Don’t Just Walk Away

Evaluate Your Options

We Are Dedicated To Educating and Assisting Orange County Homeowners…

Avoid Foreclosure

Chances are, you or someone you know in Orange County is facing the possibility of foreclosure. But you need to understand that you are not alone.

In September 2009 29.5 percent of all homeowners in Orange County borrowers were upside-down, according to First American CoreLogic. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through our experience handling distressed properties at Mark Gundlach & Partners, we’ve found that homeowners today have more questions than answers about their circumstances. We have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

You may also have noticed that We are offering you a FREE Reports to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and We feel it is vital for you to have all the facts necessary to make an informed decision.

While a short sale is usually the best option for homeowners who owe more than their home is worth, it’s not the only option. To make an informed decision for your family, take the time to learn about your options.

As agent with the Distress property Designation, We have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you.

If you would like to know more about your options, please contact us for a Free consultation.

We are here to help… Any way we can.

Mark Gundlach & Partners

949.307.5944

The Short Sale Package and Life of a Short Sale

The Short Sale Package

Your bank is going to request that you give full disclosure regarding your specific hardship, and your current financial status. The list of items we will need to compile for the bank to make their assessment includes the following:

1. 3rd Party Authorization to Convey Information
2. Hardship Letter
3. Last 2 Years Tax Returns
4. Last Two Months Bank Statements
5. Expense Worksheet

The Life of a Short Sale

• Each bank has a specific period of time that they take to acknowledge the request to initiate the short sale. This can be 7-30 business days.
• The bank will not take any further action until we generate an offer.
• Once an offer is received, the bank will then assign the file to a negotiator. This can take another 21-30 days.
• The negotiator will request an appraisal. They allow 48 hours for the appointment to be made, and then the appraisal is due within 5 days.
• The negotiator will then submit the file to it’s investor for approval. At this time there will be either a counter offer from the bank to the buyer, or an acceptance.
• Once there is an approval from the bank, escrow is then officially opened. Within 15-45 days, escrow will close and the short sale is complete.

Short Sell Your Home & Be Free Of The Burden

Recent developments have made Short-Selling your home make even more sense. Beginning in January 2009, homeowners in California who short-sell their home would have to pay State Tax on the difference between what they owed on their loan, and what the home sells for. This made many people reluctant to do so, and thus went into foreclosure instead. On April 14, 2010 (the day before tax day), the state legislature and Governor Schwarzenegger extended the Mortgage Debt Forgiveness Relief Act through 2012 to match that of the Federal Government. This means, there are no tax implications on mortgage debts on owner-occupied properties.