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If you are having trouble with your home mortgage and you are facing foreclosure, and you can't seem to get a mortgage modification, there is another option for you to consider.  That option is a "short sale."  In the past it was very difficult to get a short sale approved by lenders but now restrictions have eased, in part because mortgage companies and banks have foreclosed on too many houses and they don't want any more.  And, if you are in the market to buy a home, it is now easier to buy a home that was a "short sale" property.

There are pros and cons for every short sale, and you should consider this option carefully.  You should also talk to your attorney and tax professional to consider the various ramifications of a short sale.  But in many cases, a short sale can help you limit the damage of losing a home you cannot afford and a short sale can cut years off of the financial rebuilding process instead of losing your home to foreclosure.

Here, we will present some ideas about a short sale to you.  Keep in mind that some families who are able to get a mortgage modification from a bank still are not able to make their new payments -- and had they taken the option of a short sale they could have prevented more problems.

HELP U KEEP HOME OFFERS A "SHORT SALE" THEN "BUY BACK" OPTION

Update August 21, 2013  Everyone knows how short sales work.  The way most people understand the regulations of a short sale, you must sell your home to an independent party in an "arm's length transaction."  But there is an exception to the rule and that exception could allow you to keep living in your home after the short sale and then allow you the possibility to buy it back for up to three years after the short sale.

Realtor Huan Luyen of the company called Help U Keep Home in Fountain Valley explained this plan and program to me.  He said that the government regulations for short sales allow you to sell your home to a non-profit organization and then the non-profit can sell the home back to you while allowing you to lease back the home for a period of time.

Help U Keep Home is working with a non-profit organization that will in fact buy distressed homes through a short sale, and then allow the sellers to lease back the home for up to three years, and also allow the original owners to buy back the home at a fair market value price anytime for up to three years.  In fact, you can buy back the home as quickly as one day after the short sale of your home to the non-profit.

This program literally means that a family doing a short sale of their home may never have to move out of it, and while they straighten out their finances, they can lease the home and remain in it for up to three years and then they even can buy it back at the prevailing fair market value.

What makes this package even better is that the Help U Keep Home company has identified a bank in Irvine, California that is committed to quickly lend money to families who were forced to use the short sale option.  In some cases, these "short sale families" can get loan money one day after the short sale to buy their home back from the non-profit.

The package is totally legal, says Huan Luyen of Help U Keep Home.  Our Best Buys TV Show report is below.

Help U Keep Home
866-944-8642
DRE # 01515480
NMLS # 1004623

ROSA PENA AND PASCAL ANGELINI, SHORT SALE EXPERTS 

Update May 25, 2011  Rosa Pena and Pascal Angelini are short sale experts with Prudential California Realty in Glendale.  And this team of short sale experts suggests that a short sale will help you end your problems with a home you cannot afford more quickly and at a lower cost than if you let the home go in a foreclosure.  In my TV report, they told me that the advantage of a short sale is that you get rid of a house you can't afford and you limit the financial hurt.  Some short sales are being approved by lenders in as little as three months.

For information contact Pascal Angelini and Rosa Pena at 818-730-0927 and their Prudential California Realty office is at 1625 W. Glenoaks Boulevard, Glendale.  Of course, they can also help you find a property offered as a short sale and help you through the process of buying it.  Watch our TV report below.

An independently owned and operated member of the Prudential Real Estate Affiliates, Inc.
Pascal Angelini DRE License # 01421035
Rosa Pena DRE License # 01358662

Here on our new media website "Moneyman" Alan Mendelson who is the original Best Deals TV Show reporter on KCAL9 and consumer advocate, shows you the best deals on TV, and the best buys, bargains and where savvy shoppers go to save, and how to get the most for "your money" with the best of Los Angeles, Orange County, Ventura County, Riverside County and San Bernardino County.  Our Best Buys TV Show has the best TV deals and is the only regularly scheduled weekly best deals TV show in Southern California.  We show you the best buys and best deals on TV and more deals and bargains on www.alanbestbuys.com and www.bestbuystvshow.com and watch for our Las Vegas TV show Vegas Best Buys.  Some of the content can come from paid advertising and from our advertiser paid TV infomercial programs.  The Best Buys TV Show is a paid infomercial program which may also include news and information which is not sponsored or paid for by advertisers.  AlanBestBuys.com has the highest ranking among competitive sites in Southern California according to the independent website ranking companies Alexa.com and Quantcast.com and our Best Buys TV Show is the most watched shopping and consumer information show in Southern California.

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