Some borrowers who are unable to continue to afford their monthly mortgage expenses due to an unforeseen financial hardship choose to avoid the foreclosure process by working with their Mortgage Servicer to sell their property for less than the amount they owe on the property. This process is called a short sale (“short” because the proceeds received by the Servicer/Investor are less than the amounts owed).

There are an increasing number of short sales listed in the market currently due to the high level of unemployment and financial hardship being faced by many homeowners across the nation. Short sales are a popular target for home buyers and investors in search of a ‘good deal’, as short sales can often be purchased at a discount to market value.

HausAngeles is a short sale specialist and is heavily involved in the short sale process and industry. We work directly with Servicers and Consumers (i.e., troubled borrowers) to list and sell short sale properties. In addition, our consulting team works to influence key policy and decision makers – in the public and private sectors – on short sale policy.

For example, our co-founder Ray Mathoda recently participated in a panel at the Spring 2009 REOMAC conference on the Future of Short Sales. Click here for a link to the blog she wrote after participating in the panel: http://raymathoda.com/2009/04/09/reomac-update-reo-brokers-are-hungry-for-a-better-way.

If you are a homeowner who is considering listing your property as a short sale, or a buyer interested in purchasing a short sale for living or for investment, contact us at 323.463.0910.

If you’re a consumer having trouble making your mortgage payments and you don’t yet know what the best available alternative is for your situation, we recommend you work with your lender or a HUD approved housing counselor. You can click here for a link to the HUD foreclosure avoidance counseling website (http://www.hud.gov/offices/hsg/sfh/hcc/fc/ ) or call us and we’ll provide you with a contact at the Los Angeles HUD approved foreclosure prevention counseling agency where HausAngeles has a relationship.