Frequently Asked Questions

Frequently Asked Questions

A short sale is a sale of property in which the proceeds from the transaction fall short of the balance owed on the loan or loans secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the property owner in exchange for the sale of the property to a third party.
A short sale is typically executed to prevent a foreclosure. It is the sale of a home when the sale proceeds do not fully pay off the existing loan(s) and the lender(s) accept a discounted payoff to satisfy the loan(s). Lender negotiations are critical and require the expertise, experience and strong working relationships with mortgage companies and banks that are provided by Apex Resolution specialists.
For you, the homeowner, advantages include avoidance of a foreclosure on your credit history. Having a foreclosure on your credit report is second only to bankruptcy and will substantially reduce your credit score. You may also have to wait several years to qualify for a mortgage again.
The impact of a short sale on your credit is much less severe than with a foreclosure. And, if buying a home is something you’d like to do in the future, if you successfully complete a short sale, in most cases, you may again qualify for a mortgage in as little as 18 months.
A short sale is typically faster and less expensive than a foreclosure and when you use the agents at Apex Resolution to facilitate your short sale, there is NO COST to you.
The first step is to contact us and speak with one of our agents. Apex can, and will, assist you in understanding all of your options to avoid foreclosure. You’re not alone. Many distressed homeowners don’t know what to do, give up, and do nothing. That’s the worst thing you can do! You have other options. Let I apex assist you in understanding your options and negotiate with your lender on your behalf.
For one thing, the property needs to be listed and sold to a third party. You need professional assistance to handle the sale. Furthermore, you only get one chance to negotiate a way out of foreclosure through a short sale process and it’s extremely important to have experience and expertise on your side to do it right. You wouldn’t go to court without an experienced attorney, why would you try to navigate the intricate process of a short sale transaction without an experienced Apex Resolution expert on your side?
Absolutely not. All closing costs are offset by your lender.
As the borrower on the property, you must demonstrate true hardship.
A hardship situation is one that results from an extenuating circumstance that places you in the position where you can no longer afford your mortgage payments. Examples include: •  Unemployment or the loss of a primary income source •  Inability to work due to a health issue •  Business failure •  Bankruptcy •  Death of your spouse or significant other •  Moving and cannot keep up payments on two properties
Yes. Non-owner-occupied properties do qualify for a short sale.
Whether a lender chooses to foreclose or agrees to a short sale, the lender is taking a loss. In many instances, lenders take less of a loss with a short, and can cut its losses faster then what is required to foreclose. Foreclosure is usually a last resort for everybody. Remember, a lender is in the business of making loans,not owning and managing properties.
Immediately! Distressed situations are likely to be very time sensitive and negotiations take time. The faster we can begin negotiating with your lender on your behalf, the greater the likelihood of a successful resolution. You don’t have to wait until you receive a notice of default or notice that foreclosure proceedings on your home are underway. Contact us today! We’re here to help you. Complete our Contact Us form or call us at (818) 935-5567. We’ll answer all of your questions. You are under no further obligation.
NO.  The sale of REO is not the same as a property up for a foreclosure auction. When buying a property during a foreclosure sale, you need to be ready with cash in hand to pay the loan balance plus any interest and other fees accumulated during the foreclosure process. In exchange, you will receive the property “as is” which might include existing liens and even current occupants that need to be evicted. By contrast, a REO is a much “cleaner” and attractive transaction. The REO is owned by the bank because the bank did not find a buyer during the foreclosure auction. The bank will see to the removal of tax liens, evict occupants (if needed) and generally prepare for the issuance of a title insurance policy to the buyer at closing.
 It depends. While it’s true that the bank is typically anxious to sell the property quickly; the bank is also strongly motivated to get the highest price for it. When considering the value of REO property, look closely at comparable sales in the neighborhood and carefully calculate the time and cost of any needed repairs or remodeling to prepare the house for a move or resale. The bargains with money-making potential definitely exist, and many people do very well buying REO properties. Apex Resolution specializes in finding these deals for our clients.
Typically the bank’s REO department will use a listing agent to get its REO properties listed on the local MLS. When we help you find a REO that interests you, before you make an offer on the property, we will contact either the listing agent or the REO department at the bank to find out as much information as possible about the condition of the property and how offers are received. We will also work with you in preparing an attractive offer which will include documentation of your ability to pay. The bank may make a counter offer. In that instance, we will work with you to decide whether to accept their counter, or offer a counter to the counter offer. We will negotiate the best deal for you and make the process as easy as possible.

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