Archive for Short Sales

Moorpark Short Sale, Do I Have To Be Behind On Payments Before My Lender Will Approve My Moorpark Short Sale?

Your BEST CHOICE FOR A REAL ESTATE AGENT SERVING VENTURA COUNTY CA, The Best Short Sale Agent in Ventura County, CA, The Best Short Sale Realtor in Ventura County, CA, The Best Certified Short Sale Specialist in Ventura County , CA, Your Top Listing Realtor with Prudential California Realty.Moorpark Short Sale Help – The laws keep changing, so it can be difficult to keep track of who allows what. Usually, the best place to start is researching who owns your loan??

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place.

1. The homeowner owes more on their home than it is worth.

2. The homeowner has a verifiable hardship that will force them to miss their payments in the near future.

In these cases, the lenders know it is better to liquidate the home as quickly as possible. A faster sale will reduce their losses on interest and property taxes.

In addition, an owner occupied home usually sells for much more than a vacant home. Sure, the lenders don’t like short sales.

They hate losing money. (Don’t kid yourself.) But, they know that when a loss is inevitable, then it is best to do what they can to reduce the loss as much as possible.

That is why they will approve short sales when the homeowner hasn’t missed a payment yet. In fact, they will probably even negotiate loan modifications with homeowners who haven’t missed a payment either. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at cjohnson@prucalhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Chris B Johnson.

Chris B is a Real Estate Agent at Prudential Califonia Realty.

Phone: 805-208-0823. cjohnson@prucalhomes.com.

Certified HAFA Specialist, Certified Short Sale Specialist

View My homes for sale at www.ChrisBJohnsonRealtor.com.

Should you Short Sell your property?? Go to Important Notice

Chris B Johnson, Prudential Califonia Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Chris B’s personal views and do not reflect the views of Prudential Califonia Realty.

This information on Another Common Myth About Ventura County Short Sales: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

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Moorpark Short Sale Problems: Getting divorced. Can’t Afford Home. What Should I Do?

Moorpark Foreclosure Help, Moorpark Loan Modification Help, Moorpark Short Sale Help, Moorpark Short Sale Specialist Chris B Johnson Realtor, Moorpark Short Sale Specialist Chris B Johnson Realtor, Pre-Foreclosure Specialist Certification, We have to get rid of our Moorpark home one way or another because my spouse and I are getting a divorce, and unfortunately neither of us can afford the house on our own . The big problem is that the house has dropped in value since we bought it. I think it is worth around $400,000 and we owe about $600,000.

I am curious about what options we have. What do you think we should do? Katie.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our recommendation. In this case I would recommend you sell the house. Here are three options that you have.

Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender.

Option #2: Rent the property. This is a good way to earn some extra money.

However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.

Option #3: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.

You are eligible for another loan within 3 years after a short sale and sometimes even sooner than that. However, if your lender forecloses on the home, then current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan.

Most other banks and lenders have the same or even stricter guidelines. Any future loan application will require you to answer the question, “Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?”

If your lender forecloses on your home, then an you’ll have to answer “yes” to that question. If you short sell the house, then you can state “No” because you short sold your home.

With a foreclosure your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.

If you short sell your home, then only late payments show up on your credit. After a short sale, the mortgage is normally reported as “paid in full, settled.”

This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.

If your lender forecloses on your home, you may end up having to repay them for the money they lost. A foreclosure can take 12-18 months to process.

This dramatically increases the loss and makes any deficiency judgment potentially bigger. Contrast this with a short sale.

Few lenders ask for a promissory note on a short sale. As an example, on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest.

The seller’s monthly payment was only $138,89. You can often even negotiate and have the promissory note waived. Most lenders also have a policy that the upside down debt is erased on a short sale.

It doesn’t happen every time. So check your options before you start the process. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at cjohnson@prucalhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Chris B Johnson, Realtor

Chris is a Real Estate Agent at Prudential California Realty.

Phone: 805-208-0823. cjohnson@prucalhomes.com.

Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert

Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood: MLS Market Snapshot Has the Market Stabilized

View My homes for sale at www.ChrisBJohnsonRealtor.com.

Get your Free Report for All Your Options HERE: Certified Distressed Property Expert

Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure. You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.

For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.

To Read More: Click here. Loan Mod vs Short Sale Click here.

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