Today's market is full of "short sale's" and "REO'S". THE SMITH TEAM has been a trusted name in Real Estate Financing for over 20 years. Whether your home is in Riverside, Corona, Moreno Valley, or anywhere in the Inland Empire or Desert Communities, we work with short sale professionals ready to help you make some very tough and valuable decisions.
Along with the ability to REFER you to the best professional in your area, we can counsel you on your short sale vs. foreclosure process. Don't be a victim - KNOWLEDGE is everything! You will want to save your credit rating if it is at all possible. You may be eligible for a FHA/HUD refinance up to 100% of your value. The FHA SECURE program is becoming very popular and may help you keep your home and avoid a short sale or foreclosure.
SHORT SALE VS. FORECLOSURE?
Do you qualify for a short sale? You may if:
- You owe more on your loan than you home's current value
- Are having difficulty in managing your mortgage payment
- Illness
- Reduced income or unemployment
- Death of a family member
Please check with us for additional hardship options.
WHAT EFFECT WILL A SHORT SALE HAVE ON MY CREDIT?
Mortgage and credit experts will tell you that after a bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 200 points. In addition you could have to wait up to three years to qualify for a purchase of a home again.
With the passage of H.R. 3648 (the Mortgage Cancellation Tax Relief Act), this will ensure that any amount forgiven on a mortgage debt secured by a principal residence will not be taxed. The legislation has a provision to safeguard against abuses.
NOTE: Lender Recourse: in some states and with certain types of loans, lenders can pursue a court decision called a "deficiency judgment" making you personally liable for the remaining amount owed to them over and above the short sale price. In some cases, the lender may ask you to repay a portion of the difference back.
You may want to insist in having the lender "eliminate a deficiency judgment" and to consider your debt as "settled".
With many options and restrictions, you will want to review all your choices to make an informed decision.
FOR A FREE CONSULTATION YOU ARE INVITED TO CALL US. WE ARE LOCAL, WE ARE KNOWLEDGABLE, AND WE HAVE THE RESPECT OF MANY HOMEOWNERS AND REALTORS LOCALLY.
PLEASE CALL AT YOUR CONVENIENCE, 1 888 782-9755.
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Contact Information
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Charon Smith
Christopher Tosti
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( 951 ) 830-5655
( 951 ) 830-5656
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E-Mail
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