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A
short sale
in West Covina
is when a lender agrees to receive less money on a mortgage to avoid
possible foreclosure
or bankruptcy.
During a short sale in
West Covina, even
though homeowner sells property, in reality buyer is purchasing property
from lender.
In a typical short sale
in West Covina,
homeowner owes more money in his/her existing mortgage that what property is
selling for. For example, homeowner�s mortgage is $400,000 and bank accepts
to sell property at $350,000 as a full payment. Because bank accepts less
money than what is owed on mortgage, is a short sale.
Events that may trigger a
short sale in West Covina:
-
Homeowner has fallen in economic-hardship
(unemployment, health issues, divorce, etc.) and has difficulties making
mortgage payments.
-
Homeowner is
in foreclosure and unable to bring mortgage current.
-
Property values.
Several reasons why lenders may agree to short sale in West
Covina:
-
You requested a loan modification, but you did not qualify.
-
You meet the criteria of HAFA program.
-
Lenders do not like to have excess inventory of properties, because
their money is locked on properties.
-
Lenders do not like bad loans in their books because may harm their
business and reputation.
-
Lenders know that potentially more money may be loss if property goes
to
foreclosure.
-
Lenders want to avoid the headaches of dealing with foreclosures or
bankruptcies.
If you are considering short sale in West Covina, please contact me, so I can make an
analysis of your situation and explain to you the different options that may
be available. Mario Perez, 626-688-0114.
Other topics:
1.
What you need to know the foreclosure process |
