West Sacramento Short Sale Information

Sunday, August 11, 2013

West Sacramento Short Sale Information – Wells Fargo – What is a Short Sale?

Wells Fargo – What is a Short Sale West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Specialist Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

Wells Fargo – What is a Short Sale? Great question. Simply put a West Sacramento Short Sale is any sale where the bank gets less than what is owed and the bank agrees to forgive the balance of the loan.

Now depending on what state you are in or the type of short sale you have the bank may or may not waive their right to seek a deficiency judgment and / or pursue the borrower for the balance still owed.

Fortunately for most borrowers in California to complete a West Sacramento Short Sale both the first and second mortgagor must agree to waive their right to seek a deficiency judgment and forgive the debt. Now because the lender can’t seek to collect on the unpaid balance they will report the unpaid balance as income to the borrower to the IRS on a form 1099C. Under most circumstances the borrower can avoid paying income taxes on the phantom income but it is always best to contact a qualified tax professional before completing the West Sacramento Short Sale.

Is a West Sacramento Short Sale Right for Me? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

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 or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did.

West Sacramento Short Sale Information – Why Would Wells Fargo Accept A Short Sale?

Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

Why Would Wells Fargo Accept A Short Sale? Real simple – it’s all about the money. That’s the short answer. The long answer – in a West Sacramento Short Sale the lender or end investor stands to lose about 15-20% less in a foreclosure. Wells Fargo, like all the other lender / servicers are for profit companies. Their job is to, make money for the Wells Fargo shareholders. Millions in executive compensation and bonus depend on it. So if you are the CEO, CFO, Senior Vice President or any other high level executive and you have to decide to accept a West Sacramento Short Sale or foreclose and lose an additional 20% what are you going to do? Take the West Sacramento Short Sale of course. It’s called first loss is best loss. If the future loss looks greater than the current loss it is prudent business to take the first loss and move on.

Now, what is important here is the Wells Fargo Short Sale has to net Wells Fargo more than the foreclosure. If the Wells Fargo Short Sale offer is so low it makes better sense to foreclose, you can bet they sure will. Again it’s about the money and where Wells Fargo will lose the least amount. Generally a fair market value short sale offer will trump a foreclosure for mitigating loss.

Is a West Sacramento Short Sale Right for Me? Give me a call and let’s find out.

West Sacramento Short Sale Information – Wells Fargo – Can I get Relocation Assistance?

West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Specialist Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

Wells Fargo West Sacramento Short Sale – Can I get Relocation Assistance? Heck ya. Through the many, many, programs, banks like Wells Fargo, Chase, Bank of America, Citi,Greentree, Ocwen and the like are all offering some type of relocation assistance for West Sacramento Short Sales.

Now let’s be clear not every Wells Fargo West Sacramento Short Sale will qualify for relocation assistance but most do. Typically the offer is $3,000 to $5,000 and there have been reports of Banks like Chase and Bank of America offering upwards of $30,000 but that’s pretty rare.

Generally to qualify for Wells Fargo West Sacramento Relocation assistance the property must be owner occupied, you must be delinquent and there has to be a verifiable hardship. On a Wells Fargo West Sacramento Short Sale the relocation assistance may come from HAFA, Keep Your Home California or from Wells Fargo direct. The key here is you have to ask. On a Wells Fargo Short Sale they not going to give you relocation assistance if you don’t ask. Now in a rental property on a Wells Fargo HAFA Short Sale, the tenant can get the relocation assistance but the homeowner cannot.

Is a West Sacramento Short Sale Right for Me? Give me a call and let’s find out.

West Sacramento Short Sale Information – Why Do Wells Fargo Short Sales Fail?

West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Agent Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

Why Do Wells Fargo Short Sales Fail? That’s a pretty fair question with a generally easy answer. Most Wells Fargo Short Sales fail for one of three reasons:

1) Ego and emotions: A vast number of Wells Fargo Short Sales fail because the Wells Fargo Short Sale became personal and one or more of the parties, be it the short sale negotiator / agent, the banks short sale negotiator, the buyer or the seller made it personal and let their feelings over ride what was best for all parties

2) Poor understanding of the Wells Fargo Short Sale process: All too often an inexperienced so called West Sacramento Short Sale “Specialist” gets in over their head and takes “NO” for an answer. When the banks say no on a Wells Fargo Short Sale, it only means “No I don’t have the authority to answer” and as an experienced West Sacramento Short Sale Agent you need to know when to escalate the file. Never say die. And lastly…

3) Lack of documentation / follow through by the seller or agent. Most Wells Fargo Short Sales can be completed with a minimum of documentation but you still have to supply an explanation why you aren’t supplying the requested information. Give the banks an explanation or documentation and it usually is enough to keep the file moving forward

Notice lack of hardship was not one of the reasons? That’s because if the bank knows it is going to get the property back either as a Short Sale or foreclosure they would much rather prefer the Short Sale – again it’s all about the money.

Is a West Sacramento Short Sale Right for Me? Give me a call and let’s find out.