Wednesday, September 8, 2010

Short Sales on the rise

We have been seeing an increasing number of successful short sales as banks are finally coming to the realization that it is more costly to go through a trustee sale or a foreclosure than to negotiate successful outcome on the short payoff. Perhaps there is a behind the scenes insurance picture that is slowly receding! Some of the loans that the banks were not negotiating earlier were insured so the bank losses were mitigated. In the trenches, we only get glimpses of the true picture when it comes to the mysterious workings of a bank system. As a result, we end up formulating empirical strategies to increase the odds of negotiating a successful outcome for our short sale home buyers. After all, we just need one good deal at a time!

Home loan mods are also becoming increasing frustrating for home owners because many of them are finding that the banks will shave of 20-30% of monthly payment and tack them on as deferred payments at the end of the loan! So after months of waiting, they home owners are finding this out. If you have a non-recourse primary home loan, the chances of negotating a successful short payoff with the lender is high. We work with a team of experienced short sale negotiators that have successfully accomplished the negotiation with the banks. Beware of fraud and definitely don't pay upfront money for a loan modification. There are many war stories out there. Please be careful.

At the invitation of NetIP (Network of Indian Professionals), I will be discussing short sales, investment opportunities and property management issues. Please RSVP if you are interested in attending. Space is going to be limited. Event will be held at 16363 Bernardo Center Dr on Saturday 18th Sept 1.00-2.15pm.

For Buying or Selling, You Need a Teacher that gives you straight answers. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at More to follow within the next couple of weeks.

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