Short Sale Process and Solution           Ty Leon-Guerrero                               www.team1realty.com           Cal...
What is Short Sale?• A short sale is the sale of a home in which the amount owed to the  lender(s) is more than the amount...
Short sales are most definitely a different animal than a regular realestate transaction because once you stop making your...
• Many families weren’t even aware of the short sale option or chose the wrong real estate advisor to help them and lost t...
• A foreclosure will devastate your credit.• Your credit score can be lowered by as much as 300-400 points (or  more) and ...
Your home will be repossessed by the bank and the bank will sell yourhome, either at auction, or more likely through a rea...
Here’s something important you need to know about short sales,depending on whether the loan on your home is a "purchase mo...
A non-recourse loan is…A loan agreement under which the collateral securing a loan is theultimate source of repayment, and...
A recourse loan is…A loan agreement under which a borrower gives an undertaking torepay a debt even if the funded asset (a...
If you want to see really scary, just ask the next real estate agent youmeet claiming to be a short sale expert if he or s...
Remember, banks are in the lending business, not the real estatebusiness…It makes absolutely zero difference whether your ...
• If you submit a sensible offer and a clean package and have the  systems and resources in place to consistently and cont...
Contact Ty Leon-Guerrero                                   Twitter                                  Facebook              ...
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Short Sale Process and Solution by Ty Leon Guerrero of Team1Realty Pittsburg, CA

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A short sale is the sale of a home in which the amount owed to the lender(s) is more than the amount that the home can be sold for. A real estate short sale can save your credit and provide a fresh start without the added weight of a foreclosure.

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Short Sale Process and Solution by Ty Leon Guerrero of Team1Realty Pittsburg, CA

  1. 1. Short Sale Process and Solution Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  2. 2. What is Short Sale?• A short sale is the sale of a home in which the amount owed to the lender(s) is more than the amount that the home can be sold for.• Instead of the home owner having to bring in money to complete the sale, the sale is completed through negotiations with the existing lender(s) and the lender(s) agree to accept less than the full amount owed to satisfy the debt and allow it to be paid off “short.” Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  3. 3. Short sales are most definitely a different animal than a regular realestate transaction because once you stop making your mortgagepayments, the clock starts ticking and the hangman starts preparing hisnoose. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  4. 4. • Many families weren’t even aware of the short sale option or chose the wrong real estate advisor to help them and lost their homes to foreclosure, destroying their credit in the process.• With an expert’s help, a real estate short sale can save your credit and provide a fresh start without the added weight of a foreclosure on your credit report dragging around behind you like an anchor for years to come. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  5. 5. • A foreclosure will devastate your credit.• Your credit score can be lowered by as much as 300-400 points (or more) and you’ll be hounded day and night by your lender.• Even worse, you’ll have difficulty getting credit cards, auto loans or even renting a home or an apartment for the next 7 years. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  6. 6. Your home will be repossessed by the bank and the bank will sell yourhome, either at auction, or more likely through a real estate agent, witha large sign out front that says "Bank Foreclosure". Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  7. 7. Here’s something important you need to know about short sales,depending on whether the loan on your home is a "purchase money"loan or whether you did a "cash out" refinance after your purchase, youeither have a "non recourse" or a "recourse" loan.This makes a BIG difference as to whether or not your lender can go afteryou to repay your debt, even after your home has been foreclosed on. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  8. 8. A non-recourse loan is…A loan agreement under which the collateral securing a loan is theultimate source of repayment, and the lender cannot hold the borrowerpersonally liable in the event of a default. The lender can seize (and sell)the collateral but cannot seize non-pledged asset or property. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  9. 9. A recourse loan is…A loan agreement under which a borrower gives an undertaking torepay a debt even if the funded asset (acquired with the loan proceeds)cannot be liquidated to cover the loan amount. In case of a default, thelender can seize and sell the funded asset as well as the borrowersun-pledged assets or properties. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  10. 10. If you want to see really scary, just ask the next real estate agent youmeet claiming to be a short sale expert if he or she can explain thedifference between the two.You should also be wary of the many unscrupulous companies operatingnow that actually encourage you to go through foreclosure so you canlive in your home a few more months without paying your mortgage.These companies prey on people who are vulnerable and unaware ofthe foreclosure and mortgage laws. They even charge you a hefty fee forthe privilege of getting foreclosed on! This is financial suicide, and it istotally unnecessary because...Your lender does not want to foreclose onyour home.It’s true. They would much rather have you stay in your home andcontinue making your payments, or have you sell it and get it off theirbooks, even if it requires them taking a financial loss. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  11. 11. Remember, banks are in the lending business, not the real estatebusiness…It makes absolutely zero difference whether your lender is Indymac, WellsFargo, Chase, Countrywide /Bank of America, Downey Savings, CITI, ChevyChase, Washington Mutual, Wachovia, World Savings, First Franklin,Flagstar, GMAC, Greenpoint, Homecomings, HSBC, Irwin, Novastar, OptionOne, Aurora, Deutsche Bank…they all work the same Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  12. 12. • If you submit a sensible offer and a clean package and have the systems and resources in place to consistently and continuously follow up on the file, it will get accepted and your home will be sold “short.”• You’ll pay nothing. You’ll owe nothing.You’ll avoid having a foreclosure on your credit report and you’ll surviveto fight another day! Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
  13. 13. Contact Ty Leon-Guerrero Twitter Facebook LinkedIn Alameda, Contra Costa, Sonoma, Solano, Napa Counties Fairfield, CA 94533 Call Us : 800-533-7107 www.team1realty.com

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