Frequently Asked Questions and Answers

What is Short Sale Info?

Short sale is when your property values is below the loan amount you owe on the property. A few years ago, most of the people in the real estate business did not understand short sale. Loan modification and short sale were new terms. In last 4-5 years we have more short sales than traditional sales. If you are having a difficulty in making loan payments, you should discuss with your lender or a real estate professional , who is experienced in this field, various options that are available to home owners to stay in their homes.

At the crossroads of deciding whether or not to walk away from your Home?

One in four American homeowners is underwater, and millions more are having a hard time making mortgage payments. So walking away/foreclosure may not be the best option for you. You should ask your lender to modify loan terms or give you some kind of help before you start thinking about the short sale. Fannie Mae and Freddie Mac have tweaked their Automated Underwriting Systems (AUS) and many borrowers who were previously unable to get approved under HARP 2.0 are now getting approved. 15-year and 10-year terms are also now getting approved with unlimited LTV, in addition to the 30-year, 25-year and 20-year terms. Ask your lender if you can be approved now.


Go to HUD Approved Housing Counseling Agencies for help. If you have to short sell the house you should consult with a real estate professional . Check with your lender if you will qualify for a HAFA short sale. There is $3,000 incentive for the sellers. Not all the homes qualify for a short sale. You may be eligible for HAFA if you meet all of the following criteria:

  • 1. You have a documented financial hardship.
  • 2. You have not purchased a new house within the last 12 months.
  • 3. Your first mortgage is less than $729,750.
  • 4. You obtained your mortgage on or before January 1, 2009.
  • 5. You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

Chase Mortgage has very good programs to help sellers who have to short sell their homes. The incentive can be up to $45,000.00. (Not HAFA program), amount of incentive may vary depending upon each situation. Bank of America is also offering larger amounts to the sellers. California Homeowner Bill of Rights (AB 278), which is designed to halt the abusive tactics of loan servicers and protect struggling homeowners who are trying, in good faith, to renegotiate their mortgages. We are witnessing buyers offering more than the asking price. There are a lot of investors with large cash to buy properties. It makes it very hard for the first time home buyer with FHA loan to compete with CASH buyers. Most sellers want to sell their properties fast and they accept the lower cash offer than the full price or over the asking price offer. Contact an experienced Realtor who is expert in negotiating with various banks.


This article is for informational purposes only, not to be considered a legal or financial advice.

Customer Reviews


I would use the representation of your firm any time in the future to buy or sell a home. The services I received in selling my previous home was professional and courteous in all aspects of the transaction.
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We are sad to leave the house, but we too are very happy to have our own home. Thank you for everything Ramesh. You are one of the kindest people we have met. We never had a property manager for a house before, and you have made the experience wonderful.
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"Mr Ramesh Suman, I really want to thank you for helping us buy our dream home in USA. You always lived up to and even exceeded our expectations. You were extremely knowledgeable and professional. You also never lost sight of the "big picture" and made sure that we didn't get sidetracked with small distractions that could get in the way of buying our home." "But aside from your qualifications and vast experience, the thing that impressed me the most was your honesty and care for us. It was refreshing to work with someone who genuinely had our best interests at heart. Since using you as our Buying Agent we've recommended you to relatives and friends who were very impressed with our experience of buying our home through you. We look forward to working with you again ."
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