We just recently completed a West Sacramento short sale for a young
family that had a CalHFA backed loan. Because they had
chosen not to accept the loan modification the servicer was to say the least,
reluctant to review the file for a short sale.
The truth of the matter was this young couple had out grown the home, owed
twice what it was worth and had made the decision to either short sale
their West Sacramento home or let it go to foreclosure. They stopped making
their payment in October and receive the notice of default in February with an
anticipated auction date of May 30th.
Because they had been approved for a
loan modification, the servicer would not review the file. Our file was
declined three times before the servicer decided we were not going to give up
and agreed to review the file. Now CalHFA is no different than any other investor.
While their guidelines are strict it is still about mitigating loss. Will they
lose more on a short sale or foreclosure? In this case the data
was overwhelmingly in favor of the short sale.
After 122 days in negotiations (our average is 42 days) our West Sacramentoshort sale was approved and closed
escrow 30 days later. This was a true testament of our persistence and refusal
to accept no for an answer. The result? Another West Sacramento homeowner saved from foreclosure AND through the KYHC
program we were able to get them $5000 for relocation expenses.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation.
Call me today and sleep better tonight; you’ll be glad you did
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