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Riverside & Corona Real Estate
Short SalesRiverside CA Short SalesHere is a breakdown of the homes for sale Riverside CA totals from August 2009 through January 2010. This graph shows the total number of single family homes that sold by month and how many of those totals were foreclosures, short sales and traditional sales. The number of Riverside CA foreclosures are dropping. Some experts are predicting that there will be increasing numbers of foreclosures over the next several months. Many buyers who are having trouble getting their offers accepted are hoping for some more foreclosure homes to come on the market.
Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan. Loan Modification You may be able to refinance the debt and/or extend the term of your mortgage loan through a mortgage modification. This may help you catch up by reducing the monthly payments to a more affordable level. You will have to qualify and be able to make the new lower payments which can be a problem for someone who has lost their job. Short Sale Lenders are in the business of lending money not owning houses. A short sale is when you need to sell your home but you owe more than it is worth. The bank has to agree to accept less than what you currently owe on the mortgage. This is also called a short payoff because the lender agrees to cancel the note and mortgage as a lien on the home. You should talk to your lender about a special forbearance or loan modification before you consider a short sale. In a short sale the forgiven portion of the debt owed could be considered as taxable income and you should seek the advice of a tax attorney, or certified public accountant, or your professional tax adviser so that you understand any possible ramifications of a short sale. Call me if you are thinking of doing a short sale or if you are looking to buy a Riverside CA foreclosure or short sale. If your lender or loan servicer is Bank of America, read this about short sales and Bank of America. More information about short sales for home sellers Pedersen Real Estate
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