Short Sale

Our Unmatched Expertise

Mountain Trust Realty has accumulated over a decade of specialized real estate knowledge and expertise to include a staff of highly trained, professionally licensed and certified REALTORS who can assist you, specifically with negotiating with your lender to receive a reduction in payments on your existing home loan (also known as a Short Sale). If after reading through the following page in its entirety, you feel you would like to retain us to help you to do that, our goal is to create a WIN-WIN solution for you and the mortgage holder, utilizing our time-tested knowledge and menu of options that we have found has helped others in similar predicaments to avoid foreclosure.

Our commitment to each homeowner is always the same: to respond swiftly, fairly, honestly, accurately, and with clear focus and determination to ensure that your short sale process moves as efficiently and effectively as possible with maximum privacy. We stay in touch with you throughout the entire process so that you will always remain in the loop as to precisely what is taking place and why…and we conduct each and every step of the process under your ultimate direction.

The most important thing for you to know is that as licensed REALTORS, we are regulated by the state of California. As such, our first duty as mandated by law is always to you, the client. Consequently, we are compelled by California state law as well as our own high ethical standards to act at all times in your own best interests. That means we cannot and do not invest in client properties, misrepresent the facts, or engage in any conflicts of interest, shady dealings, or strive to entice you into quit-claiming or deeding your property to anyone, to include our company, members or our staff, affiliates, or any outside third party. We will also never charge you any hidden or upfront fees for the advice and services that we offer. If we were ever to do otherwise, it would put us in direct violation of a number of California State Codes, Department of Real Estate Rules, and RESPA requirements.

PLEASE NOTE: the homeowner short sale services that we offer cover all of San Diego and Riverside Counties. If your property resides outside these areas, feel free to give us a call in any event. We will be happy to refer you to one of our partner companies who may be able to further assist.

What Steps Should You Consider If you Can No Longer Afford Your Current Mortgage?

We truly realize how stressful it can be if you can no longer afford to make monthly payments or have already fallen behind on your mortgage. For homeowners who have found themselves in such a predicament, and frequently through no fault of their own, the good news is that we have solutions that can help. Our trained staff of qualified experts have accumulated hundreds of hours of expertise in dealing with situations similar if not identical to yours, and we pride ourselves in being here to not only offer a sympathetic ear, but to supply the very best menu of options to you that can be specifically custom tailored to fit and help resolve your specific situation.

The first thing we encourage you to do is this: Not To Panic. You may now be getting a lot of advice from different directions, some of which may even seem contradictory. The most important thing to remember is: do not allow yourself to listen to others who may not have your best interests at heart. Most importantly, do not allow others to take advantage of your misfortune. Specifically, do not allow others to lead you to believe that taking more time to sufficiently analyze your dilemma will work to your disadvantage, or that you need to act immediately to save your credit. Rather than fall for such proposals that may largely benefit others and not you, to include deeding or selling your property to them, we encourage you to give us a call to discuss your situation rather than give in to such schemes.

The fact is, you Do have alternatives. Here are Six Specific Options you can immediately consider:

1. Home Affordable Modification Program (HAMP) or Standard Loan Modification: If you desire to stay put in your home, the very first thing you should do is check to see if you qualify for either HAMP or a standard loan modification. The federal government created HAMP to provide borrowers who have loans that have been insured by Fannie Mae or Freddie Mac with the opportunity to refinance into lower interest rate loans. To see whether your mortgage is owned by either of these federally-backed agencies, we encourage you to visit their websites and immediately check. Then come back here to this page so that we can inform you as to what to do next and what options you have:

Fannie Mae’s website:

Freddie Mac’s website:

If you’re considering a loan modification, the simple truth is you will need to be persistent. Many banks today continue to be inundated with such requests. Processing time has been known to take months. And as of November 2009, statistics show that only about 4 percent of homeowners who applied for loan modifications actually received them. But take heart: by taking appropriate steps to compile your specific homeowner details from Fannie Made and Freddie Mac (above) and by combing the information you’ve gathered with having a good professional advocate on your side who knows the ins and outs of the system, like Mountain Trust Mortgage, we can help to improve the odds in your favor.

2. Loan Workout: If you’ve experienced a sudden job loss, costly illness, or have simply fallen behind on your payments, you may also want to consider another intermediate step. Your lender may consider temporarily reducing or even temporarily suspending your payments, or agree to work out a modified installment plan, or other type of temporary forgiveness. It’s worth making that inquiry and we can assist with that, too.

3. Home Affordable Foreclosure Alternatives Short Sale (HAFA): If you can a) no longer afford your home, or b) don’t qualify for a trial mortgage modification under the Making Home Affordable program, or c) aren’t able to successfully complete the trail modification period, or d) miss at least two consecutive payments during the modification term, or e) request a short sale or deed-in-lieu of foreclosure, the Home Affordable Foreclosure Alternative Short Sale (HAFA) program may be right for you. HAFA is very similar to a traditional short sale, but there are important differences (NOTE: the law permiting this option was recently extended beyond its initial deadline of December 31, 2012. Check with us for more details.) Mountain Trust has accumulated extensive experience in assisting homeowners with this option, and you can read more about what choosing this route can do for you in our last year’s press release here:

4. Deed in lieu of foreclosure: If you’ve attempted to sell you property in good faith but have been unsuccessful, your lender may consider taking a deed-in-lieu of foreclosure. This document will allow you to voluntarily transfer your ownership in the property to the lender if your property is free and clear of any obligations, to include liens and encumbrances. But be wary – there are very few if any lenders today who will actively consider this option, as they are typically in the business of making loans, not in the business of investing in single family homes and other real estate.

5. Additional Alternatives: There are quite a number of additional alternative approaches to consider if you prefer to stay in your home. Some homeowners have considered loans from family and/or friends. Some have supplemented their income through a second job. Others have considered renting out a bedroom for extra income. If you have a second business, it may qualify you for a for an interest-free, deferred-payment loan under the America’s Recovery Capital (ARC) program through which you may be eligible to borrow up to $35,000 from the U.S. Small Business Administration. As professionals, we have relationships with small business lenders, and will be happy to make qualifying referrals to a knowledgeable lender who may be able to assist. To find out more, contact us at 1-858-376-1299.

6. Bankruptcy: In certain cases, bankruptcy can be a viable alternative to consider. Bankruptcy can forgive a homeowner’s debt, and can also wipe out a homeowner’s second mortgage obligation, which can reduce a homeowner’s payments and often give a homeowner an opportunity to stay in their home. By filing bankruptcy, homeowners may also be entitled to receive an “automatic stay” to temporarily stop foreclosure. The process can be complex, and each outcome is dependent on its own set of facts, along with whether the homeowner filing bankruptcy chooses to file under Chapter 7 or Chapter 13 of the Federal Bankruptcy Code. We strongly urge you to seek qualified advice from a knowledgeable and skilled attorney specializing in bankruptcy before proceeding with this option.

7. Foreclosure: Most all homeowners consider foreclosure to be a last resort, because it can have the most impact on your future credit. It is also the most difficult option under which homeowners have an opportunity to rebuild credit. If you can’t refinance or modify your loan, if your bank won’t agree to a short sale or deed in lieu of foreclosure, and if you believe bankruptcy just isn’t an option for you, foreclosure may be your only choice.

Our Streamlined Process

The short sale process can admittedly be complex and frustrating at times, and as such, we do everything we can to make it as easy as possible on you. If you desire it, you can authorize us to contact your lender(s) directly and thus avoid having to speak with them altogether unless you wish to.

If you would like to personally discuss your potential short sale option in detail, we usually conduct our first appointment in our office. At our office, we will ask you detailed questions, answer yours, and explain various procedures. If you should decide to then retain us, upon signing an “Authorization” document, we will next compile additional detailed information and records. We will then arrange a site visit to your property, where we will inspect the exterior and interior, take necessary photos, and discuss various approaches with you to best represent your property to those who can help.

To find out more, and for a free no-cost initial consultation, email or contact us at 1-858-376-1299.