Short Sales
Approximately one out of every three people in the state of California who holds a mortgage is "Underwater" on their home, meaning they owe more on the balance of the mortgage than the home is currently worth. This is the reason why about two thirds of the entire real estate market is constituted by foreclosures and short sales, the other one third is the traditional equity sale.
For anyone who may be reading this who is in this situation, you should know that you do have options other than foreclosure. You should also know that you are not alone...as stated above about one out of every three mortgages in the state is underwater. It will take us several years to work through the distressed market that we are in, and short sales are now and will continue to be a vital tool to help mitigate the damage that was done by the mortgage meltdown.
The biggest piece of advice I have for a distressed homeowner is to TALK TO SOMEONE! Approximately one out of every two people who foreclose never speak to a real estate professional or their lender! This is an alarming stat...many (if not most) of these people probably could have avoided foreclosure if they had only known that they had options.
If you are a distressed homeowner, feel free to call me directly at 510-384-9424, I would be happy to talk to you about your situation and provide you with pertintent information about the short sale process. I am certified by the Five Star Institute to do short sales and have successfully helped many homeowners avoid foreclosure at no cost to them, and I can help you too.
-Hamid
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