While the national housing market is projected to continue on its steady road to recovery in 2013, there are still a number of home owners that find themselves struggling.  The economic downturn over the past few years has taken a toll on jobs and the housing market, and homeowners are wondering where to turn.

As a Lake Nacimiento Real Estate agent, I saw a great need to help homeowners struggling to survive the recent tough economic times.  Because of this, I earned my Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales.

What’s a short sale?

A short sale is simply an agreement between you and your lender to sell your home for less than you currently owe on it.  Of course, lenders are not required to agree to a short sale for your home, but the government is strongly encouraging all lenders to do so.  A recent article on HouseLogic.com pointed out some advantages to a short sale for your Oak Shores or Heritage Ranch home on Lake Nacimiento.  This also applies to those who live outside of Lake Nacimiento in San Luis Obispo, the Central Coast and beyond!

1.  You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to three years or more after a foreclosure.

2.  You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.

3.  You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the Oak Shores and Heritage Ranch communities.

If you are hoping for a short sale, there’s good news!  The Short Sale laws are now extended in California and you have until December 31,2013 to complete your sale.This means that if you have decided to short sell your home and qualify to avoid deficiency and not pay taxes on mortgage forgiven debt associated with a short sale, now would be the time in order to close escrow on a short sale before the end of the year.

If you are concerned about facing foreclosure in your Oak Shores or Heritage Ranch home; I would love the opportunity to talk with you!  There are a number of other options that are available to you and will not be as damaging as going into foreclosure.

A short sale is an excellent option and, as a Certified Distressed Property Expert, I can answer your questions and walk with you through each step of a short sale.  Don’t wait until it’s too late!

Feel free to contact me today to discuss the best options for you and to easily get out from under the burden of an underwater home.

I look forward to talking with you!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

As a Lake Nacimiento Real Estate agent, I’m constantly aware of what’s going on in the Lake NacimientoReal Estate market as well as the national housing market.  Because of the economic downturn over the past few years, I saw homeowners struggle through job loss and other financial hardship and knew that I wanted to take action to help them deal with the toll it took owning a Lake Nacimiento home.

To help those facing foreclosure and those dealing with an underwater home (owing more money than the home is worth), I earned a designation as a Certified Distressed Property Expert, and have been able to guide clients to take the best course of action with their Oak Shores or Heritage Ranch home.

Recently, a $25 billion foreclosure settlement was announced in which the federal government and five of the largest mortgage lenders and services will team up to reduce the principle balance on many loans, as well as refinancing loans for many with underwater homes.  The 49 states that are participating (Oklahoma opting out) will receive funds to help consumers and to create new processes to better protect borrowers.

So, what does this mean for you?  If your loan is through Ally Financial (formerly GMAC), Citi, Bank of America, JPMorgan Chase or Wells Fargo, you could be eligible for help from the settlement.  Below are a few of the factors that may qualify you for assistance.

- You’re underwater on your mortgage and delinquent on the payments.

- You’re current on your mortgage payments but have a high-interest loan.

- You lost your home to foreclosure between January 1, 2008, and December 31, 2011.

- You took an FHA mortgage from Countrywide.

- You’re underwater and you want to sell your home.

- You’re a service member and must sell your home at a loss because of a “permanent change in station” order.

- You’re unemployed.

- You’ve lost your home and need financial help to move.

To view more information on the settlement, visit NationalMortgageSettlement.com.  Your mortgage statement will display which company services your loan, so you can determine if you can move forward with seeing if you qualify for help.

While this settlement can be helpful if you qualify; there are also other ways to deal with your distressed property.  As a Certified Distressed Property Expert, I am here to answer any questions you have.  I know this can be a stressful time, but there are ways to navigate through it and having a Lake Nacimiento Real Estate agent who is experienced with distressed properties can make the process run smoothly.

Please feel free to contact me anytime!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Earlier this week, I talked about the option of refinancing your underwater home through the government’s Home Affordable Refinance Program (HARP), which has given relief to many homeowners.  As a Lake Nacimiento Real Estate agent, I know that there are those in the Oak Shores and Heritage Ranch communities on Lake Nacimiento who find themselves owing more on their home than it’s current market value.  But there is hope!

Getting my Certified Distressed Property Expert designation has made me even more aware of what it takes to successfully get out from under the weight of a distressed property, and I’ve been able to help many clients do so!  If you are considering refinancing your Oak Shores or Heritage Ranch home due to financial strain or to lock in currently low interest rates, there are a few things you’ll want to be aware of before you begin the refinancing process.  Here are five common mistakes you’ll want to avoid when refinancing your Lake Nacimiento home.

1. Over-estimating the value of the home- Although home prices have fallen over the past few years, homeowners still put high value on their homes.  As a result, they receive higher-than-expected loan offers. Your Lake Nacimiento Real Estate agent will be able to show you what comparable homes in your neighborhood are currently selling for so you can get a better idea of what your home is worth.

2. Hesitating to lock in low rates- Waiting for rates to drop even lower can be the biggest mistake as there’s no promise that rates will remain low.  Take the opportunity now to lock in these historically low rates before it’s too late.

3. Focusing only on interest rates- While interest rates are important, those aren’t the only factors to consider when refinancing your Oak Shores or Heritage Ranch home.  Lender fees, loan terms and even lender reputations will play a role in refinancing.  Using online tools, such as Mortgage Professor to run all the numbers can be useful to determine if financing is even the right choice for you.

4. Overlooking shorter-term loans-  Although the 30-year mortgage loan is the most popular, remember that there are 20 or 15-year mortgages that may be a better option.  These shorter loans can save significant amounts of money since you’ll be reducing the amount of paid interest over time.

5. Not knowing what documents are required to refinance- It’s important to know which documents are needed before you begin to refinance.  For those of you who haven’t taken out a mortgage or refinanced lately, you may be surprised to find there’s more documentation needed than in the past.  Pay stubs, two months of banking and other financial statements, two years of W-2’s are just some of the documents required to refinance.

Being fully prepared to refinance is important!  If you have questions about refinancing your home or are interested in jumping into Lake Nacimiento Real Estate market; please let me know!

I hope to hear from you soon!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

As a Lake Nacimiento Real Estate agent, I deal with a variety of circumstances with buyers and sellers.  I enjoy tackling each situation and helping buyers or sellers achieve their Lake Nacimiento Real Estate goals.

Over the past few years, as the real estate market took a downward turn on the national level, I began seeing sellers who were finding themselves in an underwater home (meaning they owed more on their home than the home was worth).  Given this rising need for help with distressed properties, I pursued getting my Certified Distressed Property Expert designation.  My passion is to help homeowners in Heritage Ranch and Oak Shores avoid foreclosure and I’m happy to say I’ve been able to help homeowners find other options!

Many who found themselves in an underwater home situation sought relief in refinancing their home.  In October of this past year, the government’s Home Affordable Refinance Program (HARP) decidedly loosened their restrictions in order for more homeowners to find help.  In the past, owners whose mortgage exceeded 125% of the home’s value were ineligible for the program, but that restriction has been eliminated.

A few of the additional changes include:

- Elimination of certain risk-based fees for borrowers who refinance into shorter-term mortgages

- Elimination of the need for a new property appraisal when there is a reliable automated valuation model estimate by Fannie Mae or Freddie Mac

- Extension of the program until December 31, 2013 (from June 30, 2012)

Refinancing your home can be a great first step to help lower your monthly mortgage payments.  If you’re interested in HARP, you’ll want to know that in order to qualify your loan does need to be through Fannie Mae or Freddie Mac and you must be current on your mortgage payments.  You can learn more about this program on the Federal Housing Finance Agency’s fact sheet.  http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

If you’ve attempted to refinance and haven’t found relief for your underwater home or don’t qualify for HARP; I would love the opportunity to talk with you!  I know it can be a daunting time and you probably have a lot of questions.  My experience in dealing with distressed properties can help!

Please feel free to contact me anytime!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

As a Lake Nacimiento Real Estate agent, I am constantly aware of the national housing market as well as how California is fairing and, more specifically, the Lake Nacimiento Real Estate market.  In recent news, The Foreclosure Report gave insight into the increase in foreclosures over the past month in the national average and individual states.

While seeing the market ebb and flow drastically over the past few years is not always what potential buyers or sellers want to know about, I feel that keeping you up to date on the current real estate market is important!  My goal is to make sure you’re fully aware of what’s going on and to let you know how you can best navigate through the current Lake Nacimiento Real Estate market.

Here’s The Foreclosure Reports most recent release of foreclosures in California for August:

Notice of Default filings increased 69.5 percent to the highest level in a year. Notice of Trustee Sale filings were up more moderately, rising 6.0 percent month-over-month, but down 23.6 percent year-over-year. Cancellations were nearly flat, up just 1.9 percent from July. Activity on the courthouse steps increased in August. Properties Sold Back to Bank (REO) increased 12.3 percent from the prior month. Properties Sold to 3rd Parties rose 9.9 percent month-over-month, and 10.8 percent year-over-year. Time to Foreclose increased to 333 days in August, which is 49 days longer than a year ago. 

If you are concerned about facing foreclosure in your Oak Shores or Heritage Ranch home on Lake Nacimiento; I would love the opportunity to talk with you!  There are a number of other options that are available to you and will not be as damaging as going into foreclosure.

A short sale is an excellent option and, as a Certified Distressed Property Expert, I can answer your questions and walk with you through each step of a short sale.  Don’t wait until it’s too late!  Feel free to contact me today to discuss the best options for you and to easily get out from under the burden of an underwater home.

Together we can take the path through the Lake Nacimiento Real Estate market that ensures your future success in the market!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Foreclosing on a home is not an easy reality to deal with and can come with a wide variety of consequences.  As I mentioned in my last post, as a Lake Nacimiento Real Estate agent, I wanted to be prepared to help my clients in the best way I could and received my Certified Distressed Property Expert designation to be fully prepared to help those in Oak Shores or Heritage Ranch who are facing foreclosure.

While we talked about the option of a short sale last week, there are other options to help you avoid foreclosure.  Below are ten ways that you can steer clear of foreclosure, and taking immediate action will help you before it’s too late!

1. Reinstatement- While being the most simple answer to foreclosure; it is also the most difficult to attain.  This option allows a Lake Nacimiento home owner to contact the mortgage company and request the amount owed to date.  They can then pay off the remaining amount.  You can be reinstated up to a day before the foreclosure sale is finalized and the lender does not have to approve this process.

2. Forbearance or Repayment Plan- This option sets up a payment plan between the homeowner and the mortgage company to pay back the amount owed over a time.  The monthly payment on the Lake Nacimiento home will still be paid each month in addition to a portion of the back payments that are owed.

3. Mortgage Modification- Modifying the mortgage allows the loan to be reduced in some way.  Whether the interest rate, principle balance, term of the loan or a combination of the three; there is some type of reduction that will take place.  This usually helps in lowering the monthly payment so that the mortgage becomes affordable again to the homeowner.

4. Rent the Property- This can be an especially good option for those living on Lake Nacimiento!  Many people are looking for a great vacation home to rent out during the summer months or on the weekend.  You can talk with your Lake Nacimiento Real Estate agent about the option of renting your home on a permanent basis or renting it out at certain points of the year to help with payments.

5. Deed-in-Lieu of Foreclosure- Lender approval is required for this option that’s referred to as the “friendly foreclosure.”  Homeowners are required to vacate the home, but are able to simply return the property to the lender and avoid going through the foreclosure process.

6. Bankruptcy- This option only works as an answer to foreclosure in some states and circumstances.  If there are non-mortgage debts that the homeowner has that has caused them to miss their payments; bankruptcy may be an option.

7. Refinance- Refinancing could be a great solution to avoid foreclosure.  Doing so can lower the monthly payments if the homeowners has good credit and they have enough equity in their Lake Nacimiento home.

8. Servicemembers Civil Relief Act (military personnel only)- Due to being deployed, some members of the military come under financial distress and so may qualify for the  Servicememebers Civil Relief Act.  This process will go through the an attorney that is qualified to work with service members who need relief.

9. Sell the Property- If you need to sell your home to avoid going into foreclosure; please let me know.  As a Lake Nacimiento Real Estate agent; I have worked for years with buyers and sellers on Lake Nacimiento and know what it takes to get your home sold in an effective and timely manner!

10. Short Sale- As a Certified Distressed Property Expert; I have experience working with homeowners to avoid foreclosure.  I know the ins and outs of conducting a short sale; which has been a viable option for many.  Basically, a short sale involves your Lake Nacimiento Real Estate agent negotiation with the lender to allow the home to go into a short sale.  The agent will verify the homeowner’s hardship that occurred after the purchase and the request for the short sale.  Hardships can include things such as a job loss, divorce, forced or unplanned relation or mortgage payment increase.

Of course I feel that some options are better than others and can help you walk through the process of determining your needs and what would be the most beneficial to you!

I am always available to answer your questions and to provide you with the resources needed to make the most informed decisions.  In fact, if you’re searching for more information on foreclosures, there’s a workshop this coming Sunday, August 28th that you may want to attend!  Below are the details.

Foreclosure Workshop
Monterey County Office of the Agricultural Commissioner
1428 Abbott St, Salinas

Sunday, August 28th

1pm-5pm

- Assemblymember Luis A. Alejo invites you to attend the Central Coast Foreclosure Workshop to get free information about pre and post foreclosure options.  You’ll learn about foreclosure options for homeowners, tax-consequences of foreclosure, free and low-cost resources for homeowners, reporting fraud and avoiding “rescue” scams, finding resources for HUD- certified housing counseling, debt and credit counseling, bankruptcy, and emotional support.

This will be a helpful workshop you won’t want to miss!  If you have more questions or would like to learn about your options; please feel free to contact me today!

 
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Short sales seem to be flooding the market the past few years as our nation has dealt the best they could given our economic state.  If you need to sell your underwater Lake Nacimiento home, a short sale is a great option.  While you may feel discouraged that you won’t get the return on investment that you might in a regular sale, pursuing a short sale is far better than having to go into foreclosure.  Taking action now will help ensure you get your Oak Shores or Heritage Ranch home sold before it’s too late!

As a Lake Nacimiento Real Estate agent for over twenty years, I’ve seen a wide range of homes that need to be sold as quickly as possible.  I know the Lake Nacimiento Real Estate market inside and out, and when the market took a turn, I knew that I needed to take action in order to provide my clients with the best service possible.

I became a Certified Distressed Property Expert to help those whose homes were underwater or those facing the possibility of foreclosure.  No one should have to go into foreclosure and face the hardship that greatly affects your credit when it can be avoided!  If you are thinking about a short sale, there are seven short sale mistakes that you’ll want to avoid.

Mistake #1: Pricing your Home Incorrectly-  Overpricing a short sale in a buyers market will result in your Lake Nacimiento home sitting on the market for a long time.  Pricing a short sale is not just about appealing to buyers, but also to the short sale bank, the buyers agent and the buyers lender.  A well priced short sale will sell quickly.

Mistake #2: Hiring an Inexperienced Listing Agent-  You’ll want to choose a Lake Nacimiento Real Estate agent who has experience in dealing with short sales.  As a Certified Distressed Property Expert, I can give you a clear understanding of what to expect and help you throughout the entire process.

Mistake #3: Bad Marketing- This goes along with making sure to hire a Lake Nacimiento Real Estate agent who has an extensive marketing plan.  Your home should undergo the same type of marketing that a regular home would have, so be sure to ask any potential Lake Nacimiento Real Estate agent about how they will market your home.

Mistake #4: Showing Restrictions- As the seller, you want to make sure that your home is available for people to view as much as possible.  The more you limit the times that your home can be shown, the more you limit the amount of potential buyers who will view your home.  Flexibility with your schedule is key!

Mistake #5: No Photographs- Again, this correlates with your Lake Nacimiento Real Estate agent.  Your agent should set up a time to come and photograph your home.  This way, they can adequately market your home and give buyers a feel for what makes your home unique.  Homes that only have a few photographs may cause buyers to skip by the home online and focus on the homes that have more pictures.

Mistake #6: Poor Property Condition- Even though you won’t be making any money on your home, making sure your home is in good condition is still vital in getting your home sold.  Sometime sellers can take on an attitude of not caring, but in order to get out from under the financial burden of your home; you’ll need to keep your home well maintained and make sure it’s attractive to buyers.

Mistake #7: Uncooperative Sellers- As a seller of a short sale, you’ll need to be ready to do more paperwork than usual.  Of course, no one loves to go through tons of paperwork, but being willing to work with your Lake Nacimiento Real Estate agent and comply with the steps that need to be taken will help get your home sold quickly.

Going forward with a short sale can be a very positive process as you walk away from a financial burden and focus on getting things back in order to be able to buy again in the future.  If you have any questions about short sales or are ready to take the next step in putting your Lake Nacimiento home on the market as a short sale, please let me know!

I will be your trusted resource and guide throughout the entire short sale process.  I look forward to working with you!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

As a Lake Nacimiento Real Estate agent, my goal is to provide you with the most current real estate informationthat’s available.  I know that buying or selling a home in Oak Shores or Heritage Ranch is a big decision and I want you to be able to make the most informed decision possible!

We’re all aware that the national housing market has seen some ups and downs the past few years and that short sales have been on the rise.  Our economic downturn has forced many people out of jobs which makes holding onto their current home nearly impossible.  And, while many sought out a short sale for their home to avoid foreclosure,  a number were not able to go through with a short sale because of the money that was needed.

If you or someone you know was or is currently in that situation; there’s good news!  California’s Governor Brown just passed a new Short Sale law that will play a major role in the Califonia Real Estate market!  Take a look at this recent article by Alexis McGee.

New Short Sale Law is a Game Changer

by Alexis McGee

Ever since the robo-signing debacle, major banks have been forced to let severely delinquent homeowners sell their houses short (for less than the loan amounts owed) as part of a broad settlement of federal and state investigators. However, many short sales have not gone through because junior lenders have required the borrower contribute financially towards the deficiency. Even in non-deficiency states (such as California) where the senior lien holder typically doesn’t have the right to pursue of the deficiency, the junior lienholders usually do.

Not any longer in California. Thanks to Governor Brown and the newly passed bill SB458, which requires any lender that accepts a short sale (in a senior or junior position) must release the borrower from any liability for the deficiency. With this legislation, which is in effect immediately, regardless of what’s owed or if the lender has the right to pursue for it, if they accept the short sale, the amount they receive from the transaction will be all that they’re able to collect.

This is a good move.  A large number of homeowners will now re-consider a short sale, knowing that they won’t be forced to contribute more money in the form of cash payment or promissory note, which are often requirements of lenders. Also, many people who can barely afford their payment but don’t have the funds to contribute cash at closing (or via a promissory note), could now consider a short sale as well.

For the distressed real estate investor this is also good news. Short sale approvals will skyrocketed. And for investors looking for great deals, my suggestion is you focus on the fixer-type properties that have a higher chance of an aggressive short sale price being accepted.

There are four basic reasons this is true:

1. From the robo-signing problems of the past, banks continue to struggle with clear title issues post foreclosure. A short sale is a title guaranteed sale with a grant deed. Good for both the bank, the seller and the investor.

2. Properties with heavy deferred maintenance cannot be sold without either additional rehabilitation costs or deep discounts to cash buyers. A short sale allows the bank to sell to an investor without flooring a dilapidated liability.

3. Previous bank culture considered a short sale a negative action. Laws which force the action will remove the stigma and the banks will actually realize it is cheaper to short sale. Investors will find even more streamlined roads for cash purchases.

4. Homeowners who avoided short sales in the past because of second lienholders who held them hostage to promissory notes, additional cash at closing, or deficiencies after closing… will no longer have those obstacles. There will be more motivated sellers ready to make a deal and more great deals for us to buy… while helping the homeowner with their fresh start.

As you can see, this is a burden lifted for many seeking a short sale for their California home!  If you have questions about this new law or are considering a short sale for your Oak Shores or Heritage Ranch home; please contact me today!  I’d love the opportunity to talk with you and discuss your options.  Going through a short sale is a positive alternative to foreclosure and can save you years of heartache and financial loss.

Please feel free to contact me today for more information about short sales!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

As a Certified Distressed Property Expert; I see the direct effects of our nations’ economy on our housing market.  Working in the communities of Oak Shores and Heritage Ranch on Lake Nacimiento as a Real Estate agent; it is hard to see homes go into foreclosure.  It’s heartbreaking because most homeowners who are struggling with their finances feel that foreclosure is the answer; however, it can be avoided!

Knowing your financial burden and understanding the many different options available are key to side stepping the devastation of foreclosure.  Please take a few minutes to review the various options you have!

1. Reinstatement- While being the most simple answer to foreclosure; it is also the most difficult to attain.  This option allows a Lake Nacimiento home owner to contact the mortgage company and request the amount owed to date.  They can then pay off the remaining amount.  You can be reinstated up to a day before the foreclosure sale is finalized and the lender does not have to approve this process.

2. Forbearance or Repayment Plan- This option sets up a payment plan between the homeowner and the mortgage company to pay back the amount owed over a time.  The monthly payment on the Lake Nacimiento home will still be paid each month in addition to a portion of the back payments that are owed.

3. Mortgage Modification- Modifying the mortgage allows the loan to be reduced in some way.  Whether the interest rate, principle balance, term of the loan or a combination of the three; there is some type of reduction that will take place.  This usually helps in lowering the monthly payment so that the mortgage becomes affordable again to the homeowner.

4. Rent the Property- This can be an especially good option for those living on Lake Nacimiento!  Many people are looking for a great vacation home to rent out during the summer months or on the weekend.  You can talk with your Lake Nacimiento Real Estate agent about the option of renting your home on a permanent basis or renting it out at certain points of the year to help with payments.

5. Deed-in-Lieu of Foreclosure- Lender approval is required for this option that’s referred to as the “friendly foreclosure.”  Homeowners are required to vacate the home, but are able to simply return the property to the lender and avoid going through the foreclosure process.

6. Bankruptcy- This option only works as an answer to foreclosure in some states and circumstances.  If there are non-mortgage debts that the homeowner has that has caused them to miss their payments; bankruptcy may be an option.

7. Refinance- Refinancing could be a great solution to avoid foreclosure.  Doing so can lower the monthly payments if the homeowners has good credit and they have enough equity in their Lake Nacimiento home.

8. Servicemembers Civil Relief Act (military personnel only)- Due to being deployed, some members of the military come under financial distress and so may qualify for the  Servicememebers Civil Relief Act.  This process will go through the an attorney that is qualified to work with service members who need relief.

9. Sell the Property- If you need to sell your home to avoid going into foreclosure; please let me know.  As a Lake Nacimiento Real Estate agent; I have worked for years with buyers and sellers on Lake Nacimiento and know what it takes to get your home sold in an effective and timely manner!

10. Short Sale- As a Certified Distressed Property Expert; I have experience working with homeowners to avoid foreclosure.  I know the ins and outs of conducting a short sale; which has been a viable option for many.  Basically, a short sale involves your Lake Nacimiento Real Estate agent negotiation with the lender to allow the home to go into a short sale.  The agent will verify the homeowner’s hardship that occurred after the purchase and the request for the short sale.  Hardships can include things such as a job loss, divorce, forced or unplanned relation or mortgage payment increase.

If you are facing foreclosure; please contact me to discuss which option is best for you.  Again, being a Certified Distressed Property Expert has given me the experience and knowledge to deal with these types of situations.  Please feel free to contact me anytime!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Looking to buy a home on Lake Nacimiento?  You may have already started the beginning stages of searching for a home in the gated Oak Shores or Hertiage Ranch communities on Lake Nacimiento online; which is a great way to start!  If you searched for available homes on Lake Nacimiento; you’ve probably come across some certified distressed properties and have wondered if buying a short sale or foreclosure home is the right move for you.

Before you completely discredit buying one of these homes because you’re not sure how it all works; I’d encourage you to continue reading!  can be very rewarding!  It’s important to know what type of home buying process you’re getting into, and to make sure you have found a Buying a short sale or foreclosure home on Lake NacimientoLake Nacimiento Real Estate agent who is an expert in dealing with distressed properties.  This will make the process of buying a short sale or foreclosed home a much smoother and stress free process!

Below are a few of the questions you may have regarding a buying a distressed property on Lake Nacimeinto.

What are the advantages of buying a distressed property on Lake Nacimiento?

- The first advantage is that you’ll be buying a home from a highly motivated seller.  Whether it’s bank owned, or the seller is just trying to get out from under their mortgage; the emotions of the sale are lessened and the main goal is to make sure the home is sold.  You’ll also find the price to be a great deal for the home!  You’ll notice that foreclosed homes on Lake Nacimiento in Oak Shores and Heritage Ranch are the best deals because lenders are anxious to get them off their hands and their books.  A short sale will still be very reasonably priced, and the chances of the home being in great condition are good because the home owner wants to make sure buyers see it as move-in ready.

What are the disadvantages of buying a distressed property?

- Because they are so well priced; many buyers are interested in these properties on Lake Nacimiento so competition can be a big factor.  Another disadvantage is that foreclosed properties oftentimes need a lot of TLC.  Being willing to roll up your sleeves and do some work on these great deals will pay off in the end!  You’ll also find that the short sale or foreclosed home buying process can be a much longer process.  Be prepared for a lot of paperwork and hoops to jump through.  However, having a certified distressed property Lake Nacimiento Real Estate agent on your side will be very beneficial.  They’ll know exactly what you’re likely to face and will understand how to deal with any situation that arises.

Are there any tips for buying a distressed property?

- Yes!  Although it may seem like a more challenging process, there are things you can do to make the process run smoothly.

1. Be sure to get a home inspection before you make an offer or put down any money!  Even though many banks will sell a foreclosure “as is”, and short sales don’t offer much in the way of making repairs before you purchase; you’ll have an idea of what you’re getting into.  You want to be fully aware of any issues with the house prior to buying so you know how much additional money you will need to put in the home.
2. Get preapproved!  This is vital in speeding up the home buying process.  Not only do banks and sellers want to know you have your financing in order and are fully ready to buy; the stiff competition for these homes warrants the need to be prepared.

What type of loan should I get for buying a distressed property?

- If you’re a first time home buyer; a Federal Housing Administration (FHA) loan may be the type of loan you want to choose.  They offer programs that help you with a home that needs major repairs.   They also only require 3.5% down as opposed to the typical 20% down on a new loan. Your Lake Nacimiento Real Estate agent will be able to walk you through this process and help you determine which type of loan is right for you.

I hope these answers help you as you consider buying a short sale or foreclosed home on Lake Nacimeinto!  Of course this is an overview, and I would be happy to discuss this process more in depth with you or answer any other questions you may have.  Feel free to contact me today to get started!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!