Short Sales and Foreclosure Resource Certification
The National Association of REALTORS® (NAR) offers a nationally recognized Short Sales and Foreclosure Resource (SFR) certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new "traditional" transaction and demand increased education and awareness of the ramifications of working on distressed property transactions. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
To find out more about working with us, call toll free 949-285-1207. We can also be reached via Email.
Our mailing address:
Bruce Clark
C/O Coldwell Banker
840 Newport Center Dr Ste 100
Newport Beach, California 92660
There Are Solutions
Had income reductions, maybe a job loss or unexpected medical expenses - and now the bank is threatening to foreclose? What does that mean for you, your family, your children, your job - your future? Will you ever be able to buy a home again? How badly will it affect your credit, your ability to rent a home, and is there an effect on job opportunities?
These are questions many homeowners are facing in this global economic disaster. Who can you count on? Where can you turn for accurate and trustworthy information? What resources, if any, are there to help you and your family through these challenging times? The Clark Group of Coldwell Banker has a core team of California Association of Realtors who are Certified Short Sale and Foreclosure Resource (SFR) specialists who have teamed up with experts in real estate law, tax solutions, credit repair, bankruptcy law and more.
Many homeowners are not aware of all the options available to them: we see far too many foreclosures, many unnecessary, as the homeowner could have possibly prevented foreclosure in more than one way. This is why we are putting on these free workshops in Orange County: to educate the public about their options, both short term and long term.
More Free Homeowner Solution Workshops Being Planned:
Not able to attend one of our free workshops? Call us at 949-285-1207, email us, or sign-up for our mailing list for notification of all upcoming events, to reserve a seat at one of our free homeowner workshops, or to set-up a Private Consultation. Always seek legal counsel and a tax opinion before attempting to pursue a short sale. A real estate agent cannot give you legal or tax advice.
Reasons to Avoid Foreclosure:
- Many current and prospective employers run credit checks: a foreclosure can put a current position in jeopardy. Also, foreclosure is one of the top items that will put a potential new hire in jeopardy.
- Security clearances, government positions, military and law enforcement, banking, financial services: many employers reconsider security clearances and jobs positions should one be foreclosed on.
- You could end up with a much higher tax liability in a foreclosure than could result in a properly negotiated short sale since, in most cases, cancelled debt will be higher.
- Credit: it will be much tougher - and take much longer - to buy a home with a foreclosure on ones record.
- You may end up with a Deficiency Judgment (the bank may pursue you for the amount you owe less what they received at auction).
Articles of Note:
Here are articles and websites dealing with short sales, mortgage fraud, loan modification, and deficiency judgment that we found very informative:
- Deficiency Judgment: Mortgage lenders pursue homeowners even after foreclosure - Feb. 3, 2010 - CNN Money
- Lenders Pursue Mortgage Payoffs Long After Homeowners Default: Bloomberg
- One in five U.S. mortgage borrowers are underwater: Reuters
- FBI: Mortgage Fraud
- StopFraud.gov - Financial Fraud Enforcement Task Force
- Banks Face Short-Sale Fraud as Home "Flopping" Rises (Update2): Bloomberg BusinessWeek
- Big Banks Accused of Short Sale Fraud - CNBC
First thing you should do if you are in danger of missing, or have missed, a loan payment, is contact your lender: most lenders have programs in place that might be perfect to help you. Also, early on in the potential foreclosure process, all homeowners should not only contact an attorney, but also research all potential guidance and assistance available from the government, including the U.S. Department of Housing and Urban Development (HUD). HUD's Guide to Avoiding Foreclosure may be particularly helpful. HUD's toll-free telephone number is (800) 569-4287. Not all homeowners, however, can qualify for certain HUD programs.
Read more | Workshop Information | HUD Info.
Foreclosure Process
Mortgage default: what to expect next:
30 - 60 days: Technically, after being more than 30 days late on a mortgage payment, the borrower is in default. Lenders may not contact you until a second payment is missed, but it is common that lenders report the first late payment and every subsequent delinquent payment to the credit bureaus.
61 - 90 days: Loan servicer notifies the borrower that they are in breach of the loan agreement and may file a "Notice Of Default" (NOD).
91 days to one year: Lender sends out a NOD and, after an additional 90 days has elapsed, a "Notice Of Trustee Sale" (NOTS), which sets a sale date for the property (auction). Note that the lender does not have to wait any particular time period to foreclose on the home and sell it at a trustee sale (auction), but it is typical for there to be a 21-day period after receipt of the NOTS to allow the borrower to reinstate the loan.
>>> Click here for a chart showing the California Foreclosure Process.
Experience Makes All The Difference
If you are experiencing issues with regard to your Orange County home, the Clark Group can help. Call Bruce Clark at 949-285-1207.
Issues With Your Home Loan:
If you, or anyone you know, have questions about the Orange County real estate or mortgage markets, or are experiencing issues with regard to your home, the Clark Group can help. Call Bruce Clark at 949-285-1207. With the myriad of options a homeowner is presented with now, more than ever, one needs a team with the experience to navigate through the process. All information is held in the strictest of confidence.
If you are in foreclosure, we suggest your first call should be to your lender to inquire as to the availability of any loan workout programs. This could involve a modification of the loan, a loan forbearance, or even a reduction in the principal amount owed. If your lender does not any of those programs in place, or you don't qualify, we suggest your second call should be to the Homeownership Preservation Foundation at l-888-995-HOPE. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. Their services are free of charge.
There are many more resources and programs being made available by both lenders and the government; Call Bruce Clark at 949-285-1207 to find out more about what options could be available to you. Also, don't forget that we offer free Orange County homeowner solution workshops. All information is held in the strictest of confidence.
