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Foreclosure & Short Sale Consequences


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 Mission Statement:
   It is my Mission to seek answers- the best answers- for homeowners facing mortgage difficulty in the belief that, in an environment built on trust and ethical practices, I can be found that serve the interests of all.


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Short Sale 

Short Sale FAQ 

 Inforamtion for Homeowners

Loan Modification 

About Me 

  Making the right decisions on how to resolve a mortgage problem requires good information. Whether you are looking for help on how to hold on to your home, or the safest way to let it go or sell it, I have built this site to provide you with tools to help you make an informed decision.      

I Provide Free one-on-one sercives to homeowners facing foreclosure or hardshop. My purpose is to provide hope, relief and answers to homeowners and to make a difference, one family at a time!

The HAFA program provides several opitons to homeowners who are mortgage delinquent or default is reasonably foreseeable. 
                      Home Affordable Foreclosure Alternatives
          (Updateds Effective June 1, 2012)

The Home Affordable Foreclosure Alternatives program (HAFA) is a government program that provides short sale and deed-in-lieu of foreclosure options to certain qualified distressed homeowners. it is a one way to help those homeowners avoid foreclosure. Program updates (outlined in Supplemental Directive 12-02) are noted below in this handy chart.
                                     Currently...                                As of June 1, 2012
                                      Dec,31, 2012                                  Dec,31, 2013
Occupancy Requirements           Owner must have resided              No occupancy 
                                                     in the property within the             requirements, but borrower
                                                     last 12 months                              cannot have purchased
                                                                                                          another property within the
                                                                                                          previous year
Relocation Assistance                  $3000                                          $3000 limited to owner (or
                                                                                                          tenant) occupying property
                                                                                                          at time of sale
Income Requirrements                 Mortgage payments during        Payments durint the review
                                                      the review term may not            term may exceed 31%, if
                                                     exceed 31% of owner's               the borrower wants to
                                                     gross monthly income                remain current on his/her
Junior Liens                                 Junior lienholders May             Junior lieholders may      
                                                     receive up to $6000                   receive up to $8500
Credit Reporting                          No official guidance in this       Credit burea coding will
                                                     area                                            now be Account Status
                                                                                                       Code = 13 (Paid or closed    
                                                                                                       account/zero balance) or 65
                                                                                                       (Paid in full/forclosure was
                                                                                                       started), whichever is 
                Information Contesy of  www.makinghomesaffordable.gov

The enhancements to the short sale program include a streamlined and shorter time period for short sale approval. The guidelines do not allow ANY contributions by the seller, will give the seller $3,000 at the close of escrow (amount seller receives has been updated since video was made) and if a first and or second lien holder are paid the servicer is not allowed to pursue the owner legally for the difference.                              
For a more detailed description of the HAFA guidelines call me today and see if you qualify for the HAFA program.
I have a full time Professional Short Sale Processor & Negotiator.
She will be in continual communication with you throughout the Short Sale Process.            

      My short sale services are TOTALLY FREE OF CHARGE.
You wouldn't go to court without an experienced attorney.
Why would you go to your lender without an experienced short sale specialist?
What is HAFA?
The Home Affordable Foreclosure Alternatives Program

What is Loan Modification?
A Loan Modification is when a lender agrees to modify any or some of the terms of the mortgage, making it more affordable for you.
These changes may include:

1) Reducing or modifying the interest rate
2) Extending the term of the loan
3) Changing the monthly payments
4) Combining any of the above

A Loan Modification will give you a fresh start, bringing your mortgage up to date after capitalizing any delinquent interest, escrow, fees, and other costs based on investor guidelines. 
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments, for more information click here 
What is a Short Sale?
A short sale, also called “Short Pay” or “Pay Off”, is a transaction that allows for the sale of a property for an amount that is less than the amount that is owed to the lender. The bank in return may accept the proceeds as full settlement of the debt.
For example: A homeowner, who is facing foreclosure, has an existing first mortgage of  $650,000. The market value of the home is $500,000. The Mortgage Bank agrees to wipe out $150,000 in mortgage debt, and accepts the offer for $450,000 and the home is sold. Lose the House, but Not Your Credit.
In actual practice, a Short Sale is the most complex of all Residential transactions, so make sure you work with seasoned professionals. To learn more about Short Sale Benefits, click here
Should I Consider a Short Sale?
Are Your Mortgage Payments Too High?
Do You Want Lenders to Stop Calling?
Do You Owe More Than Your House is Worth?
Do You Want to Dispose of Your Debt?
Do you Want to Minimize Damage to Your Credit?
Did you experience Loss of Income?
Your Mortgage Will Adjust Soon and You Cannot Afford Paying the New Rate?
Want to Sell Your House But There is Not Enough Equity?
Do you Want to Avoid a Foreclosure and Get a Fresh Start?    
Today many California Homeowners are choosing a Short Sale to solve their Mortgage Loan crisis. 

What is the Advantages of a Short Sale.
Short sales appear on your credit report as "pre-foreclosure in redemption", Not as "debt discharged due to foreclosure"and can result in a credit score reduction of 100 points or less
After the sale, the mortgage may show up as "discharged." People who successfully complete a short sale may also qualify for a mortgage at a reasonable interest rate in as little as 18 months.
So, if buying a home is a future goal, then a short sale is the better option for many.
Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 250 points. You could also have to wait up to three years to qualify for a mortgage at a reasonable rate.
Here are more details:
1. Less Damaging to Credit Rating: A Foreclosure will severely damage ones credit rating for 7 years, but a Short Sale is less damaging and its effect does not last as long.
2. Major Banks are Encouraging Short Sales over Foreclosure: Fannie Mae (FNMA) recently changed their underwriting policy so that a past home owner now has to wait 5 years after a Foreclosure before FNMA will underwrite a new loan. If the homeowner conducted a Short Sale the wait time is just 2 Years! Freddie Mac also offers participating Banks a $2,200 incentive to conduct a Short Sale versus Foreclosure.
3. Probable Relief from HELOC 2nd Mortgage: When the 1st Mortgage Bank forecloses, the 2nd TD HELOC loan is not deleted from your debt. The 2nd TD HELOC Mortgage Bank may take legal means to collect their debt after the Foreclosure. With a Short Sale, I negotiate with both lenders to highly reduce or totally eliminate the HELOC loan debt.
4. Dignified Solution: With a Short Sale, I sell your home just like your neighbors have done. It’s a dignified resolution to a tough situation. On the other hand, after a Foreclosure, a Sheriff performs a lock out, the grass turns brown, and a Bank Sales Rep places 'Bank Foreclosure For Sale' signs in front of the property for your neighbors to see.
5. "Cash for Cooperation": Some of the banks are now offering homeowners a Cash incentive in order to Cooperate with a short sale, versus allowing the property to be foreclosed on by the Bank.  Which Banks and amount of Cash offered, is on a case-by-case basis.

The longer you wait, the harder it is for me to help.
Most importantly time is of the essence. If Foreclosure proceedings have started on your home, then you have only 3 months and 3 weeks before your home is sold at the public Foreclosure Auction on the courthouse. Please don't hesitate, or sit in hope that your financial fortunes will significantly change in the next 2 months.
                    I have an Experienced and I am Professional.
Negotiating short sales is a full-time job. I Screen and preparation all short sale packages twice for accuracy. Your short sale package is only submitted to the Bank(s) when it meets the standards and has the greatest chance for approval.
Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. Home Affordable Foreclosure Alternatives program (HAFA), the HAFA program goes into effect April 5, 2010.

In ordert to qualify under these HAFA new guide:

1. The property must be the home owner’s principal residence.

2. The program is available only for non-Fannie Mae or Freddie Mac owned loans.

3. The home owner must be delinquent on the mortgage or close to defaulting.

4. The loan must have been made before Jan. 1, 2009, and be for less than $729,750.

5. The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal. More information, click here.
My short sale services are TOTALLY FREE OF CHARGE. 
858)382-8698, [email protected]
My Short sale Knowledge may help you prevent the downgrading of your credit scores while providing you
You wouldn't go to court without an experienced attorney.
Why would you go to your lender without an experienced short sale specialist?
Default situations are time sensitive, avoiding the situation is simply unwise.
You should consult your attorney, tax and other professionals regarding your specific situation.