fill
fill
fill
Dina Tennant
949-295-6278
dina@dinatennant.com

CalBRE# 00454480
fill
fill
fill
fill
Dina Tennant
fill
949-295-6278
dina@
dinatennant.com

CalBRE# 00454480
fill
fill
fill
fill
fill
fill
fill
fill
fill
Work With Me
fill
Buyer Info
fill
Seller Info
fill
Your Home's Value
fill
Neighborhood - School Information
fill
Community Information
fill
Real Estate Glossary
fill
fill
fill

Maybe someone you know could use this article; please read through it & pass it to someone who may need this. Please give this to them.

If you are currently struggling with your mortgage payment and your home is worth less than what you owe you have many options.  Many realtors are more than willing to guide you through the maze these financial times have created. 

You need much more than a realtor to assist and guide you to insure that there is not another set of mazes that you are heading into.

Following is a summary of the services I offer to Homeowner’s that have fallen victim to this declining real estate market.

STEP ONE:  Stay in your home

The most desirable option for most homeowners is to stay in their home.  This is primarily accomplished by doing what is known as a loan modification.  A loan modification can involve a decrease in interest rate, an extension of terms,  or a reduction in principle balance.  Most homeowners pursue loan modifications by themselves and a very low percentage of them are successful.  Statistics indicate that approximately half of homeowners that have successfully modified their mortgages default again. 

Few people know that the government has established a counseling agency on behalf of the general public to assist them in obtaining loan modifications.  Statistically, you are 200% more likely to be successful in obtaining a loan modification if you utilize these agencies.  This is all they do, every day, all day long.  They know the parameters and have relationships and contacts with all the lenders.  I will put you in touch with one of these agencies today.  If you successfully modify your mortgage you have no need for a realtor today.  In the event a modification is not the answer for you, I will serve as your safety net to guide and assist you through the following steps.        

STEP TWO:  If I short sell or let my home go to foreclosure, where do I live?

If you sell your home for less than you owe or the bank forecloses on it, your only option at this time is to rent.  As a professional realtor, I have immediate access to all rental listings in the area and am versed as to current rental values.  I will negotiate all lease terms on your behalf and protect your interests through the utilization of proper lease forms and insure that the landlord makes all the proper disclosures.  I will also take the extra step of protecting you against renting a home that could go into foreclosure during your lease term.  Oftentimes, it is advisable to lease a new home prior to your credit being injured by a short sale or a foreclosure.

STEP THREE:  Contact your tax accountant about your situation

I require all of my potential sellers who unfortunately owe more than what their home is worth to speak with a tax accountant that is proficient in debt forgiveness laws.  You really need to know what you are getting into before you list your home as a short sale or even finalize your loan modification.  A short sale, a loan modification which has a principal reduction, or a foreclosure all generate income to the homeowner and banks will issue you a 1099 that is reportable on your current year’s tax return.  Failing to understand the ramifications of this can make your problem mushroom.  If you deal with me, I can assure you that you will understand exactly what your actions today will mean on your next tax return.  The government has created three phases of relief regarding debt forgiveness that can significantly reduce or eliminate any tax liability.  These are complex in nature and cannot be adequately explained by realtors.  This planning step is critical to you before you do anything.

STEP FOUR:  Decide whether to let your home go to foreclosure or list it for short sale

The option of a short sale is far superior to letting your home go to foreclosure in most cases.  Short sales have a lesser and shorter impact on your credit score and allow you to move out of your home knowing all impacts to your tax situation at closing.  In a foreclosure some of these items are not known until a later date leaving you hanging even after your transaction is completed. 

STEP FIVE:  Electing the short sale

In the event a loan modification does not work and you choose to do a short sale, the selection of realtor is very important.  A realtor alone is not enough to successfully get you out from underneath the cloud you have been living under.  I orchestrate the following team of professionals to insure that your process is handled smoothly and to protect you at all times.

  1. An inspector
    Many banks will not contribute towards any repairs on short sales. I utilize one of my home inspectors to do a simple  walkthrough of your home to quantify repairs that the buyer will ultimately be asked to pay for. Knowing these costs and disclosing them to the buyer minimizes the chances of the buyer cancelling at a later date.
  2. A termite inspection
    Most banks will not pay for termite repairs.  Knowing these costs and disclosing them to the buyer minimizes the chances of the buyer cancelling at a later date.  The buyer’s offer can then be made in confidence in regards to pest repairs that may be required.
  3. A real estate attorney
    Hopefully there will be no need for a real estate attorney.  In the event something does arise that would suggest you may need legal counsel, I have a reputable attorney on my team that will provide you with a free consultation.
  4. A bankruptcy attorney
    Should bankruptcy be your only option to avoid the tax effects of a short sale, you will need a proficient bankruptcy attorney that will protect your interests in regards to the short sale as well as protecting your other assets.  I have a reputable bankruptcy attorney on my team that will provide you with a free consultation.
  5. An Escrow Company
    Once we have accepted an offer on your home, it is the job of an escrow company to prepare a certified estimated closing statement that will be presented to the bank for approval.  I utilize West Coast Escrow who has prepared hundreds of these for short sale sellers.  They know what they are doing and work with the bank throughout the process on your behalf.  Errors by Escrow companies regularly cause short sales to fail and you cannot afford to not use the best when it comes to this.
  6. A Title Company
    A Title Company is employed to guarantee clear title when your home passes title on to the new buyer.  Oftentimes, items effecting title change during the escrow process causing unforeseen issues when you think you are finally almost done.  My title company, Equity Title, places a flag on your property and lets you, Escrow, and I know if any new items are recorded against your home from the time you list your home with me until closing.
  7. A Short Sale Negotiator
    In most instances, I am trained to handle the negotiation with the bank on your behalf.  In more difficult instances, I have access to the most successful negotiators in the industry.  Unlike most realtors, the cost of the short sale negotiation is included in my listing fee.

STEP SIX: Repairing your credit

A short sale typically limits your ability to purchase another home for at least three years.  I have a trusted credit repair resource that will provide you with a free consultation to determine what steps you need to take to get back on the road to home ownership.