Antioch CA - A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: "It's much better for your credit." That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 1. The upside down debt is erased in most cases. If you are selling because of a financial hardship, then the upside down debt will be automatically erased in most cases. If your loan is owned or insured by the following agencies: Fannie Mae, Freddie Mac, FHA, and or VA? If you a... 01/29/2011

Antioch CA - The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications. Here is an excerpt from the article: "Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills. Thousands now face a stark choice: Go deeper into debt, or foreclosure. Lenders routinely approved short-term "trial" loan modifications that reduced payments for desperate borrowers under the umbrella of the Obama administration's Home Affordable Modification Program. But lenders continued to count the mortgages as delinquent or in default. Now instead of granting permanent modifications, lenders often are reinstating the original loan terms and demanding big back payments. Carl Christensen, ... 01/28/2011

Antioch CA - If you are selling your home, then ask the buyer to write a letter about why they want to purchase the home. If you are a buyer, then write that letter. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The listing agent will submit that letter along with the short sale paperwork. With a little luck that letter will help "grease the wheels" and cause the short sale to be approved faster. Short Sale negotiators are human beings. They have emotions that can be touched by a good story. These letters might sound like a joke, but they can make a huge difference. I've even seen home owners lose money on their sale because the liked a certain buyer over another one. In that case, the seller sold their home for several thousand dollars ... 01/27/2011

Antioch CA - We often get asked if a short sale is even worth the effort. "Do I need to have my short sale "Approved" by my lender before I put my home on the market?" one seller asked us. "When I called my lender they wouldn't talk to me about my short sale. I am concerned that they might do that when I finally sell the property and I'll never get the short sale approved." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. Most lenders will not talk to you about a short sale until you have several things in place. They want a solid offer from a pre-qualified home buyer along with all the necessary financial documents. Why do they do this? Because they only want to process short sales that will sell and close. Now, I thin... 01/26/2011

Antioch CA - According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high. The last record was set in 2005. That record was set because bankruptcy laws were being tightened up and people wanted to file before the laws changed. (The big banks had convinced congress to make it harder for debtors to get relief.) Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The number of bankruptcies filed in 2010 reached 1,530,078. That was an increase of 8.7% over 2009. Even though the economy is starting to show signs of a recovery, people still need relief from debt. "The [2005] law was supposed to reduce filings, but we are very close to levels we were at then," said Samuel J. Gerdano, Executive Director of... 01/25/2011

Short Sales in Antioch California 94531 Short Sales in Antioch California 94531 are becoming the dominate part of the market. Of the two Zip Codes in Antioch 94531 is the newer part of town, featuring many fine homes, including many executive style homes at great prices. There are 128 Short Sale Homes on the Market in Antioch California 94531 which is more than half of the active market. Only 20 Short Sale Homes closed escrow in Antioch California 94531 in November and 21 Short Sale Homes closed escrow in December. What concerns me is that there are currently 115 Pending Short Sale Homes in Antioch California 94531. These means that at this rate it could take 6 months to close that entire pending; assuming they were to all close. The asking price for Short Sale Homes is lower on an aver... 01/21/2011

Short Sales in Antioch California 94509 Short Sales in Antioch California 94509 are becoming the dominate part of the market. Of the two Zip Codes in Antioch 94509 is the more established parts of town, featuring many fine homes, including a lot of single story ranch style homes at great prices. There are 81 Short Sale Homes on the Market in Antioch California 94509 which is almost half of the active market. Only 13 Short Sale Homes closed escrow in Antioch California 94509 in November and 17 Short Sale Homes closed escrow in December. The sales pick up is encouraging and I have seen this in other areas in December, even thought that is a traditionally slow month. What concerns me is that there are currently 103 Pending Short Sale Homes in Antioch California 94509. These means that at t... 01/21/2011

Antioch CA – This is a continuation of a former article about short sales. We often get asked if a short sale is even worth the effort. “Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Short sales are worth the extra effort. They enable you to buy another home much faster than you would have to wait if you experience a foreclosure. And they cost you nothing. All the costs are covered by your lender. Now, I’m sure you’re thinking, “I might have to pay my agent to sell the house. That sounds risky.” That is a legitimate concern. Here is why the lenders are willing to pay your agent. If they f... 01/19/2011

Antioch CA – We often get asked if a short sale is even worth the effort. “Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. When you are having a tough time financially, it may seem like you will never get back on your feet. But, most people do get back on their feet. They find another job and start making money again. Their credit will usually be back to normal in 2-3 years. Why not buy a new home at that time? If you short sale, then you will be eligible to do that. Fannie Mae will consider you for a new loan 2 years after a short sale. You would have to meet all of their credit guidelines... 01/18/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Luis. Here is Luis's Question. "I am working on a loan modification on my home. I just don’t want to be upside down and want a fair interest rate. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn’t make sense. How can I get a loan mod with a fair interest rate where I am repaying what my home is worth today? Thank for your help, Luis.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. You are asking for something that most lenders don’t like to do. Lenders don’t like principal reductions. Here is why. Principal reductions usually have to be written down right away on th... 01/17/2011

Investment Properties Investment Properties in Antioch California are Hot Right Now! When you buy an Investment Property in Antioch California you can expect an immediate positive cash flow. Click here if you just want to search properties! Antioch is the largest community in East Contra Costa County and is popular with people working in Central Contra Costa County and other parts of the Bay Area due to the low housing prices and the quality of life in East Contra Costa County. There is a reason Smart Real Estate Investors are coming to Antioch and buying Investment Properties. Right now interest rates are still very low and experts only see them going up. Prices are low and may be on the way back up. There are plenty of Investment Properties in Antioch available under special governmen... 01/16/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Phil. Here is Phil's Question. "I am a California Resident but have 3 distressed Florida Properties pending foreclosure. Under Florida law a creditor cannot garnish wages. Will investor pursue deficiency? If yes, will they follow FL or CA law? Thanks, Phil.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. That is a legal question. Since I am not a lawyer I cannot answer it. I do know that you can usually short sale in Florida and get the lender to forgive you of the debt. However, there are other things you can do to avoid the deficiency problem. First, work hard to convince your lender to waive the deficiency. Investment Property Short Sale... 01/14/2011

Homes for Sale 94531 Homes for Sale 94531 looks at single family home sales in Antioch California over the last two months. Antioch is the largest community in East Contra Costa County and is the newer of the two zip codes. It features many fine large and affordable homes. Right now there are 231 Homes for Sale 94531 with an average asking price of $246,766.00 and a median price of $235,000.00. This is an average price per SF of $111.00 and the homes have been on the market an average of 65 days. In November 57 Homes for Sale 94531 Sold for an average price of $253,639.00 and a median price of $257,000.00. This was an average or $109.00 per SF and they spent an average of 43 days on the market. In December prices were down on 55 Homes for Sale 94531 sold for an average price of $243,482... 01/13/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Brent. Here is Brent's Question. "If we are not behind on our mortgage but can't sell our home through a normal sale because we don't have any equity, can we still qualify for a short sale? We would like to sell this property and get another property where we are not upside down. Thank you!” asked Brent. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. Brent, there is actually a federal short sale program that encourages what you would like to do. It is called the FHA 4155 loan program. It allows a person that is short selling their house to buy another one right away. However, there are a few caveats. We have been told that you will need the ... 01/13/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Chad. Here is Chad's Question. "I own a condo in Hackensack, New Jersey. I purchased in 2007, pre-construction for $375k and have a mortgage balance of $337k. I have been trying to sell my unit for upwards of 2 years with no success. I have been unable to refinance because my unit is worth much less than the balance on my mortgage. I have been denied a loan modification. I must move by this summer and do not want to make a penny on the sale. I just want to be rid of this property. I have been advised that I would not get approved for a short sale because I do not have a financial hardship. However, I am not sure this is correct. I am seeking advice as to what my options are.” said Chad. Discover how other sel... 01/12/2011

Homes for Sale 94509 Homes for Sale 94509 looks at single family home sales in Antioch California over the last two months. Antioch is the largest community in East Contra Costa County and is the more established of the two zip codes.  It features many fine and affordable homes, especially classic single story ranch style homes. Right now there are 188 Homes for Sale 94509 with an average asking price of $180,060.00 and a median price of $175,000.00. This is an average price per SF of $111.00 and the homes have been on the market an average of 72 days. In November 74 Homes for Sale 94509 Sold for an average price of $171.290.00 and a median price of $161,000.00. This was an average or $107.00 per SF and they spent an average of 43 days on the market. In December prices were down on 56 H... 01/12/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Mau. Here is Mau's Question. "Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?” asked Mau. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. We don’t know of any law on the books that forbids a person from buying a home they are short selling. Here is what we do know. Most banks and lenders don’t allow it. If the short sale negotiator sees a sales contract with you as the buyer, then they won’t approve the short sale. Sure, you could do fishy paperwork to buy the home yourself. But, you risk getting in trouble for fraud if you were caught. I think the biggest reason people aren’t trying th... 01/11/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Dave. Here is Dave's Question. "I bought several investment properties at the peak of the market. The homes have dropped in value by almost 40% and I am losing money on the rent every month. I am sick of writing a check every single month to cover the loss. I would like to short sale these properties if possible. I am just wondering if the banks would allow it. What do you think?” asked Dave. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. Dave, there is no answer that is correct 100% of the time. In your situation, it depends on your lender. Many lenders will allow a short sale. Others won’t talk to you until you are behind on the payments. ... 01/10/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Steve. Here is Steve's Question. "I divorced six years ago. We had had our home on the market for some time, but it wasn't selling. My ex needed money to buy another home. Since it wasn't selling, we refinanced and split the equity. She used the money to buy another house and I stayed here. I put the home back on the market a little while later. Today, several years later it still isn't selling. The market value today is $267,000. I owe over $300,000 today. I am having trouble making the payments. I asked my agent about a short sale, but they didn't offer any help. I want to do the right thing, but can't afford the home anymore. I have called GMAC, but they haven't offered any help either. Should I just stop ... 01/10/2011

I am a big advocate for Real Estate Investors getting the best return possible on your money. Well we have all been taught (or are learning right now) to avoid credit and pay cash when ever possible. However, this does not hold true for Real Estate Investing. When it comes to Real Estate Investing you want to maximize your return on investment. This means borrowing as much of the purchase price as possible for your Real Estate Investment. The initial reaction of many Real Estate Investors is negative. The two main objection I hear is the interest rate is higher when you put less down or the payments are such that there is no profit in the Real Estate Investment. My point comes back to the fact the key issue, in most cases, is the amount of profit you are making on the actual cash out of... 01/09/2011