FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 15, 2009 -- Have you been following the financial news lately? A number of sub-prime lenders have gone out of business and 59 additional banks have closed this summer, per the FDIC failed bank list. Banks must have a strategy to liquidate their current inventory and keep additional properties from going into full foreclosure.

Rather than have homes go into full foreclosure many lenders are authorizing what is called a short sale; a sales transaction in which the lender agrees to accept a payoff of less than the balance due on the loan.

In a short sale, homeowners benefit by being released from an obligation they can no longer afford and avoid the long-term negative consequences to their credit associated with a foreclosure.

Do You Still Owe Any Money after the

Short Sale? - California has “anti-deficiency statutes” that protect certain borrowers from a deficiency judgment. The Mortgage Forgiveness Debt Relief Act of 2007 also allows you to exclude the cancelled debt, on your principal residence, if discharged between January 2007 through December 2009.

Beware; Notices of Default often attract scam artists and predatory lenders offering fraudulent rescue loans, phony credit counseling, and other scams.

You have several options, which we will review with you, before considering a short sale. However, the sooner you move forward, the better your chance for success. The typical timeline may be as short as the following:

Timeline: Day 1 – Notice of Default Recorded (Now officially in Foreclosure)

/> Day 91 – Notice of Trustee’s Sale
Day 113 – Trustee’s Sale
(Timeline had been increased by 90 days on a limited number of specific loans)

The advantages of choosing The John Aust Real Estate Company to serve you are:
We will help you try to work out a short payoff with your lender.
We will help make the transaction as easy as possible.
We will help you possibly salvage your credit.
We will be there to help you resolve this unfortunate situation with dignity.

To make sure that a short sale is the best solution for your situation call The John Aust Real Estate Company for a free consultation, (714) 639-7330 ask for:
Art Ramirez, Realtor-Associate