I Love the Central Coast!

head_left_image

Tired of Waiting For YOUR Government Bailout? You Might Want to Try A Short Sale Instead.

Tired of Waiting For YOUR Government Bailout?  You Might Want to Try A Short Sale Instead.

Tired of waiting on the government to save you?  Thus far there hasn't been much to help the average homeowner in distress save their home.  It doesn't take a genius to figure out what it would take to keep people in their homes.  Principal reduction coupled with interest rate relief.  Yet it just hasn't happened for the large majority of people seeking relief.  A mortgage cram down as a part of bankruptcy was proposed and then rejected.  This would have allowed a bankruptcy court judge to write down a mortgage to an affordable level as a part of a bankruptcy proceeding -- and it would have kept a lot of people in their homes.  But, the banks lobbied hard (maybe using some of that bail out money) and said that it would be unfair - and guess what?  It didn't happen.  Success rates of loan modification applications under the government HAMP program have been underwhelming.  And now, there is talk of eliminating even that limited relief for distressed homeowners. 

So, are you wondering where YOUR bailout is?  Or, are you just tired of waiting?  If your home is severely underwater and you are having difficulty holding on to it - you may want to explore a short sale as an option.  One positive law that the federal government passed offers limited tax relief for homeowners who complete a short sale before the end of 2012.  California followed suit by passing the Conformity Act which mirrors federal tax relief at the state level -- and it ends on January 1, 2013.

What will a short sale do for you?  A well negotiated short sale will allow you to walk away from a bloated mortgage and not be pursued by the lender -- and if you have more than one mortgage loan there is a possibility that the second lender would try to pursue you even after a foreclosure.  Each person's situation is different and those considering a short sale should consult with their attorney and tax advisor prior to listing their home as a short sale.  If you are tired of waiting for a government solution, and are ready to take action about your situation, you may want to consider a short sale of your underwater home.    

Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast.  If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950. 

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender.   Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage, you could lose your home and damage your credit rating.

Copyright©  2011 Tni LeBlanc * Tired of Waiting For YOUR Government Bailout?  You Might Want to Try A Short Sale Instead.*

Tni LeBlanc, Broker
(805) 878-9879 mobile/text

tni@mintprop.com
www.MintProp.com
CalBRE #01871795

Comment balloon 7 commentsTni LeBlanc, Realtor®, J.D. • April 11 2011 11:54AM

Comments

Great explanation of why people in trouble should consider a short sale. Think they are listening?

 

 

Posted by Maya Swamy, Ph.D. Long Beach, CA - fundsavailable.com (Funds Available) over 7 years ago

Speaking of banks not REALLY helping, who do you think rewrote the bankruptcy laws in 2005? Bank lobbyists is who, so the banks could recover way more money than before. George W Bush was happy to sign the bill into law.

Banks have been screwing folks since before Jimmy Stewart's bank in "It's a wonderful life".

Posted by Jon Quist, Tucson's BUYERS ONLY Realtor since 1996 (REALTY EXECUTIVES TUCSON ELITE) over 7 years ago

And waiting 3 years after going through a successful short sale to be able to buy another house is really not that long... just ask my clients who did a short sale 3 years ago that are now buying... ;)

Less Debt? Check!
Better Financial Shape? Check!
Happy to have it all in the past and moving forward in life?

... Priceless...

What can be better? Some of them are buying even nicer homes in more desirable neighborhoods unlike the time they previously bought when there was little to nothing to buy and they had to "settle".

And that's what a real recovery is all about....

The torture that some of the people have gone through with all of the "help" that are now contacting me to short sale should be a crime.

Nice post.

Posted by Paul Francis, Las Vegas Real Estate Agent - Summerlin Homes (Francis Group Real Estate) over 7 years ago
GOOD MORNING! I think one of the key phrases you wrote and most important for potential short sellers is "a well negoiated short sale". Working with someone who is experienced with these is always best!
Posted by Gabrielle Kamahele Rhind, Broker/Owner (KGC Properties LLC, Tucson Property Management & Real Estate) over 7 years ago

Good Morning Tni....I would certainly want you to be my agent for any Short Sales. You have presented some great reasoning NOT to wait on our government for anything.

Posted by Jerry Newman, Texas REALTOR, San Antonio Military Relocation (Brown Realty, 210-789-4216,www.JeremiahNewman.com) over 7 years ago

Dr. Maya - I hope so!

Jon Quist- That's one of my favorite (if not my favorite) movie of all time.  Damn Potter!  Yes, and the mainstream media didn't say much of it.  And now so many people are turning to bankruptcy for relief.  And that was done while they were knowingly inflating the real estate market.

Hi Paul - It's true the time period passes very quickly and people are happy to have that monkey off their back and move on!  Prolonging it only makes it last longer.  I personally don't think there will be a government solution and people need to take their destiny in their own hands at this point.

Gabrielle - Very true that is the key.

Thanks Jerry!  It's true you can't wait on the government to save you.  They've had 3 years and they've only saved the banks thus far.  It's time to make your own recovery.

Posted by Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879 (Mint Properties, Lic. #01871795) over 7 years ago

Good advice, as always.  I really appreciate the information you share.  Thanks!

Posted by Hal Hovey, Realtor - Oak Harbor Homes For Sale Whidbey Island (VA & FHA home buyers, vacation homes, foreclosure homes) over 7 years ago

Participate