The Stop Foreclosure Institute of Ventura County recently received a question from Isabel. “I am behind on my payments and thinking of just letting my home go into foreclosure. What does that do to the neighborhood?” she asked.Here is our answer to his question. It does hurt the neighborhood. But, it also hurts you.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Most banks do not do a good job and processing and handling foreclosures. They take 12-18 months to foreclosure on a house and then sell it.
In the meantime they do little to maintain the home. I estimate that half of all the properties I have seen in foreclosure have never even been checked on by the lender.
It has gotten so bad that one homeowner even started up a website to report on these banks. The website is called Lender Offender. Check it out here: www.LenderOffender.com.
In my opinion these banks are not being responsible with these properties. The biggest problem is that Uncle Sam usually takes the fall for any loss.
Uncle Sam does this by guaranteeing them against loss on many mortgages. Or in other cases, Uncle Sam has already bought the defaulted loan from the bank.
The homes eventually sell for a discount after the foreclosure. No home buyer is going to pay market value for a home that needs repairs!
This gives the banks little incentive to check on these properties. Fortunately you can help. Stay in your home until it sells. Keep it looking good and everything in good order.
Then, put it up for sale as a short sale. That will help protect the property values in your neighborhood. 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 Moorpark 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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View My homes for sale at www.ChrisBJohnsonRealtor.com.
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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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