Across the nation everyone is feeling the strain from the struggling economy and foreclosure properties have been on the rise, even in the beautiful gated community of Oak Shores and Heritage Ranch on Lake Nacimiento. If you are on the brink of facing foreclosure in your Oak Shores or Heritage Ranch home, don’t get discouraged! There’s a great alternative to foreclosures which has also been on the rise in response to the real estate market trends. Although selling your Lake Nacimiento home may not be an option at this point because your mortgage is under water, going through the short sale process is far less damaging than a foreclosure.
A short sale is simply an agreement between you and your lender to sell your home for less than you currently owe on it. Of course, lenders are not required to agree to a short sale for your home, but the government is strongly encouraging all lenders to do so. A recent article on HouseLogic.com pointed out some advantages to a short sale for your Oak Shores or Heritage Ranch home on Lake Nacimiento.
1. You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to three years or more after a foreclosure.
2. You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.
3. You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA (Home Affordable Foreclosure Alternative) short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.
4. You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the Oak Shores and Heritage Ranch communities.
You may be now be wondering how to begin with the short sale process for your Lake Nacimiento home. The best first step is to find a Lake Nacimiento Real Estate agent that can guide you each step of the way. Short sales can be complicated with many variables that come into play for each home. Your Lake Nacimiento Real Estate agent will be able to come along side of you to deal with all of the parties involved. If you need an agent, I would be happy to work with you! I have years of experience dealing with short sale homes in the Lake Nacimiento communities and I can help you get out from under the burden of your home in a smooth and efficient manner. Contact me today to avoid foreclosure in your Lake Nacimiento home!
Grace Borzini
Your Oak Shores Real Estate Expert
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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