Feeling distressed lately

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Feeling distressed lately or do you know someone who is? : 

Feeling distressed lately or do you know someone who is? Lin Clarkson, Realtor®, SFR & CDPE DRE# 01764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Avoid Foreclosure : 

Avoid Foreclosure Don’t wait until it too late There are options to avoid foreclosure The first step is to get educated Everyone’s situation is different Don’t be embarrass to ask for help Reviewing your options could possibly help save your credit for a shorter period of time Contact your Accountant /Attorney for advise Never pay someone to do a “loan modification”Contact your nearest CDPERealtor® WWW.CDPE.COM Lin Clarkson, Realtor, SFR & CDPE DRE#10764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Options for Distressed Homeowners : 

Options for Distressed Homeowners Sell the property Rent the property Loan modification HAMP-The home affordable modification program Deed-in-lieu of foreclosure Refinance Bankruptcy Homeowners assistance program The Home Affordable Foreclosure Alternatives program Short Sale Lin Clarkson, Realtor®, SFR & CDPE DRE#10764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Government programs : 

Government programs HAMPThe Home Affordable Modication Program(HAMP) is the government’s leading foreclosure avoidance program, designed to help as many as 4 million homeowners stay in their homes. HAFA:The Home Affordable Foreclosure Alternatives Program (HAFA) which is part of HAMP, offers incentivized assistance to servicers to streamline short sales.Ask your CDPE Realtor® more about this program to see if you qualify. Lin Clarkson, Realtor, SFR & CDPE DRE# 10764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Short Sale Vs Foreclosure : 

Short Sale Vs Foreclosure A short sale will allow you as a homeowner to sell your home at less than what you owe. Lender will need to approve the sale. A foreclosure is a legal process that your lender will provide a timeframe after giving you a notice of default notice to obtain legal ownership of property. Lin Clarkson, Realtor®, SFR & CDPE DRE#10764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Definition of a “Short Sale” : 

Definition of a “Short Sale” A homeowner is “short” when:A borrower owes an amount on his property that when combined with closings costs and commission is higher than current market value. A short sale occurs when:A negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of a loan at closing. A buyer closes on the property and the property is “sold short”. Lin Clarkson, Realtor®, SFR & CDPE DRE#01764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

When is it not a “Short Sale” : 

When is it not a “Short Sale” A short sale is a way to avoid foreclosure. It is not a “Get out of my mortgage free card” A seller without a financial hardship who is upside-down on the mortgage and merely wants to sell is not a potential short sale. Lin Clarkson, Realtor®, SFR & CDPE Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

What hardships qualify for a “Short Sale”? : 

What hardships qualify for a “Short Sale”? Loss of job Divorce Payment Increase or Mortgage Adjustment Damage to Property Death of a Spouse Insurance or Tax Increase Separation Incarceration Relocation Military Service Loss of Income Inheritance Business Failure Death of a non-wage-Earner (Family Member) Too Much Debt Lin Clarkson, Realtor®, SFR & CDPE Intero Real Estate www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Gathering Information to prepare for a Short Sale : 

Gathering Information to prepare for a Short Sale Hardship letter 2 years of income tax returns Bank statements 2 months (including checking, savings, 401K and any other assets Paycheck stubs 2 months Financial Worksheet Copy of your mortgage statements (2months) Any large bills (Medical Bills) Lin Clarkson, Realtor®, SFR & CDPE DRE#01764145 www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Ist. Stage: Sample questions asked to the Homeowner by a Realtor® CDPE : 

Ist. Stage: Sample questions asked to the Homeowner by a Realtor® CDPE Is your property already on the market? When was the property purchased? What was the original purchase price? Who is on the title/deed for the property? Who is on the mortgage? What is the property condition? If relocating, how soon do you have to move? How much do you owe? What kind of mortgage do you have? Who is your lender? Are you living on the property? Do you owe back taxes? Have you consider or are considering bankruptcy? Are you current on all your mortgage payments? What is the situation that caused you to miss your payments? Have you receive any lender correspondence? Lin Clarkson, Realtor®, SFR & CDPE Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Stage 2- Agent to list your property as a “Short Sale” : 

Stage 2- Agent to list your property as a “Short Sale” Authorization to release information Homeowner’s Document Checklist Short Sale Disclosure form Homeowner Financial Worksheet Homeowner Property Checklist Generate home inspections Your real estate agent will explain in detail. Lin Clarkson, Realtor®, SFR & CDPE DRE#01764145 Intero Real Estate Services www.avoidforeclosureinsanjose.net www.soldbylin.com (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Stage 3-Agent to market home : 

Stage 3-Agent to market home Now, your home is on the market for sell Keep property maintained & in good condition Realtor tours, open house, viewing by other agents with their clients Be open to make your home available 7 days a week Hopefully, your agent will receive offer (s) to review with you. Lin Clarkson, Realtor, SFR & CDPE www.avoidforeclosureinsanjose.net (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Stage 4-Homeowner accepts offer : 

Stage 4-Homeowner accepts offer Your agent will prepare a short sale packet to present to your lender (s). Will include your signed contract, hardship letter, financial worksheet and other documentation. Timeline can be up to 2-4 months before an approval from the lender is given. Seller needs to acknowledge the approval letter by initials. (Agent recommends reviewing this approval letter with your attorney/accountant). Lin Clarkson, Realtor, SFR & CDPE www.avoidforeclosureinsanjose.net (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Stage 5- What could go wrong? : 

Stage 5- What could go wrong? The lender may have conditions on the approval letter Your 2nd lender will not approve the conditions of the 1st lender This is where your agent will negotiate for you. Ist. Lender may ask for extra money to make up some of the difference of the offering price for your home vs your loan amount if you show that you have assets. Lin Clarkson, Realtor, SFR & CDPE www.avoidforeclosureinsanjose.net (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

Stage 5-Buyer needs to perform : 

Stage 5-Buyer needs to perform Buyer will need to get an appraisal, loan approval and remove all contingencies by set time. Seller / Buyer will need to sign documents at title company Close of escrow Congratulations Lin Clarkson, Realtor, SFR & CDPE www.avoidforeclosureinsanjose.net (408) 599-2506 Short Sales Hotline lclarkson@comcast.net

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