Redding and Shasta County California – Living The Shasta Lifestyle – Beautiful Country!

I live in a beautiful area of vast wilderness areas along with three mountain ranges that are spectacular and offer me views in all directions. The Sacramento River courses through Shasta County as it travels Southward. Living life as an a art form is possible here in the Shasta County, California. Whether you want the urban lifestyle or a country place, you can find the very best and at a price that is reasonable. This website is dedicated to providing you with proof of the beauty with localism posts combined with another love of mine, photography. As we travel three Counties in our real estate work, we stop along the way to photograph beautiful places. We have a series we call “Perfect Days in Perfect Places”.  Come along on a tour of the North State..

I have showcased the communities and cities of Shasta County, California. Explore and enjoy each community or City. It will provide a brief overview of the community or City and the lifestyles that they offer. As time goes on and we travel and work in the North State, we will be sharing here on The Shasta Lifestyle. I enjoy life and embrace many things. I have a love of photography, fly fishing, wilderness areas, wild flowers, birding, hunting trout, gardening, cooking, opera, jazz, poetry and lively conversation.

Join me as I chronicle Life in the North State through my writing and photography. This website is dedicated to the beauty that surrounds us.

Beautiful Country!

Living the Shasta Lifestyle is truly an Art Form!

Jeanean Gendron

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Redding Real Estate ~ Short Sales ~ Do You Qualify for a Short Sale?

Redding Real Estate ~ Short Sales ~ Do You Qualify for a Short Sale?

Short sales remain a viable solution for people that owe more on their home than the current market value. There are certain requirements however, to qualify for a short sale.

No Equity? You may qualify for a Short Sale! A short sale is a special transaction that allows you to sell your home—even when your mortgage debt is higher than the value of your home.   I have taken special training on how to negotiate a settlement with your current lender(s) so that you can sell the property and get out from under the burden. Best of all, the commission will be paid by the bank, so you won’t have any out-of-pocket expense. If you qualify for a short sale, it offers many benefits that some of the other options do no. It will help you recover quicker on a credit basis.

To qualify for a short sale, you must be able to prove a hardship. This can be financial, divorce, death or illness. You must be able to support your current financial situation and why you cannot make your mortgage payments. You will need to provide 2 years of tax returns, 2 pay stubs, and 2 bank statement that are current. You will need to write your hardship letter with supporting documents.

If your loan is original purchase money, then you may be protected by the Debt Relief Act signed by President Bush from tax consequences on the federal level. A similar bill is on the floor of the House in California. It is unknown if it will pass or not. I can help you find resources to understand whether you will have a tax consequence or not. Speaking with an attorney or CPA is advised.

If you have refinanced you home you may not qualify for the protection of the Debt Relief Act. You may qualify under the 2 year rule, however to offset this tax consequence. You would need to consult with your CPA for advice.

If you qualify for a short sale, here is how it works.

We will determine the market value for you home (I will do an in-depth Broker’s Opinion of Value (BPO)) and list your home for 10% below market value. This usually brings a buyer. We will want to know that they can perform and are well qualified. We will present to you all offers and you will want to evaluate the offers based on their strength and conditions.

Once you have accepted an offer, I will send your financial information to the bank, the listing agreement, the purchase contract, your hardship letter, the BPO and a current market analysis of the Redding and Shasta County area. to the bank. We will tell the bank on the cover letter that we have a complete package and they can move forward and order the BPO from their side….the second step in the process.

The steps for the bank are to receive a COMPLETE package, have the short sale meet their financial criteria for approval (80% of market value–10 percent to get the buyer and the other 10% for commissions and closing cost that the bank pays); they order a BPO or an appraisal to verify the numbers; once these steps are completed and have met the banks criteria the packaged is submitted for approval. We normally have final approval within 3-4 weeks.

If you qualify for a short sale, it is still one of the best options you have. It helps you, the seller. It helps the bank and it helps the buyer by providing an opportunity to purchase below market value. It is in my opinion a WIN/WIN/WIN for our current trending real estate market and will help the market recover.

It is not yet known whether this latest financial crisis and the Rescue Plan will present to sellers any opportunities to stay in their homes. October 1, the Hope Act came into effect and may be an option for your to consider. If you qualify, you may be able to stay in your home. We can remain hopeful, that other programs will help sellers keep their homes. Please feel free to call me and I will help you locate resources on these plans.

Listed below are some of the other options that may be available to you. It is critically important that you understand your options and choose what is best for you. Being knowledgeable is so important and will in the long term benefit you.

Modification–If you have experienced a hardship and your are now able to resume making payments, the lender may be able to add the past due interest and any advances to your principal balance. This will be a modification to the original loan amount. Adds any past-due interest and escrow amounts to the unpaid principal balance, which is then re-amortized over a new term. Changes the mortgage note itself, giving you a fresh start on managing your home asset Bring your account up to date immediately

Partial Claim (only for FHA loans)–The Department of Housing and Urban Development (HUD) advances a loan to repay the past-due interest and escrow amounts. Avoids the lengthy legal process involved in foreclosure. Generally less damaging to your credit rating than foreclosure

Repayment Plan–If you have experienced a hardship and you are now able to resume making payments, the lender may be able to establish a plan for you to make installments on the past due amount in addition to your regular monthly payments. Distributes your delinquent payments over a period of time, usually no more than 10 months. The monthly amount is added to the usual mortgage payment. Brings your account up to date within a specified time frame. With a goal in sight, you can move forward knowing that your home is secure.

Short Sale–If your home has decreased in value and if you sold it at fair market value, you would not have enough to pay your loan in full, the lender may be able to accept a short payoff, an amount less than the full payoff (also known as Pre-Foreclosure Sale). Allows you to sell your home and use the proceeds to pay off the mortgage if your are unable to maintain payments, even if the home’s market value is less than the total amount owed. Avoids the lengthy legal process involved in foreclosure. Generally less damaging to your credit rating than foreclosure.

Deed in Lieu of Foreclosure–If you have tried to sell your home at fair market value for at least 60-90 days, but have not received any offers, the lender may be able to allow you to deed your home to the bank to avoid foreclosure (also known as Voluntary Reconveyance). There must be no liens or judgments attached to the property.  Allows you to transfer your property voluntarily to the lender if your are unable to maintain your payments. Avoids the lengthy legal process involved in foreclosure.

Modification–If you have experienced a hardship and your are now able to resume making payments, the lender may be able to add the past due interest and any advances to your principal balance. This will be a modification to the original loan amount. Adds any past-due interest and escrow amounts to the unpaid principal balance, which is then re-amortized over a new term. Changes the mortgage note itself, giving you a fresh start on managing your home asset Bring your account up to date immediately

Partial Claim (only for FHA loans)–The Department of Housing and Urban Development (HUD) advances a loan to repay the past-due interest and escrow amounts. Avoids the lengthy legal process involved in foreclosure. Generally less damaging to your credit rating than foreclosure

Repayment Plan–If you have experienced a hardship and you are now able to resume making payments, the lender may be able to establish a plan for you to make installments on the past due amount in addition to your regular monthly payments. Distributes your delinquent payments over a period of time, usually no more than 10 months. The monthly amount is added to the usual mortgage payment. Brings your account up to date within a specified time frame. With a goal in sight, you can move forward knowing that your home is secure.

Short Sale–If your home has decreased in value and if you sold it at fair market value, you would not have enough to pay your loan in full, the lender may be able to accept a short payoff, an amount less than the full payoff (also known as Pre-Foreclosure Sale). Allows you to sell your home and use the proceeds to pay off the mortgage if your are unable to maintain payments, even if the home’s market value is less than the total amount owed. Avoids the lengthy legal process involved in foreclosure. Generally less damaging to your credit rating than foreclosure.

Deed in Lieu of Foreclosure–If you have tried to sell your home at fair market value for at least 60-90 days, but have not received any offers, the lender may be able to allow you to deed your home to us to avoid foreclosure (also known as Voluntary Reconveyance). There must be no liens or judgements attached to the property.  Allows you to transfer your property voluntarily to the lender if your are unable to maintain your payments. Avoids the lengthy legal process involved in foreclosure.

I am Jeanean Gendron, your Redding and Shasta County Specialist. I specialize in short sales and helping sellers. You can reach me at 530 276-7417. I answer my phone. Visit my short sale website to learn more about short sales and your options.

WE CAN HELP! We provide you our main real estate website for all your Redding Real Estate needs. We also provide a Luxury Market website for those clients looking for Redding Luxury Homes of extraordinary elegance. We also offer the entire Shasta County MLS by Price for you view convenience and we offer for those investors and first time home buyers a website dedicated to short sale and foreclosure listings and information.

SEND FOR A RELOCATION PACKAGE TODAY. CALL AND WE’LL TELL YOU ALL ABOUT OUR AREA.

Call today for a free Comparable Market Analysis (CMA) on your home or your investment property and we can talk about Redding Real Estate.

Visit these links to learn more about Redding and Shasta County. City of Redding offers you information on our city current development, crime statistics and news. Redding Visitors & Convention Center provides you with the local events for music and entertainment, places to go, attractions, and where to stay. Information on our schools can be found wilth the Shasta County Office of Education. Shasta County Economic Development Department provides the demographics on trade, retail, population and employment statistics.

I am Jeanean Gendron, your Redding and Shasta County specialist. I work for Real Estate Professionals, GMAC. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County. My main website provides you with a custom MLS search capability. Owing Your First Home is for First Time Buyers and Redding Real Estate Ramblings is my company blog site. It’s all there for you! The following links will help you bookmark this site or subscribe to this blog. You will receive a confirmation email to subscribe by email.

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