Ten years ago hardly anyone had heard of a short sale. Now, since the real estate bubble burst, “short sale” is almost a household word here in the Los Angeles area.
The current situation is the result of several converging factors.
First, when the bubble burst, homeowners who purchased when the market was rising or had reach its peak, lost value. That might not have mattered if two other factors hadn’t come into play at the same time:
- Adjustable rate mortgages reset, making mortgage payments double or triple
- The economy tanked and people lost jobs
Reinstatement: If you’re in pre-foreclosure and have come into some extra money, you can reinstate your loan by paying the defaulted balance plus interest and late fees.
Loan Modification: Depending upon who owns your loan, you could be eligible for HARP, HAMP, FHA-HAMP, or the USDA’s Special Loan Servicing. If you are having trouble making making payments but are employed and can still qualify for a loan, it’s possible that your current lender will work with you to lower your rate, lower the principle owed or even both. It can’t hurt for you to call the number on your mortgage statement and ask.
Forbearance: Again depending upon who owns your loan, if you are unemployed you may be eligible for 12 months of forbearance. During this time, you’ll be required to pay from zero up to 31% of your income toward the payments, but the bank will not add late fees or penalties and cannot start foreclosure. The unpaid amounts will be added to your loan balance for later payment.
Here in California, you may also be eligible for assistance from “Keep Your Home California.” For details, call 888.954.KEEP.
Bankruptcy: In some cases, judges allow homeowners to keep their homes – sometimes even reducing the principal balance on investment and vacation property. Do consult a qualified real estate attorney before considering this option. Alot will depend on the type of bankruptcy. Sometimes you can forestall a foreclosure but not be able to keep your home indefinitely. In such a situation, a short sale could be your best course of action.
More Help May be on the Way…
Expanded HAMP programs will be go into effect June 1, 2012. So even if your lender has deemed you ineligible for assistance in the past, it would be wise to check back after the new guidelines are in place.
To learn who owns your mortgage loan, visit Making Home Affordable.
If you own a home in Silver Lake, Los Feliz, Hollywood Hills, Eagle Rock, Pasadena, or surrounding areas and you’ve decided that a short sale is the best option, or if you just need to discuss your options with a real estate professional, get in touch.
I’ll be glad to go over the specifics of your situation with you and help you determine your best course of action.
You can call me directly at 213-215-4758 – but hurry. Don’t wait until the bank makes the decision for you.

Jenny Durling
Broker Associate
LA Property Solutions
213-215-4758
Copyright © 2012 By Jenny Durling * What are the Alternatives to a Los Angeles Short Sale? *


Also located on the park grounds is the Los Angeles Municipal Art Gallery. The art gallery’s mission is to “promote, interpret, and present the art of emerging, mid career and established artists from culturally diverse South California”. What that means? The 10,000 gallery is a great place to see a variety of art from area artists ranging from sculpture, photography, painting etc. as well as performance art and installation works.


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The Tam O’Shanter looks like a Scottish country inn. The inside is dark and inviting, warmed by a fireplace in the front lobby. Throughout the restaurant you’ll find framed pieces of tartan plaids labeled by clan and the wait staff dresses in Scottish-inspired attire.
Though the Tam O’Shanter is a Scottish-themed restaurant, you’d think it was Irish based on their annual St Patrick’s Day affairs! This year’s festivities take place on March 17 from 11am to midnight. There will be traditional Irish dishes, music, dancing, Guinness pints, Jameson shots and green beer abounding. The restaurant erects a party tent and provides live music all day with no cover charge. This year’s lineup includes: Slugger O’Toole, 29 Mules, Ploughboys and the ever popular Bagpipers.
Kitten Rescue was founded in the spring of 1997. This is a private, non-profit rescue group in Los Angeles run totally by volunteers. Kitten Rescue is devoted to finding loving new homes for unwanted and abandoned cats and kittens. They are also dedicated to providing information to the public on responsible pet ownership, how to care for their pets and the importance of spaying and neutering to manage overpopulation problems.
My sponsored cat, Kelly McGreen














