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Wednesday, July 11, 2012

Here Is A Common Ventura County Short Sale Misconception: You Must Have Missed a Payment Before Your Lender Will Consider a Short Sale

Ventura County CA – It is thought that lenders tend to permit short sales only when and if a borrower has missed a payment. This is not true.

Lenders also take into account other hardships the borrower may be encountering such as a divorce, job transfer, relocation, etc.

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

No lender will consider a short sale just because a borrower has missed a payment. The lender also looks at the borrower’s financial status including tax returns, budget, bills, income, etc.

After reviewing that documentation they decide whether or not to approve short sale. A lender will first look at the borrower’s ability to pay back the mortgage.

Some people have a hardship that they project will cause them to fall behind on payments in the future. But, they haven't fallen behind yet.

In this situation, then the lender will see that they will have to liquidate the property one way or another.

If they conclude that a sale of the property is inevitable and that a short sale will be the best way to cut their losses, then they will approve the short sale.

We have also seen lenders approve short sales even if someone's hardship didn't put them in a position where they couldn't make their payments.

But, the person must move and is unwilling to accept a deficiency payment for their upside down home. A good example of this is a credit worthy person with a stable, solid income who has a job transfer.

That person is upside down and unwilling to repay the lender for the loss. The lender knows from past experience that going thru the foreclosure process and then trying to collect from the borrower is hopeless.

First, the foreclosure process will take longer than a short sale and cause them to lose even more money.

Second, they know that the borrower has the option to declare bankruptcy and use other actions to avoid paying the lender.

Third, many states do not allow the lender to pursue a borrower for the loss after a foreclosure. So, they lose money on a foreclosure that takes a long time and get zero from the borrower.
Based on their prior experience they know that a short sale will be their best option to reduce their losses as much as possible. 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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