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Bank of America Short Sale There are a lot of rumors that Bank of America is difficult to work with when it comes to short sales. We have extensive experience dealing with the Bank of America Short Sale Department and we can honestly say they've come a long way. In 2009, Bank of America was antiquated and unorganized dealing with the short sale process. Recently Bank of America migrated from the old fashion methods of fax and paper to the electronic online method. Contrary to...Continue reading

What is a Strategic Short Sale? A Strategic Short Sale when a homeowner who purchased their home through no fault of their own have had the value drop to less than what is owed. The Homeowner decides it no longer makes sense to continue making payments on a property (investment), even though they have the financial ability to do so. In essence they have strategized their way out of a declining investment. A Strategic Short Sale is a business decision to try and settle your... debt with a creditor. Banks will decide if it is purely a better business to short sale the home vs letting it go into default. Often a short sale is in their best interest. Think About the Strategic Short Sale Alternative If you are thinking about doing a strategic default, but you refinanced your loan(s) at some point after purchasing the property and you are not comfortable with the prospect of waiting four years holding your breath to see if you’ll be sued, then you may want to pursue a short sale. However, a recent change in law has made it easier for borrowers to protect themselves from future lawsuits if they complete a short sale. SB 931, which states that if a first mortgage lender agrees to allow a homeowner to complete a short sale, the lender will not be able to turn around and later file a lawsuit against that former owner for the difference between the amount owed and the amount the property sold for. SB 458 states that if a second/third mortgage lender, refinance lender, or HELOC lender agrees to allow a homeowner to complete a short sale, the lender will not be able to turn around and later file a lawsuit against that former owner for the difference between the amount owed and the amount the property sold for The bill protects homeowners in short sales from second mortgage holders, HELOC lien holders, and Refinanced loans. These bills are welcome relief to the many thousands of borrowers who have completed or are pursuing a short sale right now. Both Bills that were signed into California are set to expire 12/31/2012. Want to know more about a strategic short sale, standard short sale, foreclosure, and other options for distressed real estate? If you need advice on your particular situation, you may want to take advantage of our COMPLETELY FREE consultations in person or over the phone. Call us John and Mike (818) 424-8340 or email us at [email protected].

Why Strategic Short Sale is a better Option opposed to a Strategic Default where you just walk away and hope for the best, with a Strategic Short Sale you settle "paid as agreed" for less than original amount. Offering a settlement is the least damaging to credit, the most controlled and decisive, and closes the door on future judgements. You are giving your creditor an option. It’s their decision whether or not to accept it. In most cases they will. Why is Strategic Short Sa...Continue reading