Ventura County CA – Here is a success story about a short sale that the Stop Foreclosure Institute worked on. We recently closed this short sale and helped the seller avoid a big deficiency judgment.Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Ed & Cathy bought their house at the top of the market in 2005. It had dropped in value and they couldn't afford the mortgage payment anymore.
We listed the home and started the short sale negotiations with the lender. The lender was a credit union. They were losing about $110,000 on the short sale.
They told us that they wouldn't approve the short sale unless the seller's signed a promissory note and agreed to repay them for the loss. We discussed this with the sellers.
They weren't not willing to accept the promissory note. They had experienced a substantial reduction in income and did not see any way they could repay the debt.
The bank wanted them to repay $726 monthly for the next 20 years. That may not sound like a lot of money to some of us. But, to Ed & Cathy, it was much more than they could afford.
The sellers told us that if they had no other choice, then they would agree to the promissory note and then declare bankruptcy when the bank tried to collect.
We agreed that that was an option. But, we also thought that the bank was being unreasonable. We explained the situation and asked them to approve the short sale and forgive the debt.
Our contact at the bank wouldn't do that. We continued to sell him on it. We explained that this was the best opportunity for the credit union to reduce their losses on this loan.
We explained that the only other option was to wait another 6-12 months for the foreclosure case to go thru and then sell the home. However, we estimated that would cause the lender to lose an additional $20,000 to $30,000.
They would lose more if the seller declared bankruptcy and the foreclosure case dragged on even longer. Finally, our contact agreed to approve the short sale and forgive the debt.
The home sellers were able to short sale and move on with their life with no deficiency or promissory note. Remember, it is a rare situation where a lender will not approve a short sale and forgive the loan.
But, this is an example of how a good short sale realtor can help you avoid a deficiency even if the lender does not want to forgive the debt. 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, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Specialist , Realtor, Moorpark Short Sale Specialist , Realtor, Short Sale Specialist , Realtor, Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also 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 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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