San Diego Short Sale Process: What happens to my credit with a short sale vs foreclosure?

Posted on September 28, 2012 by Kevin Hall

San Diego Short Sale Process

So, what about my credit after I do a short sale my San Diego home?

What would be worse on your credit score, a short sale or foreclosure? In many cases, there can be a real benefit to doing a short sale on your San Diego home instead of a foreclosure. Both will have a bad effect on your credit score, but most credit experts agree that a short sale is less damaging than a foreclosure. Plus it may be easier to get a home loan in the future with a short sale.

If you are not sure how long it will take to get back to a positive equity position in your San Diego home, check out our website www.ShortOrStaySanDiego.com. Or, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.

What is worse on your credit, Short Sale or Foreclosure?

The key credit element that most lenders use is the FICO score. Designed by the Fair Issacs company, this is a complex score based on all of your credit history, credit diversity, credit balances vs. available credit. In short, they are using it to predict how likely you are to go 90 days late. By definition, the California foreclosure process takes longer than 90 days so automatically you will prove the worst to Fair Isaacs and your score will reflect it.

For more detailed information on Credit Score, FICO and the San Diego short sale process go to: http://shortorstaysandiego.com/san-diego-short-sale-process-fico-score-credit-report/

Click here for more information on San Diego short sales: San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide. To find out how much your San Diego home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com

The Gary Kent Team 858-457-5368 of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

Attend a free short sale seminar on October 22, 2012 (PALOMAR REAL ESTATE STUDENTS ARE WELCOME TO ATTEND).

” SHORT SALE: How To Avoid Foreclosure, Save Your Credit, & Protect Your Savings!”

Come & Learn:

– How soon can you buy after your short sale?
– Do YOU qualify for a short sale? Come & find out!
– Protect your savings & assets from bank lawyers!
– Do you have to pay anything to do your short sale?
– How to get thousands in cash “relocation allowance”
– Avoid the stigma & lingering problems of foreclosure
– Can your lender sue you for the loss on your short sale?
– What REALLY hurts your credit? …It’s not what you think!
– Why a short sale is so much better for you than foreclosure
– Which “hardships” qualify you for a short sale? Which don’t?
– How we surprised one client with $14K cash at closing…legally
– If an agent does THIS, do NOT let them touch your short sale!
– What HAFA is & how it can make your short sale faster & easier
– 7 options if you owe too much. Most agents only tell you 2-3
– You’ve heard of property flipping. How about “flopping”?!
– Should you be current on HOA dues? Property taxes?
– Avoid dangerous scams, including the latest one
– When it’s illegal for banks to ask you for $$$
– Will a short sale delay/prevent foreclosure?
– Should you spend $$ to fix up your home?
– Must you be behind on your mortgage?
– Can you sell to family or friends?
– Can you buy your home back?
The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process. Click here for more information on San Diego short sales:

San Diego Short Sale Process:

Gary Kent Picture by Gary Kent. Gary has successfully helped well over 200 clients and their families sell their homes or other real estate via a short sale. In 1991, he closed his first short sale for a young family, and since has been helping clients get out of stressful financial situations, escape from “under water” mortgages, avoid foreclosure (and the accompanying stigma), save their credit, and maintain their pride through a short sale. You can find Gary on Facebook, Twitter and Google+.

Original verision of this post can be found at: http://shortorstaysandiego.com/san-diego-short-sale-process-my-credit-after-short-sale-vs-foreclosure/

Click here for more information on San Diego short sales:
San Diego short sale expert Gary Kent has written the book on short
sales. Gary would like to offer the San Diego Short Sale Guide to you
for free – Short Sale Guide. To find out how much your San Diego home is
worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com

San Diego Short Sale Process:Big Tax Change Coming on San Diego Short Sales?

Posted on September 26, 2012 by Kevin Hall

San Diego Short Sale Process

Act Quick To Avoid TAXES

The Mortgage Debt Forgiveness Act of 2007 is set to expire on December 31st, 2012. Here’s what this act addresses… When you owe money and don’t have to pay it back, that’s called forgiven or cancelled debt. The IRS treats this cancelled debt as taxable ordinary income. Prior to the Act, many San Diego home owners who did short sales or lost their homes to foreclosure were actually forced to pay taxes on this “ordinary income.” This was considered punitive and unfair, so the Act was passed and changed the rules, making most homeowners exempt from taxes due on a short sale or foreclosure.

Unfortunately, the Act expires 12/31/12. And because short sales often take months to complete, anyone considering a short sale would be wise to start immediately so they can avoid paying taxes on their cancelled debt. There is the possibility that the act will be extended, but as of this writing, I’m not aware of a serious effort to do so.

Short Sale Your San Diego Home Now Before the IRS Comes After You

For more info, see the IRS site. And please verify the above with your tax professional.

So where should you start? Well the first step may be to check out our website www.ShortOrStaySanDiego.com Or, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.

San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Click Here.

Attend a free seminar on October 22, 2012 ” SHORT SALE: How To Avoid Foreclosure, Save Your Credit, & Protect Your Savings!”

Come & Learn:

– How soon can you buy after your short sale?

– Do YOU qualify for a short sale? Come & find out!

– Protect your savings & assets from bank lawyers!

– Do you have to pay anything to do your short sale?

– How to get thousands in cash “relocation allowance”

– Avoid the stigma & lingering problems of foreclosure

– Can your lender sue you for the loss on your short sale?

– What REALLY hurts your credit? …It’s not what you think!

– Why a short sale is so much better for you than foreclosure

– Which “hardships” qualify you for a short sale? Which don’t?

– How we surprised one client with $14K cash at closing…legally

– If an agent does THIS, do NOT let them touch your short sale!

– What HAFA is & how it can make your short sale faster & easier

– 7 options if you owe too much. Most agents only tell you 2-3

– You’ve heard of property flipping. How about “flopping”?!

– Should you be current on HOA dues? Property taxes?

– Avoid dangerous scams, including the latest one

– When it’s illegal for banks to ask you for $$$

– Will a short sale delay/prevent foreclosure?

– Should you spend $$ to fix up your home?

– Must you be behind on your mortgage?

– Can you sell to family or friends?

– Can you buy your home back?

The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process. Click here for more information on San Diego short sales:

San Diego Short Sale Process:

San Diego Short Sale Process Question-Is Your Bank Laughing At You?

Posted on September 24, 2012 by Kevin Hall

San Diego Short Sale Process

Is Your Bank Laughing At You?

As a San Diego home owner, does it feel like your bank is laughing at you? It sort of does, doesn’t it? I mean when you compare your mortgage payment to the amount it would cost to rent the same home… YIKES! And what about when you owe more than it is worth? The bank knows that you have no equity and they are hoping to keep you paying.

Even if the bank isn’t laughing at you, some San Diego home owners face a dilemma. What do I do when I owe more on my house than it is worth? What are my options? Should I try a loan modification? Will the bank work with me? What is my tax exposure if I do a short sale on my San Diego home? What is the short sale process? Will the bank approve my short sale?

Here are three steps to learn more about the San Diego Short Sale Process:

1. Go to our website www.ShortOrStaySanDiego.com to see how long you will have to pay on your San Diego home before it is worth more than what you owe.

2. Or, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.San Diego short sale expert Gary Kent has written the book on bank short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Click Here.

3. Attend a free seminar on October 22, 2012 ” SHORT SALE: How To Avoid Foreclosure, Save Your Credit, & Protect Your Savings!”

Come & Learn:

– How soon can you buy after your short sale?

– Do YOU qualify for a short sale? Come & find out!

– Protect your savings & assets from bank lawyers!

– Do you have to pay anything to do your short sale?

– How to get thousands in cash “relocation allowance”

– Avoid the stigma & lingering problems of foreclosure

– Can your lender sue you for the loss on your short sale?

– What REALLY hurts your credit? …It’s not what you think!

– Why a short sale is so much better for you than foreclosure

– Which “hardships” qualify you for a short sale? Which don’t?

– How we surprised one client with $14K cash at closing…legally

– If an agent does THIS, do NOT let them touch your short sale!

– What HAFA is & how it can make your short sale faster & easier

– 7 options if you owe too much. Most agents only tell you 2-3

– You’ve heard of property flipping. How about “flopping”?!

– Should you be current on HOA dues? Property taxes?

– Avoid dangerous scams, including the latest one

– When it’s illegal for banks to ask you for money to close your short sale

– Will a short sale delay/prevent foreclosure?

– Should you spend money to fix up your home?

– Must you be behind on your mortgage?

– Can you sell to family or friends?

– Can you buy your home back?

San Diego Short Sale Process:

San Diego Short Sale Process- How many years before I have equity in my San Diego Home?

Posted on September 18, 2012 by Kevin Hall

San Diego Short Sale Process

How many years until I have equity in my San Diego home?

San Diego short sale process duplex Many San Diego home owners have been hard hit with the down turn in home prices. Even though the San Diego real estate market is very strong now, it may be years before some San Diego home owners have equity in their homes.

For years in San Diego real estate, we were used to always having positive equity. Since the housing recession some San Diego home owners have found that they are “underwater” (they owe more to their lenders than the home will sell for in today’s market.

Have you ever figured out… just how far “underwater” your San Diego home is and how long it will take to start having some positive equity? The easiest way is to check out short sale expert Gary Kent’s San Diego website www.ShortOrStaySanDiego.com. With just a little information, Gary’s website will generate a report that estimates the value of your current San Diego home compared to the amount you input that you owe. Then we’ll email you a report that outlines an estimate of how long it might take to get “above water.”

For some San Diego home owners considering the bank short sale process, this is a good place to start, or, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation. San Diego short sale expert Gary Kent has written the book on the bank short sale process. Gary would like to offer the San Diego Short Sale Guide to you for free – Click Here.

Click here for more information on San Diego short sales: The Gary Kent Team 858-457-5368 of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

How many years until I have equity in my San Diego home?

La Jolla Short Sale Report for La Jolla CA 92037 short sales

Posted on September 14, 2012 by Kevin Hall

La Jolla Short Sale Report

La Jolla CA 92037

La Jolla Short Sale Home Image - SANDICOR The upscale San Diego community of La Jolla may be one of the new homes of Republican candidate Mitt Romney but it is not exempt from the bank short sale process. La Jolla short sale specialist Gary Kent 858-457-5368 reports that according to the San Diego MLS system, for the first eight months of 2012 there were a total of 45 homes that were short sales in the La Jolla zip code of 92037.

A short sale occurs when a homeowner owes more than the market value on their home and hires a short sale expert to sell it for them. According to Gary Kent, this is when the real work starts. “We’ve closed over 220 bank short sales and we know that Bank of America, Chase, Wells Fargo and Citi bank each have their own short sale process. We start by determining the value of their La Jolla home. Then we work with the home owner to accumulate the various financial documents that the short sale lender will require. Then we actively market their La Jolla home to find a well-qualified (and patient) home buyer.

The short sale process after the offer has been accepted is the toughest part and that requires constant attention to the details of a normal escrow while adding the complexities of negotiating with one or more bank short sale departments.”

Here are some of the key statistics for La Jolla short sales from January 1 to August 3 2012.*

Total La Jolla Short Sales 45 La Jolla Homes (SFR) 22 Condos (Attached) 23
Highest Price: $2,290,000 6 bedroom / 6 bath 5,319 s.f. SFR home
Lowest Price $170,000 1 bedroom / 1 bath 623 s.f. condo
Average $829,456
Median $717,500

La Jolla Short Sale Report

If you are a La Jolla home owner and need to learn more about the short sale process, Gary Kent has written a free informative short sale guide or just call Gary Kent at 858-457-5368 to discuss the short sale process. To find out how much your San Diego home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com

Gary Kent Picture by Gary Kent. Gary has successfully helped well over 220 clients and their families sell their homes or other real estate via a short sale. In 1991, he closed his first short sale for a young family, and since has been helping clients get out of stressful financial situations, escape from “under water” mortgages, avoid foreclosure (and the accompanying stigma), save their credit, and maintain their pride through a short sale. You can find Gary on Facebook, Twitter and Google+.

*Source of Data and Photo – SANDICOR
Original Blog Post: http://shortorstaysandiego.com/la-jolla-short-sale-report-la-jolla-ca-92037/

San Diego Short Sale Process – No Equity In Your San Diego Home?

Posted on September 13, 2012 by Kevin Hall

San Diego Short Sale Process

No Equity In Your San Diego Home?

Many San Diego home owners wonder, just how many years until you have equity in their San Diego home? With the drop in San Diego home values, the term “underwater” or “negative equity” has been used to identify homes that owe more than they are worth in today’s San Diego home market.

Have you ever figured out… just how far “underwater” your home is and how long it will take to start having some positive equity? The easiest way is to check out our website www.ShortOrStaySanDiego.com . Or, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation. For some folks, it might make sense to short sale their San Diego home.

The bank short sale process is not always an easy one, and there are lots of aspects to consider. San Diego short sale expert Gary Kent has written the book on bank short sale process. Gary would like to offer the San Diego Short Sale Guide to you for free – Click Here.

No Equity In Your San Diego Home?

To find out how much your San Diego home is worth compared to owe much you owe, and to learn about the short sale process go to www.ShortOrStaySanDiego.com

Original Gary Kent Post can be found here:http://shortorstaysandiego.com/san-diego-short-sale-process-no-equity-in-your-san-diego-home/ ‎

San Diego Short Sale Process-Owe Too Much To Sell Your San Diego Home?

Posted on September 12, 2012 by Kevin Hall

San Diego Short Sale Process

Do you owe too much to sell your San Diego Home?

San Diego home owners are facing some tough questions, such as, what to do if you owe more than your San Diego Home is worth?

Many San Diego home owners are facing the fact that their number one investment (their home) is worth less than they owe. In some cases, it doesn’t matter: they know that they will just keep making their payments and time will take care of it.

After all, the payment made sense when they bought it and they don’t have a pressing need to sell their San Diego home.

What if you don’t have that time? Perhaps you are facing a hardship such as death, divorce or a job transfer. Then you may want to consider meeting with San Diego Short Sale Specialist Gary Kent to discuss your short sale options. Even if your hardship is not a dire as death, divorce or a job transfer call Gary Kent at 858-457-5368 to discuss your short sale options with a real estate agent who is a bank short sale expert for a quick confidential analysis of your situation.

Another resource is to check out our website www.ShortOrStaySanDiego.com San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Click Here. The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process. Click here for more information on San Diego short sales: <h1>San Diego Short Sale Process</h1> San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide. To find out how much your San Diego home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com

San Diego Short Sale Process

Do you owe too much to sell your San Diego Home?

2 Ways To Stop A Foreclosure On Your San Diego Home- Short Sale Process

Posted on September 6, 2012 by Kevin Hall

San Diego Short Sale Process

Two ways to stop a Foreclosure on your San Diego Home

Well… the first way would be to make up your payments and the boatload of fees that your bank has hit you with. Okay, that is not much of an answer, but the reality of the situation in most cases is that the bank is going to win.

Another option is to do a short sale on your San Diego home. The first step is to find out what your home is worth. Check out our website www.ShortOrStaySanDiego.com

Then, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation. The Gary Kent Team of Keller Williams Realty will guide you through the short sale process. As experienced San Diego short sale negotiators we understand the bank short sale process. We understand that this is an upsetting time for you and we know how difficult the decision to short sale your San Diego home can be. We are here to guide you through the short sale process. If you would like to learn more about the short sale process , San Diego short sale expert Gary Kent has written the book on short sales. we would like to offer the San Diego Short Sale Guide to you for free – Click Here.

Click here for more information on San Diego short sales:

San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.

To find out how much your San Diego home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com