Shadow Inventory and what that Means to you, the Homeowner

Posted on Oct 15, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek with Keller Williams Real Estate, and your short sale specialist. Today’s topic is shadow inventory. There has been lots of talk about shadow inventory, so what is it? Shadow inventory is basically properties that are in distress and folks who are not current on their payments and are delinquent on their mortgages. These homes have not yet hit the market. There have been estimates as to how many homes in the United States are in this state meaning that they are pre-foreclosure and they haven’t made their way to the market yet. The fear is that if this looming shadow inventory hit the market, it would actually depress prices even further. So what do those numbers look like, how have they changed? In July of 2011 there were 2.6 million homes deemed shadow inventory out there. Today as of July 2012, a year later, it has been reduced to 2.3 million.

So there are still a significant amount of homes that are considered shadow inventory that are still a risk to the market. So what has happened to those 300,000 homes over the last year and why are they not part of the shadow inventory anymore? Well, one of the things that has happened is we have done a lot of short sales and the short sales will take those properties out of default, transfer title and settles the debt so they are no longer in the shadow inventory figures. Also if folks have completed loan modifications are also no longer part of the shadow inventory because they would no longer be delinquent.

Why is this important because it still shows there is still significant risk out there for pricing and we still don’t know how it is all going to play out. Right now there is a definite push to workout solutions as far as short sales. So if you are one of those folks who may be part of the shadow inventory out there and you are in distress or in a position to where you are not going to be able to make your payments, give me a call. I would be happy to talk with you further. I would also like to recommend you use the short or stay calculator and then it will give you an idea of how long it will take for you to break even and for your home to become an asset again. Again, I’m Mark Peek with Keller Williams, one of Roseville and Sacramento’s leading short sale teams and we are here to help. Give us a call today.

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Are You Prepared To Short Sale Your Home Through Central Mortgage?

Posted on Sep 21, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialist, thank you for your time today. I work with distressed property owners every day to find the best alternatives to foreclosure and use this blog to share valuable information for residents in the Roseville and Sacramento area. If your mortgage is underwater and you are struggling to make your house payments every month take a minute to browse my website or call me directly to talk with an experienced agent about the options for selling your distressed property.

For my blog topic today I wanted to talk with Roseville and Sacramento homeowners who have their mortgage through Central Mortgage Servicing about the opportunity to complete a short sale. I have worked with Central Mortgage plenty of times in the past and have gotten an approval of every file taken on. If you have been considering a short sale for your Central Mortgage loan I would be more than happy to sit down and discuss all of the options you have. While a short sale is not the right option for every Roseville and Sacramento homeowner we can discuss numerous alternatives to avoid foreclosure and get you out from under your mortgage. No matter what option you decide on it is important that your agent has experience with your lender to better answer your questions and communicate with their staff.

If you have questions on your Central Mortgage loan please fill out a contact form on my website or call me directly to discuss your options. I would be happy to sit down and talk with you about all of your options with no obligations whatsoever. If you are considering a short sale please utilize the Short Or Stay Calculator on my website to get a better idea if it’s your best option. Thank you for your time today and I hope to hear from you soon.

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Is It Possible To Get A Short Sale Approved with Golden 1 Credit Union?

Posted on Jul 23, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialist, thank you for your time today. I work with distressed property owners in Roseville and Sacramento every day and use my blog to share valuable information on your options for avoiding foreclosure. If you are behind on your mortgage or already considering a short sale take a minute to browse my website for more information or call me directly to get started today.

For my blog today I wanted to speak with you about your chances of short sale success while working with Golden 1 Credit Union on a short sale file. I have been getting a lot of files recently from Roseville and Sacramento homeowners who have a first or second mortgage through Golden 1 and I have heard a lot about them in the past. Many other agents have complained of having problems with their short sale staff but thankfully I can say I have had nothing but success getting files approved. While Golden 1 does not have an actual short sale department they are still rather quick at getting a short sale file approved for our clients. Because they only have a few representatives handling short sale files I have also had the opportunity to build a strong relationship with their staff and have learned what to expect.

If you are considering a short sale on your Roseville and Sacramento property make sure your agent has the experience to help get you a fast approval with all deficiencies waived. If you have questions on your Golden 1 mortgage please call me today to get all your questions answered. Thank you for your time today and I hope to hear from you soon at Keller Williams Realty in Roseville and Sacramento

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Do You Have A Home Loan With American Home Mortgage Servicing/Homeward Residential?

Posted on Jul 20, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate, your short sale specialist for the Roseville and Sacramento area. I wanted to talk to you today about American Home Mortgage Servicing. Many of you may have received a notice in the mail stating that they have changed their name to Homeward Residential. Some of my clients started receiving things in the mail from them, typically collection notices, but there wasn’t really any explanation for them. At first, we thought it was a third party trying to collect on their behalf. After further research, they have changed their name, supposedly to provide better service to their customers but that remains to be seen.

If you have any questions about a mortgage that has been transferred to Homeward Residential, I’d be happy to talk to you about that. Essentially everything has stayed the same over there, especially with short sales. The only real change was the name change. If you have any questions or concerns because you’re considering a short sale with Homeward Residential, give me a call and I’d be glad to talk to you about it.

If you’re on the fence and not sure if it’s the right decision for you, you might want to take advantage of the short sale calculator that’s on my website. All you have to do is input your street address, principal balance on your mortgage, interest rate and monthly mortgage payment and it’ll send you a report with information on how long it will take for you to breakeven and if a short sale is the right choice for you given your particular situation. If you have any other questions, you can hit Start at the top of the page and enter in your information or you can give me a call at Keller Williams. Thanks for joining me today, I look forward to helping you with your short sale.

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