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What is a Short Sale?
Short Sale is a situation where the borrower owes more to the lender than the fair market value of the property and he/she decided to sell the house. Of Course, the lender has to approve this short sale in order for the borrower to successfuly close escrow.

Short Sale is not for everyone who is "upside down" on ther mortgage. There are benefits and risks associated by doing short sale. Short Sale should only be used as an alternative to avoid foreclosure.

I always advice my clients that there are 10 options to avoid foreclosure, and short sale is the last one that any home owner can attempt.

Personally, I specialize in short sales and pre-foreclosures; I have negotiated hundreds of liens with the 1st lien, 2nd lien, 3rd liens, IRS liens, private hard money loans, etc. There are two elements of successful short sale transaction: the first: the lender must agree to take less than the original loan balance; and the second: the lender should release any deficiency judgement to the borrower.

I specialize in negotiating short sale properties in Southern California - I have successfully represented home owners in San Gabriel, Monterey Park, Temple City, Alhambra, El Monte, Rosemead, Los Angeles, Azusa, Arcadia, and all area in San Gabriel Valley. I represent the home owners to execute successful short sale in order to avoid foreclosure.

Each short sale transaction is unique. Each lender is unique. I have compiled hundreds of successful written short sale approvals that I have negotiated in the recent years - if you are a homeowner facing foreclosure, I invite you to call me to schedule an appointment so we can go over your 10 options to avoid foreclosure. In addition, I will show you hundreds of written short sale approvals from lenders such as IndyMac One West Bank, Bank of America short sale department, Wells Fargo Short Sale and Home Retention, CHASE, CitiMortgage, CitiBank, and many other lenders nationwide.

I have archived hundreds of successful short sale that I have completed - you will see home owner in San Gabriel who owed more than $700,000 to OCWEN had a short sale approved for less than $490,000 in late 2007. Another Short Sale in San Gabriel with Bank of America has been successfully executed early this year.

If you know anyone who is behind on their mortgage payments or in foreclosure, I can help! There are 10 options to avoid foreclosure, including: loan modifications, deed-in-lieu of foreclosures, short refinance, pre-foreclosure sales, HAFA Home Affordable Foreclosure Alternatives, HAMP Home Affordable Modifications Program, HARP Home Affordable Refinance Program, and Short Sale.

Call today to schedule a free 2 hours foreclosure prevention consultation session in my office:
Rudy L. Kusuma
Certified Foreclosure Prevention Consultant
Cell: 626-780-2221
Office: Coldwell Banker New Century
960 E. Las Tunas Drive
San Gabriel, CA 91776

FREE FORECLOSURE PREVENTION REPORTS:
www.ShortSalesPlatinum.com

Some of the sample successful short sale that Rudy has negotiated on behalf of the home owners in the past, include:
South Marengo in Alhambra
This is an 8-unit condo complex in the city of Alhambra, cross street: Marengo Avenue and Mission Dr. The lender was East West Bank with over $3,200,000 (three million and two hundreds thousands dollars) in construction loan. Each one of the eight condo was successfully sold to individual buyers, resulting in a very minimal short pay off to East West Bank. The condo range from $375,000 to $425,000 each with 3bedrooms and some have 2 bedrooms, 3 bathrooms, and 2 car garage. This could be said as one of the most successful residential pre-foreclosure sale in the city of Alhambra, West San Gabriel Valley. This distressed sale involves negotiating with construction loan lender, the city of Alhambra during the construction period, and several mechanical liens as well as judgements from 3rd party lender. All 8 units closed escrow by early April 2010.

Westminster Avenue in Alhambra
This is a single family house in the City of Alhambra with 2 loans: the first lender was CHASE and the second lender was Bank of America. Rudy negotiated a successful short sale with both the first and second lender, releasing the home owner from deficiency judgement and short sale. This gorgeous 2 bedroom, 2 bathroom house, 1627SqFt with 6,329 SqFt lot, sold for $465,000 in June 2009. Both the first and second lenders issued written short sale approvals, accepting the short less than full pay off of the loan balance, and releasing the home owners (the borrowers) from deficiency judgement, ... and both lenders agreed to report the short sale as "account settled" in the home owners credit reports.

Montecito Drive in San Gabriel
This is a beautiful house located less than 5 minutes walk from The City Hall City of San Gabriel. This house is permitted as a 3 bedrooms, 2 bathrooms, 1404Sq Ft with close to 10,000 Sq Ft lot. Rudy negotiated another successful short sale with both the first and second lenders on this property. OCWEN written short sale approvals on this house showed that they have accepted the short sale and consider the account as satisfied. In addition to negotiating the short sale, Rudy also negotiated with the City of San Gabriel in regards to some city code zoning violation issues. This is one of the most successful short sale in San Gabriel since not only we have to deal with both the short sale lenders, but we also have to negotiate a number of code violations issues with the city. Rudy has saved the home owners from foreclosure on their credit records and Rudy has saved the home owners from possible law suits from the City of San Gabriel Code Enforecement Division.

Other Successful Foreclosure Prevention Stories...
There are literraly hundreds of successful short sale that have been negotiated all across San Gabriel Valley and all Southern California. To read more success stories on how Rudy saved home owners from foreclosure in Temple City, El Monte, Rosemead, Pasadena, South Pasadena, Monterey Park, and others across the Los Angeles County, ... you can see the complete short sale and foreclosure transactions completed by Rudy online at www.RudyLK.com

FREE FORECLOSURE PREVENTION REPORTS:
www.ShortSalesPlatinum.com

What is HAFA?
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu of foreclosure.1 HAFA was announced on November 30, 2009 in a HAMP Update titled Introducing the Home Affordable Foreclosure Alternatives Program.2 HAFA directs lenders to assist eligible homeowners in quickly and effectively implementing short sales or deeds-in-lieu by providing financial incentives to lenders that carry out foreclosure alternatives through the program's guidelines set forth in Supplemental Directive 09-09 Revised (revised March 26, 2010).3 The program was introduced in part with the intent to remove the stigma from short sales and help keep communities from being destroyed through massive foreclosures. HAFA in its current state is only applicable to conventional-type, non-Governmental Serviced Enterprises (non-GSE) mortgages and therefore does not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac.4 These organizations may have plans to release their own versions of HAFA.

Who is Eligible for HAFA?
Most homeowners facing financial hardship are eligible. As a rule, if a homeowner is eligible for HAMP but cannot pay the mortgage, then he or she is eligible for an assisted short sale through HAFA. However, loans owned or guaranteed by Fannie Mae or Freddie Mac do not qualify. Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days if the borrower has met one or more of the following criteria1:
Does not qualify for a HAMP Trial Period Plan
Does not successfully complete a HAMP Trial Period Plan
Is delinquent on a HAMP modification by missing at least two consecutive payments
Requests a short sale or deed-in-lieu2

For a loan to qualify, it must meet the following criteria:
The property is the borrower's principal residence
The mortgage loan is a first lien mortgage originated on or before January 1, 2009
The mortgage is delinquent or default is reasonably foreseeable
The current unpaid principal balance is equal to or less than $729,750
The borrower's total monthly mortgage payment exceeds 31 percent of the borrower's gross income (as defined in HAMP Supplemental Directive 09-013)
The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac4

Sources:
1Making Home Affordable. Supplemental Directive 09-09 Revised "HAFA Consideration" p. 4 (2010): https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf Updated: March 26, 2010 2Ibid.
3Making Home Affordable. Supplemental Directive 09-01 (2009): https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0901.pdf
4Making Home Affordable. Supplemental Directive 09-09 Revised "HAFA Consideration" p. 4 (2010): https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf Updated: March 26, 2010