Ventura County CA – Getting a loan modification accepted is tough. Many that should have be accepted end up rejected. I recently saw a bank foreclose on a 400k mortgage.
The house sold for 130k! They would have made more money just cutting the homeowner's payments in half! This kind of stupidity gets on my nerves.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Some people have mentioned a strategy that can help you reduce your payments without a mod. A person with two mortgages just stops paying the 2nd mortgage. I won't recommend that you try it.
Here is why some people have said this strategy works. Let's say John owns a house worth 200k. He owes his 1st mortgage 200k, and his 2nd mortgage 50k. John stops paying the 2nd mortgage.
The 2nd mortgage has few options. They can call and threaten to foreclose. A phone call is free and most people get scared and pay up. They run the numbers on foreclosure and decide it is a losing proposition.
The house will sell for 200k and every dime of the 200k goes to the 1st mortgage. The 2nd gets zero. Besides, it costs money to hire a lawyer and pay all the other foreclosure costs. This is why 2nd mortgages rarely foreclose.
You could say that they are almost an unsecured debt, almost like a credit card. I’ve even heard that you can “strip away” an upside down 2nd mortgage in bankruptcy.
The bankruptcy judge must determine that your house is worth less than what you owe your 1st mortgage. They will determine that the 2nd mortgage is “unsecured” and wipe out the debt and mortgage thru bankruptcy.
Rather than going thru bankruptcy you can just stop paying the 2nd mortgage and see what happens. In many cases the only collections they will do is to call you and mail you letters.
Thinking about a loan modification? Our Ventura County loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.
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 ww7.
Chris Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Ventura County CA Short Sales. Ventura County Realtor.
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Important Notice
Chris B Johnson, Prudential California 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 Johnson's personal views and do not reflect the views of Prudential California Realty.
This information on Ventura County Loan Mod Help: How To Reduce Your Payments Without A Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.
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