fiscal difficulty.

In short, there are many options for homeowners facing foreclosure, but unless you are having short term financial problems, most of them are just temporary fixes. Short sales allow for a clear escape from impending debt and are often the preferred choice of those in immense financial trouble.

SITEAREA Short Sale RealtorThere are several real estate companies that can be found online, which specialize in mortgage short sales. In order to prevent scams and unfavorable selling conditions, it is highly advisable that you find a Realtor experienced in West Hills short sales to help. Fortunately, some of these companies offer no cost assistance and can connect you to a local real estate agent who can help you with your individual situation. California foreclosure can be a scary fact of life but with the right information, informed choices, and hard work, it is possible to put your financial troubles behind you and get a fresh start for your family.


Contact us today for more information about the West Hills CA short sale process.


Esperanza is a Real Estate agent at Exit Platinum Realty (License No. 01797405), covering the greater West Hills CA area.
Phone: (818) 926-5425
Email Us

short sale agent in West Hills CA    West Hills CA short sale realtor    short sale specialist in West Hills CA

Helping West Hills CA home owners avoid foreclosure with a short sale.
Esperanza Butler specializes in short sales in West Hills CA .I am your West Hills CA Short Sale Specialist Realtor and West Hills CA loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.

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HAFA Short Sale Program in West Hills CA

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SITEAREA Short Sale RealtorIn times of real estate hardship, there are multiple homeowners who are having a hard time dealing with their mortgage payments; plus, they face the chance of a West Hills foreclosure being a possibility. In addition, behind these expected foreclosure cases, there are many stories running beneath them.

It is no surprise to hear depressing financial stories of hardship due to one being laid off and thus, lost his source of income. There are stories that talk about financial hardship of homeowners because of increased mortgage payments. Or stories wherein a household is simply having challenges balancing their financial sheet because of unexpected increase in expenses for various reasons. All of these stories are possible reasons that prompt most homeowners to file for a foreclosure on their properties.

The answer for this financial issue is generally to choose for a short sale instead. This alternative is typically the answer homeowners resort to so that they resolve their financial difficulty and recuperate from the hardship they are currently experiencing. In times of economic slump like these, short selling your home is as challenging as the current issue homeowners are experiencing.

The good news however, is that the government has sponsored a program called Home Affordable Foreclosure Alternatives (HAFA). So, what is the HAFA short sale program then?

Below is information about HAFA and how this may fix your foreclosure problem and instead get a West Hills short sale.

HAFA

HAFA is a short sale program initiated by President Obama as part of his Making Home Affordable Program or HAMP. Basically, it assists sellers getting a short sale in a matter of days.

This program will be put into action from April 5, 2010 to December 31, 2012. The HAFA program has its goal and a promise of a California short sale approval within 10 days. Adding to this, it promises the seller of up to $3,000 cash upon closing of the deal for relocation and other incentives.

Who Qualify for HAFA Program?

SITEAREA Short Sale RealtorAs there are many stories that run in the drift of every looming foreclosure, what HAFA wants to address is the delivery of California short sales within days for those that can meet the criteria to apply for this program.

It must be taken note that there are only five criteria in order to be qualified for the HAFA program, yet all criteria must be met so that an interested homeowner may apply for this foreclosure option program instituted by President Obama.

Criteria for HAFA eligibility:

.The program is only applicable to personal residences.
.The homeowner should be experiencing financial crisis such as loss of a job that translates to loss of source of income to pay for the mortgages. The borrower can be fit for one by experiencing a steady increase in mortgage payments, by which he cannot cope with it. Lastly, the homeowner should be enduring an unexpected increase in expenses such as emergency medical needs and similar urgent expenses.
.Since there is a mortgage involved here; the amount of mortgage should not surpass $729,750.
.The mortgage should also have originated before January 1, 2009.
.The principal, interest, taxes, and insurance (PITI) mortgage payment, including those of Homeowners Association (HOA), should be more than 31% of the borrower’s gross monthly income.

A West Hills homeowner should remember that in order to apply for the HAFA short sale program, these criteria must be met. A ‘NO’ response to any one of these criteria can mean ineligibility in the HAFA short sale program.

Can’t Get Pass through HAFA?

The Strategy: What if a homeowner failed to pass the criteria set by HAFA thus rejected on the West Hills short sale program?

The homeowner can take the first alternative of seeking the help of a professional short sale agent. West Hills Short sale agents are typically knowledgeable about the intricacies of government-sponsored programs like the HAFA short sale program. They can help the distressed homeowner maneuver a way to get included in the alternative short sale as offered by the US government.

HAFA’s Short Sale Agreement (SSA)

The Short Sale Agreement or SSA of HAFA requires the homeowner to find a buyer to complete the transaction not less than 120 calendar days starting from the date the SSA is mailed to the homeowner. The homeowner on the other hand, has the option to extend this deadline for another 245 days. This will then give the homeowner a total of 12 months to find a buyer for his home and complete the transaction for the short sale.

It is also contracted in the SSA that the transaction must be at ‘arms-length.’ Moreover, the end buyer must also agree that he would hold on to the house for at least 90 days after the transaction has been completed. The SSA also provides the listing real estate agent a non-discounted 6% commission.

SITEAREA Short Sale RealtorWhat the HAFA short sale program essentially addresses is the need of those who are experiencing financial trouble, which may then lead to unpaid amortizations and an ugly looming foreclosure. This program is created for homeowners who believe that it is a wiser decision to simply walk away and turn to short sale than end up with nothing when a West Hills foreclosure is bound to happen. This is also an ideal alternative program for those who want a quick short sale for foreclosed houses. There may be some complexities involved in this program, but for those who are in financial trouble; this is certainly a good deal that should be taken with serious contemplation.


Contact us today for more information about the West Hills CA short sale process.


Esperanza is a Real Estate agent at Exit Platinum Realty (License No. 01797405), covering the greater West Hills CA area.
Phone: (818) 926-5425
Email Us

short sale agent in West Hills CA    West Hills CA short sale realtor    short sale specialist in West Hills CA

Helping West Hills CA home owners avoid foreclosure with a short sale.
Esperanza Butler specializes in short sales in West Hills CA .I am your West Hills CA Short Sale Specialist Realtor and West Hills CA loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.

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West Hills CA Short Sale Specialist

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Short Sale Realtor in West Hills CAEvery homeowner in West Hills CA should be educated on their options to avoid a foreclosure in West Hills CA. Many options are available to distressed homeowners however; short sales are becoming increasingly popular due to its abilities to assist homeowners in West Hills CA. Short sales offer cash back incentives, a credit score that suffers far less than one of a foreclosure in West Hills CA and the assistance of a West Hills CA short sale specialist at no cost.

Something each and every homeowner in West Hills CA worries about is how their credit will be affected once a short sale all is said and done. The truth is, a short sale itself may drop your credit score by 50 points, however it will the delinquent mortgage payments that do the most damage; each missed payment ranging around 30 points. When you compare a short sales versus a foreclosure you will see that a foreclosure may lower your credit score by 300+ points and sit on your credit report for up to ten years. A short sale in West Hills CA will typically recover within two years while usually displaying paid as negotiated or settled in full on your credit report. A foreclosure in West Hills CA also has the potential to hold you back from a certain career path because it is not uncommon for employers to do a credit check before making a decision.

One of the greatest benefits of a short sale is having an experienced West Hills CA short sale Realtor assisting you throughout your short sale. The goal of a West Hills CA short sale Realtor is to handle all negotiations on your behalf while working aggressively to get your home sold in West Hills CA. A highly qualified West Hills CA expert in short sales will be able to keep constant exceptional communication with all parties involved while offering their services to you, at no cost; your lender will typically pay all commission and closing costs. There is no reason to let your home in West Hills CA go into foreclosure when you have options available and professionals who dedicate their lives to helping distressed homeowner.


Contact us today for more information about the West Hills CA short sale process.


Esperanza is a Real Estate agent at Exit Platinum Realty (License No. 01797405), covering the greater West Hills CA area.
Phone: (818) 926-5425
Email Us

short sale agent in West Hills CA    West Hills CA short sale realtor    short sale specialist in West Hills CA

Helping West Hills CA home owners avoid foreclosure with a short sale.
Esperanza Butler specializes in short sales in West Hills CA .I am your West Hills CA Short Sale Specialist Realtor and West Hills CA loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.

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