The Last Option – Southern California Short Sales
At Able Financial Solutions, we are here to educate you about all of your options for either saving your home, or getting out of your loan with your integrity. We believe that it is our social duty to lift Americans up when circumstances are at their toughest. That’s part of our responsibility as innovators at the forefront of helping every day people change their home loan circumstances.home loan modification
One of the ways we accomplish this feat is by offering information. After all, information is power, right?
If truth be told; at no other time in recent history have we collectively needed a helping hand more than we do right now. The key to raising our communities and society as a whole out of despondency, and back up into financial and social prosperity is to make sure everyone is fully aware of all their choices. If we can help you gracefully transition out of a financially toxic situation, then finally our communities can be productive again – and you can journey forward discovering new and unfounded dreams.
When it’s time to walk away from your home so you can begin building for a better, more harmonious future, Able Financial Solutions is here to help you sift through your options. A Short Sale, while not your first option for saving your home; is your last, best option before your lender forecloses on your mortgage.
The Southern California Real Estate Reality
The reality for Southern California Real Estate is at a crossroads. There are any number of people dealing with home loans that are much higher than the value of their properties. This isn’t going to remedy itself. As the Southern California Real Estate Market continues to come back down to earth, so to speak, it is destined that Short Sales will remain somewhat prevalent until home values even out.mortgage modification
Able Financial Solution’s stance on this is; we want to make sure you’ve exhausted all your other options, first and foremost, before moving forward on this path. Secondly, if a Short Sale is in your best interest, we will work diligently to create the best outcome possible during this lengthy and life-changing emotional roller coaster.
Okay, Wait, Wait, Wait… What Exactly is a Short Sale?
A Short Sale is when your lender allows you to put your home on the market for less than you owe on the total principle. Bluntly stated, your lender is essentially cutting their losses by giving you the opportunity of paying back only the fair market value your home is now worth. Obviously, you can probably surmise why Selling Short can be a tough process, e.g. lenders don’t like to lose money. Keep in mind, it’s neither your fault that the economy has bottomed out as much as it has, nor is it your responsibility that your lender’s home loan is worth more than your actual house.
Short selling your home in the current Southern California market could prove to be the right choice… if you’ve exhausted all of your other options.
Some of the benefits for a Short Sale include:
- Allowing you (and your lender) to avoid foreclosure.
- Helping your lender recoup some of the monies they lost on your loan; as opposed to your lender going through the more costly endeavor of foreclosing on your property.
- Your lender might forgive the difference between what your home sold for and what your home loan was worth… if you can prove enough financial hardship. (Note: It’s critical to have Able Financial Solutions represent you to ensure you get the best deal from your lender.)
- The impact on your credit score should be less than going through a foreclosure or Chapter 7 Bankruptcy; empowering you to financially bounce back faster and potentially buy another home when your hardship subsides. Should is italicized because by no means will a Short Sale guarantee your credit will be saved. However, depending upon the negotiation process between Able Financial Solutions and your lender, we could very possibly turn your negative circumstances into a positive outcome. Able Financial Solutions will passionately represent your best interest when and if your financial circumstances make a Short Sale your last, best option.
That being said, your bank or lender has to approve a Short Sale, just like a Home Loan Modification, because they’ll be taking a big financial hit; at least in terms of what your initial loan had led them to expect from you when times were positive.mortgage modification
Why Should I Try A Loan Modification First?
Like I said above, your lender needs to approve a Short Sale. You must show signs of extreme financial hardships for your lender to make a Short Sale mutually beneficial. You’ll have to exhibit job loss, or the elimination of an important stream of income to convince your lender that endorsing a Short Sale is in their best interest. Also just like a Home Loan Modification, your lender requires a Hardship Letter and financial documentation to authorize a Short Sale.
Now, if you do indeed owe more than your home is worth on the current Southern California real estate market, you can prove hardship, and you’re behind on your mortgage; your lender might be willing to sanction a Short Sale. Again though, if you’re eligible for a Short Sale and you haven’t tried to modify your current home loan to lower your interest rates, monthly payments, and maybe even your principle; start over. Use all the information you’ve compiled for your lender to launch your case for a Home Loan Modification first.
The Last Option
Okay, so you’ve tried everything to save your home. It’s time to walk away with dignity and leave open as many future potentials as you can. Able Financial Solutions deeply understands the emotional stress that losing your home induces. We also know that you want to secure your credit as much as possible so you can recover and rebuild your quality of life efficiently and quickly.
A Short Sale is shedding the past in the most honorable way; while leaving yourself with more positive options for the future. Able Financial Solutions is your team of compassionate experts ready to help you overcome your challenging financial circumstances, and assist you in rebuilding your life with as much authority as WE can.
Embarking on the process of a Short Sell is not necessarily easy; it’s not supposed to be easy… During the Short Sale process, empowerment lies in being gracefully navigated through each twist and turn, so that you’re left with a true clean slate. Able Financial Solutions can help you create a map that will steer you towards the most promising outcome.
If you’re a Southern California resident who needs help with your Short Sale, please give us a call to discuss your situation. We’d love to be a part of your recovery.