Ventura County CA – I recently met a realtor who sells properties in a beach town. “Short sales take 9-12 months. The banks are so hard to deal with”, she said.She mentioned short selling a customer’s property. The sellers were two doctors that had to take a promissory note. The sale was for 900k, so the loss must have been above average.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
In this case, her customer’s were ok with a promissory note. But, what if you want to short sale and walk away from the updside down debt?
What can you to do short sell your home without a promissory note. Negotiating short sales on more expensive homes is different than your average short sale.
The most common loan types that will give you a complete release are Fannie Mae, Freddie Mac, FHA, and VA. Most of them won’t loan on a mortgage over $417,000.
There are a few exceptions, but that is the general rule. If your mortgage amount is more than $417,000, then your loan is probably owned by the bank you originally got it from, or it has been securitized.
Many of these loan owners will not grant a release. You will have to use other methods. First, you can tell them that you are broke. If that true, then they may let you off without much ado.
If you have assets, then you will need to use different tactics. You can hire someone to do a “Loan Audit.” This is where they go thru your loan file and search for any violations of lending laws.
Maybe they didn’t give you the proper federally required mortgage disclosures. Maybe the mortgage broker or lending company wasn’t properly licensed. A loan audit will often help your case.
But, it isn’t an “end all, be all”. I’ve seen people promote it as that. Another thing you can do is hire on a good attorney. You will want to deal with someone who is a consumer advocate.
They will know how to use the law to negotiate from a position of power on your short sale. In my opinion, the best way to hire lawyer in this case is on a contingency.
Tell the lawyer, "I will pay you X when you get me what I want." Some people think lawyers drag cases on just to earn more money. Using a payment arrangement like this will help you avoid that.
However, the most important thing you can do is to hire on an experienced short sale agent. Ask them if they have negotiated any short sales where the lender asked for a promissory note.
Then, ask them what they did to negotiate away the promissory note. The good short sale agents will usually know a good attorney. They may have experience dealing with your bank.
Bottom line: They are the person who can point you in the right direction so you can short sale and walk away with a complete release from 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, Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, and Simi Valley short sales. Moorpark 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 , 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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