While the national housing market is projected to continue on its steady road to recovery in 2013, there are still a number of home owners that find themselves struggling. The economic downturn over the past few years has taken a toll on jobs and the housing market, and homeowners are wondering where to turn.
As a Lake Nacimiento Real Estate agent, I saw a great need to help homeowners struggling to survive the recent tough economic times. Because of this, I earned my Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales.
What’s a short sale?
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. This also applies to those who live outside of Lake Nacimiento in San Luis Obispo, the Central Coast and beyond!
1. You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. 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 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.
If you are hoping for a short sale, there’s good news! The Short Sale laws are now extended in California and you have until December 31,2013 to complete your sale.This means that if you have decided to short sell your home and qualify to avoid deficiency and not pay taxes on mortgage forgiven debt associated with a short sale, now would be the time in order to close escrow on a short sale before the end of the year.
If you are concerned about facing foreclosure in your Oak Shores or Heritage Ranch home; I would love the opportunity to talk with you! There are a number of other options that are available to you and will not be as damaging as going into foreclosure.
Feel free to contact me today to discuss the best options for you and to easily get out from under the burden of an underwater home.
I look forward to talking with you!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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.
Please let us know how we can help!