San Diego Short Sale Blog!

San Diego Short Sales – Some of my clients have asked if they should do a deed-in-lieu of foreclosure instead of a short sale. A deed-in-lieu does have its benefits, most of which are for the owner of the loan and not the distressed home owner.

A deed-in-lieu does not automatically release you from the debt.

A borrower can slightly mitigate the harm to his credit report and avoid certain foreclosure fees by surrendering his title in lieu of losing it in a foreclosure proceeding. A surrender of the deed at least suggests that the borrower sought to act responsibly when confronted with his inability to pay the loan, but many lenders make the process complicated and use it to:

(1) force the borrower to continue to make payments on the doomed loan while the request is administered; and

(2) determine whether the borrower of a non-purchase-money loan has sufficient means to pay a deficiency. Even so, a defaulting borrower should think twice before deciding to squat in his property until his lender forecloses. This is often a major mistake. The borrower gains a short period of free rent, but the ensuing foreclosure is then listed on his record, harming his credit and good name for many years. Yet again, a surrender of the deed also entails significant harm to the borrower's credit, but there is no public record of a foreclosure.

If you plan on owning another property anytime in the near future then a San Diego short sale is most likely your best solution. You get to avoid the humiliation of a foreclosure. In addition, most short sales allow you to stay in the home rent free for 3-6 months. And you can get up to $3,000 from HAFA.

That will help cover the cost to move and maybe even cover the deposit on a rental property. The other advantage with a short sale is that you will be able to buy another home sooner.

Because a deed-in-lieu acts as a foreclosure, you will not be eligible for a new mortgage for 5-7 years. With a short sale, you can be eligible to buy another house in 2 years.

Owe more on your property than it is worth and want to sell it? I can help you short sale your property and negotiate a full release of the liens and notes. Send me an e-mail at Clay@CityFiedRealty.com. I will contact you for a free consultation.

During the consultation I will explain how short sales work in detail. Call me at (619) 663-9268.

Discover how other sellers successfully completed a short sale and request a free consultation by http://www.SanDiegoShortSale.us

Looking forward to hearing from you, Clay Gosnay.

Phone: (619) 663-9268 begin_of_the_skype_highlighting Clay@CityFiedRealty.com

end_of_the_skype_highlightingView my homes for sale at: http://www.CityFiedRealty.com

Clay Gosnay has lived and worked in San Diego California since 1989.
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