Just like a large number of people around the country, many San Ramon home owners are facing foreclosure on their homes. The fact is that more than 70% of home owners in foreclosure situation proceed without seeking professional help and without getting the facts.
Home owners behind on their mortgage and are unable to sustain mortgage payments are more than likely will lose their homes. However, these home owners have options and need to understand that foreclosure is a process, and they have enough time to take actions that may result in a better outcome. They need to be proactive in managing the situation and understand the process. To find the best solution, home owners facing foreclosure can find a professional who can help them navigate the process and minimize the frustration that comes with it.
Mona Koussa is your local certified short sale specialist (CDPE).

Contact me today and I’ll Show You How To Sell Your Home Quickly & For Less Than What You Owe The Bank! 925-831-9615

Download your short sale reports HERE

The “road map” or foundation to a successful short sale outcome starts with understanding the four qualifications for a short sale and then determining whether the home owner  is a good candidate or not. Those four qualifications are:

1. The homeowner must need to sell, not want to sell.

2. The homeowners must be experiencing a genuine hardship that has made a significant change in their life since they took out the loan, which now prevents them from paying the mortgage, such as:

• Loss of job or employment

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• Business failure

• Severe illness

• Major health expense

• Divorce

• Legal separation

• Damage to the property

• Job relocation

• Military service

• Death of spouse or wage earner

• Death of non-wage earner

• Property insurance or tax increase

• Payment increase or mortgage adjustment

• Inheritance

• Incarceration

3. It must be clear that the homeowner does not have assets to pay off the mortgage.

4. It must be evident that the homeowner is having or will soon have a financial short fall.

Once you have established that a client meets the above criteria for a short sale, the next steps are all about details, from securing the right information from the seller to successfully translating that information to the lender. We’ll explore this in detail next month. When done correctly, you’ll be surprised at how lucrative this segment has become.

Mona Koussa is a short sale specialist with CDPR and SFR designations. Mona serves the east bay real estate market.

George “Gee” Dunsten, president of Gee Dunsten Seminars, Inc., has been a real estate agent and broker/owner for almost 40 years.