According to Fitch Ratings, 90 percent of Riverside mortgages are now underwater, with nearly 60 percent of borrowers owing more than 150 percent of the value of their home. Fitch estimates the weighted average current loan-to-value ratio (LTV) in Riverside to be 164 percent.
Selling? I can help you ...
- Are you upside down on your property? Do you owe more than the property is worth?
- Are you in a loan you can not afford?
- Are you late on your mortgage payments?
- Are you in a hardship and can no longer afford your home payment?
- Is your mortgage going to adjust soon and you will not be able to afford the new payment?
Pricing is important but it’s not the only factor to compete in today’s very different market. I can
market your property with a proven system that generates interest, calls and offers. Whether you are in distress or not,
I have ways to structure your transaction so that you come out the winner!
Buying? Investing in Real Estate?
Tremendous bargains are now available. Record quantities of bank owned and pre-foreclosure homes are on the market.
Making sure your offer is accepted by the bank is crucial in acquiring this type of property. My expertise in this
area will be instrumental to you. Even traditional sellers must price now to compete in this market and I can make
your offer very attractive to any kind of seller.
Buying and selling real estate is one of the most important
endeavors in life. In today’s fast changing Riverside or San Bernardino
California real estate world, it is crucial to work with a real
estate agent who knows the market, works like a business consultant and
negotiates the best value for you. Whether you are buying Riverside homes or
San Bernardino homes, building a new custom home or selling your existing
home to relocate near or far, you want the process to be smooth and easy.
A Corona
real estate,
Riverside real estate or
San Bernardino real estate transaction is a process that requires
cooperation of many entities. I work with a team of
professionals who will facilitate a smooth and quick completion of this
process. The result is world class service to my clients.
Thinking of moving to the Inland Empire? Riverside County
California real estate, San Bernardino County real estate and the better known
city of Corona California real estate provides larger lots, huge square footage
homes and panoramic views. Now is a great time to invest in this fast growing
area.
Whether searching for
Corona California real estate,
Moreno Valley real estate, or homes in any of the other nearby locals,
I can help. Please use the resources on this website to search our
listings, get information about various communities, relocation information,
learn more about me, send referrals, and contact a Riverside real estate agent,
such as myself, for further assistance or expert advice with no
obligation. I am honored to be your Riverside realtor of choice.
Short Sale
Short Sale or Short Pay off is a process of negotiating with the lender to agree to sell the property for less than what is owed by the borrower. The lender also pays for all the costs of selling the property such as escrow, title insurance, any delinquent property taxes, etc.
Lenders have different requirements to accept a short sale. The home owner has to establish a true hardship in order to get a short sale approval. The hardship can be financial, loss of job, health issues, divorce, job transfer, or any other reason that can explain why the borrower can not afford the payments or has to move to a new area.
Advantages of Short Sale
- Avoid Foreclosure
- Save Credit
- No out of pocket expenses
- No tax consequences for primary residence
When to do a short sale?
The property value is less than the amount owed. And, the home owner has to move or can not afford the monthly payments
What documents are needed for Short Sale?
Generally, lenders have different requirements but almost always they end up asking for some or all of the documents below:
- Hardship Letter
- Two months bank statements
- Two years Tax returns
- Financial Statement
- Two paycheck stubs
- Authorization to release information
- Residential Listing Agreement
- Purchase Agreement
- Estimated HUD1
I have helped many home owners to short sale their home and get a fresh start in life.
Please call me or contact me to find out how to short sale your upside down property.
Loan Modification
Loan Modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make your payments more affordable including:
- Adding missing payments to the existing loan balance.
- Converting an adjustable rate mortgage into a fixed rate mortgage.
- Extending the number of years you have to repay the loan
Advantages of Loan Modification
- Avoid Foreclosure
- Stay in the house
- Make your payments affordable
- Get better terms on your loan
When to do a Loan Modification?
- When you can not afford your mortgage payments but you would like to stay in your home.
- If your are facing interest rate increase and you might not be able to afford the payment increase.
Who can qualify for loan modification?
To qualify for loan modification one has to establish a financial hardship. That will be done through submitting a
financial statement to the bank. The financial statement lists all your expenses and income and shows a clear picture of your financial situation to the lender. You also
need to show enough income to convince the lender you will be able to sustain the new payments.
What documents are needed for Loan Modification?
Lender's have different document requirements. You should be prepared to submit part or all of the following documents:
- Hardship Letter
- Financial Statement
- Two latest bank statements
- Last two paycheck stubs or proof of income
- Last two tax returns
The bank will try to reduce the interest rate and increase the term say from 30 to 40 years in order to reduce your payment.
This reduction is sometimes temporary for three to five years and sometimes permanent.
I have helped many home owners with loan modification to make their house payments more affordable.
Please call me or contact me to find out how to modify your loan and reduce your monthly payments.
REO Bank Owned Properties
REO or real estate owned homes are properties that have been foreclosed by
lenders, creditors or government agencies because the homeowner (or mortgagee)
failed to make mortgage payments or property taxes on the property. Also called
bank-owned foreclosures REO homes are in great demand today because of the growing number of foreclosures and declining prices. Generally banks, private institutions and government agencies repossess the homes of delinquent borrowers and sell them to the general population.
For real estate investors and homebuyers, bank-owned properties and REOs offer opportunities that are not available in the Pre-foreclosure and auction phase of the foreclosure process . Buying bank-owned real estate offers the foreclosure buyer many advantages:
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Bank-owned properties are usually sold at below-market prices with great terms like low down payments and low interest rates.
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Buying bank-owned properties involves less risk and less competition.
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Foreclosures that are owned by banks are usually clear of any liens that may have been recorded against the property.
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Since the seller of REO homes is also the lender, you can negotiate with the bank to have them pay for all or some of the closing costs.
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Bank-owned properties are usually vacant because the banks have evicted the previous owner, saving the investor or homebuyer time, money and emotional toll involved in the eviction process.
I have helped many buyers to get a great deal on a REO property.
Please call me or contact me to find out how to find and purchase a REO property in the area you desire