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Friday, June 8, 2012

Confusion over Ventura County Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

Ventura County CA – OK, let’s talk about the most common types of loans that do not require a deficiency on a short sale. The first common loan type is a Fannie Mae or Freddie Mac loan.
I’ll call them Fannie & Freddie in this post. Freddie & Fannie are different quasi-governmental entities that own mortgages. For our conversation, they are very similar in the way they handle short sales.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

First, you need to find out if Fannie or Freddie own your loan.
Fannie Mae has a website with a lookup tool. Go to this site to research if your loan is owned by Fannie Mae:

Freddie Mac has a lookup tool here:

If your loan is owned by Fannie Mae, then you usually do not have to worry about a deficiency. Fannie Mae’s official policy is that they will forgive the debt if a seller has a genuine hardship.

Fannie & Freddie’s policies are basically the same. They state that they will pursue a short sale seller if they have they can afford to make the payment or it is an investment property.

You need to keep this in mind if you are strategically defaulting. One problem with some of these short sales is that the loan was insured by Private Mortgage Insurance, also called PMI.

The PMI companies have the ability to approve or veto the short sale offer. Many PMI companies ask for a promissory note before they will approve a short sale.

The good news is that the promissory note is usually less than the amount lost. For example, we recently saw a lender lose over $100,000 on a short sale. They asked the homeowner for a $20,000 promissory note.

Are you willing to pay $20,000 to walk away from $100,000 in debt? I think that’s a good bargain.
If you have a Fannie or Freddie Loan and have a genuine hardship, then you can be pretty confident that you have a very good shot at being able to walk away without a deficiency. 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 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.
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, ,
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

For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also see

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