EXPERIENCE COUNTS! WE ARE THE AREA'S LEADING CENTURY 21 TEAM OF REAL ESTATE SPECIALISTS. WE OFFER A CONFIDENTIAL APPROACH TO HOME RETENTION & FORECLOSURE SOLUTIONS. OUR HOME SERVICES TEAM OFFERS YOU ANSWERS FROM CALIFORNIA BOARD CERTIFIED LOSS EXPERTS WITH OVER 30 YEARS OF EXPERIENCE, FREE. WE KNOW HOW TO GET QUICK LENDER SOLUTIONS TO YOUR SITUATION & IN SOME CASES PROLONG THE FORECLOSURE PROCESS TO ALLOW YOU TIME TO SORT THINGS OUT. NEVER ANY COST TO YOU.
HOME SEARCH SITES & REALTOR WEBSITES CAN BE FOUND AT A DIME A DOZEN, BUT QUALITY REPRESENTATION DURING THESE TIMES IS HARD TO FIND.
The team of Jane Lippman and Doug Lippman have been servicing client's needs collectively for over 40 years and they work in a quick, efficient manner. Our team consists of real estate representation, legal alliances, escrow services & lender affiliations, along with expertise in marketing, advertising and public relations. We deal in all levels of negotiations from multi million dollar custom homes to first time homes. "Our client's satisfaction is our highest interest."
We are RELOCAION CERTIFIED agents. We are all about getting the job done for our clients in the quickest, most non-disruptive manner possible.
You need understanding professionals, offering quality representation during these times. CALL US FOR A FREE IN-HOME, CONFIDENTIAL, CONSULTATION.
Jane Lippman represents from Customs to Condos. She specializes in Orange County, CA. - Coto de Caza, Ladera Ranch, Laguna Beach, Laguna Niguel, Dana Point, San Clemente, Monarch Beach, Irvine, Shady Canyon, San Juan Capistrano, Rancho Santa Margarita, Mission Viejo & Las Flores. Jane Lippman are Short Sale, Foreclosure & Certified Relocation Specialitsts Agents working with both buyers and sellers.
Jane Lippman has a qualified team of agent specialists to serve a variety of client needs. Besides all of this, she is of course well versed in all standard sales.
Jane Lippman shares your options when facing foreclosure or a notice of default. These options can help you to keep your home, prolong your stay or sell your home with the least credit impact to you. No matter where you are in your situation, scheduling a consultation with Jane Lippman is step one in finding a solution right for you.
What is a Short Sale
Definition: a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (borrower). The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the sale. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure.
In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
Lenders have a department (typically called a loss mitigation department) which processes potential short sale transactions. Typically, lenders do not accept short sale offers or requests for short sales until a Notice of Default has been issued or recorded with the locality where the property is located.
Lenders have to approve of any buyer's or listing agent's commission in advance. Many of these facilitators work with a private lending party for their financing, such as a partner or syndicate.
Lenders have a varying tolerance for short sales and mitigated losses. The majority of lenders have a predetermined criteria for such transactions. Other distressed lenders may allow any reasonable offer subject to a loss mitigator's approval. "Red tape" is very common in short sales, similar to REO and HUD properties, requiring potentially multiple levels of approvals and conditions.
Junior liens, such as second morgages, HELOC lenders, and HOA (special assessment liens), may need to approve of the short sale. Frequent objectors to short sales include tax lieners (income, estate or corporate franchise tax - as opposed to real property taxes, which have priority even unrecorded) and mechanic's lien holders.
It is possible for junior lien holders to prevent the short sale.
While it is frequent if not common for a lender to forgive the balance of the loan in question, it is unlikely that a lien holder that is not a mortgagee will forgive any of their balance. Further, it is common for a lender to omit updating the zero balance and settlement option on the mortgagor's credit report, or even flat refuse to do so "due to their financial loss."
The Mortgage Forgiveness Debt Relief Act of 2007
When the lender decides to forgive all or a portion of a borrower's debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.
However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007 by President Bush, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties.
This protection is limited to primary residences so consultation with a tax advisor is necessary ensure that a borrower qualifies.
We are Orange County's leading Century 21 Real Estate Team with over 40 years of sales & service experience. Specializing in Foreclosure Options & Corp. Relocation Clientele.