Shortsale what does it mean?

A Shortsale in real estate occurs when the outstanding mortgage loans (liens) against a property are greater than what the property can be sold for. The lender is willing to agree to discount the mortgage in order to sell the foreclosure property to a third party buyer or investor. Especially, since the lender will have to spend more money to foreclosure and resale the property than by discounting the mortgage loan. Moreover, the lender can end up with the foreclosed property as a REO (real estate owned) property that it will have to be repaired, held, marketed and resold to even begin to get back their lost interest and profits. Finally, the lender is not in the business of selling defaulted real estate loans that are in foreclosure. Using our Shortsale techniques all parties benefit. The lender has their defaulted non-performing loan(s) paid off in full. The buyer or investor gets a great deal on a foreclosure at a discounted amount. And, the homeowner has his or her closing costs paid, real estate commission paid, the loan paid off in full to avoid liability, no deficiency judgment, stops the trustee’s sale, avoids foreclosure, saves his or her credit, avoids bankruptcy, and begins a fresh start. Hence, a Shortsale is a win/win/win opportunity for all parties involved - the lender/buyer or investor and seller/owner.

Loss Mitigation Group (LMG) is a division of PRESTAR Financial Corp.

Loss Mitigation is not always about "Shortselling" sometimes a "Work-out" can be best.

Simple. “LMG” is about helping and assisting the homeowner in their "best" interest. This means that if the homeowner qualifies for loss mitigation, then we would help and assist the homeowner qualify for a workout plan with their lender to reinstate their mortgage loan. If the homeowner doesn’t qualify for loss mitigation and is going to lose their home anyway, then we would help and assist the homeowner in a Shortsale of their property. Our company's policy, the federal lending laws and real estate disclosure laws require us to help the homeowner in their best interest. We aren't about stealing the homeowners’ properties in a pre-tense of helping and assisting them. There are plenty of homeowner's that aren't going to qualify for a legitimate hardship of their property and subsequently are going to lose their homes in foreclosure. These people are going to need the services of a Shortsale and are the foundation of our business market.

Corporate Office Orange, CA (714) 560-8484

Commerce, CA (323) 278-5380

Los Angeles,CA (310) 475-0600

LMG has been formed to fill an emerging need in the residential lending industry

Why will lenders take less than they're owed?

It's because of all of their "actual costs" they incur when they're forced to foreclose on a homeowner's property. A lender stands to lose a lot of money when it forecloses on a property in foreclosure. Foreclosure properties include most of the following costs: (1) attorney's fees, (2) trustee fees and costs of the trustee’s sale, (3) arrearages, (4) court costs and legal process fees, (5) holding costs, (6) high repair costs, (7) closing costs, (8) real estate commissions, (9) property taxes and insurance, etc. The average conforming loan costs a lender approximately $20,000 to foreclosure. A non-conforming loan costs a lender around $30,000. You can see why it is very advantageous for a lender to cash-out of a defaulted loan and get a foreclosure property off their books.

Call us while you have options, Shortsale or Work-out we will look for what is best for your situation.

Yes, all submitted documents, statements and information regarding your case is completely private and confidential according to our company policies, federal lending laws and real estate disclosure laws. Any third party requesting information on you must have a written authorization signed by the borrower and/or co-borrower.