San Marcos Short Sale Agent, Trent Chapman Completes Another Non-Delinquent Short Sale

Many homeowners who do not have equity in their homes and need to sell are misinformed regarding their options if they are forced to move. The common misconception is that homeowners must miss mortgage payments before their bank will agree.

San Marcos, CA (prHWY.com) October 4, 2012 - San Marcos, CA, October 04, 2012 -- Trent Chapman, top short sale agent in San Marcos California, as well as an industry thought leader on the topic of real estate short sales proved once again that with the right help, a homeowner can complete the short sale of their home while still remaining current on their mortgage payments.

Last month, Trent Chapman and his team, The New Future Team, closed another real estate short sale on behalf of a homeowner who remained current on their loans during the entire short sale process. This family had moved out of Southern California because of employment changes and although the home was subsequently rented, they were still losing over $1,000 a month because the mortgage balance and payments on the rented home were too high. After completing the short sale of this home last month, the family is now free from the financial liability of the entire loan balance and is able to start putting money back into savings again.

The benefit to homeowners that must sell their homes, but don't have any equity in their home, is that by doing a non-delinquent short sale they preserve their credit and are often immediately in a position to buy another home through special government programs, if they choose to do so.

One of the biggest myths circulating among real estate agents that have not closed many short sales is that a homeowner must be late on their payments if they want to short sale their home.

"Unfortunately, many homeowners don't know any better, and they intentionally miss mortgage payments and cause unnecessarily damage their otherwise good credit because they chose the wrong person to help them complete the short sale of their home." Trent Chapman says.

"While there are one or two exceptions to the rule, for example FHA insured loans must be 30 days late, the fact is that almost any lender will agree to a non-delinquent short sale if the homeowner can show a valid hardship that meets their criteria," explains Chapman, "but the most important part is knowing what type of hardship the lender considers to be valid for a short sale where the homeowner is current on their mortgage payments."

Chapman goes on to say, "Just to be clear, the only time that by federal law the homeowner must be at least 30 days delinquent in order to complete a short sale is if the homeowner has an FHA mortgage."

Trent Chapman also shared, "The most common hardships that are viewed as 'acceptable' by most lenders who allow short sales without missing payments are divorce, depletion of savings due to loss of income or illness, out of area job transfer and death or disability."

As a final word of advice for those whose job requires a government security clearance, Chapman went on to say, "For those who must maintain good credit in order to maintain a high level security clearance in a government agency, a non-delinquent short sale is one of the best ways to exit a property without causing possible employment issues now or in the future."

Chapman shared one of the many reasons that his clients want to remain current on their mortgage throughout the short sale process, "One of the biggest benefits to keeping current on your mortgage payments in a short sale is that you may be able to purchase another home almost immediately through a special FHA loan program."

In March of 2011, Trent Chapman released a video explaining when a homeowner would be eligible for a short sale while they are still current on their mortgage payments so that homeowners would be able to evaluate if their hardship would make them eligible to short sale without missing any mortgage payments.

Call San Marcos short sale specialist, Trent Chapman 760-870-2305 or visit the NewFutureTeam.com website, for more short sale information. Obtain a copy of Trent's recently published book, "Who's On Your Side: How To Protect Yourself When Your Home is Worth Less Than You Owe The Bank" by going to WhosOnYourSide.com.

Trent Chapman also runs a short sale training company, TheShortSaleGenius.com that has trained over 40,000 agents across the United States. Trent has a nationwide network and can help homeowners from across the US to find the right agent to work with on completing a short sale.

Contact:
Trent Chapman
New Future Team
145 Vallecitos De Oro, #203
San Marcos, CA 92069
760-752-1800
trent@newfutureteam.com
http://www.TheNewFutureTeam.com

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Tag Words: short sale agent, homeowners, industry, mortgage payments, real estate

Categories: Real Estate

Press Release Contact
New Future Team
145 Vallecitos De Oro, #203
San Marcos, CA 92069

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