Ventura County CA – The Stop Foreclosure Institute recently received a question from Sergio. Here was his question."I have owned my house since 2006. My employer reduced my salary by 30% and now I have to move out of state where I have found a new job.
The house is a problem. Since 2006 my house price has dropped by about $40,000. That means I have a $40,000 deficiency, which I don't want to pay.
I have option to rent the house, but I am still considering a short sale. Any advice? Sergio."
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer to Sergio's Question: Sergio, I would attempt a short sale. Depending on your situation and the type of loan you have, more than likely you will not have a deficiency.
I can give you a better answer after I get more information from you. I wouldn't recommend renting the house. How hard is it going to be to manage when you are out of state?
What if the tenants stop paying? What if a pipe breaks and floods the house? I'm not saying don't rent the house. I just know from past experience that managing rental property from a distance is super tough.
I knew a real estate investor who targeted what he called "tired, out of town landlords." He would offer to buy their property below market.
Surprisingly, many of them accepted his lowball offers because they were so tired of dealing with the property. Here is the other downside on renting.
You will probably have negative cash flow every month. I don't know what your house will rent for. But, if you are upside down on your house value, then you are likely also upside down on the rental value.
That means you will almost certainly lose money on the rent every month. With your precarious financial situation, recent 30% salary cut, and move out of state, the last thing you need is another bill each month.
With a short sale you can walk away owing nothing, with no tax liability, and be eligible to buy another house in 3 years.
That sounds a lot better to me than being stuck with a money losing house 2 years from now. 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
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Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark,
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Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com ,
Certified Home Affordable Foreclosure Alternative Specialist . 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.
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