Do you qualify for a Ventura County Loan Modification or Principle Reduction?
If yes, you should do the math, ALL THE MATH, here’s why.
First of all, if you do not qualify for a Loan Modification or Principle Reduction, see questions below.
1) Is your home still “above water” or break even?2) Are you comfortable with your current mortgage payment?
3) Are you confident your income will remain constant?
4) Do you see yourself living in the home for the next 7 to 10 years without having the need to move for employment or to move up or down?
If you answered yes to all of the above, you should stay in your home.
If you don't qualify for a loan mod or principle reduction and if you can't say yes to any of the questions above and you are underwater, a short sale may be a good option.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Now ask yourself this question. How long will you have to wait before you can sell and break even?
Everybody knows when you try to get a home loan in today's market you actually have to prove your income plus factoring in today's unemployment rate. Now you have fewer qualified buyers.
Fewer qualified buyers' means home prices will eventually level off. They are going to be lower than they were when sub-prime and Alt-A loans artificially inflated home prices. You will have to rely on a combination of home prices increasing and reduction of principle as you make monthly payments.
Let's look at the numbers.
If you paid $600,000 and had an 80/20 loan 6.275% on the first and 9% on the second your monthly payment including tax and insurance would be $4,710.
You do a short sale and rent a house for 2 to 3 years at $2,500 to $2,800 a month. You would have about $2,000 a month difference so you should be able to save $1,000 every month for a down payment.
If you buy the same house in 2 years for $480,000 at 4.5% with 3.5% down the payment including tax, insurance and mortgage insurance would be $3,185.
That's a difference in your pocket of $1,525 a month. You could do a lot with that money like save for retirement, kids college, pay down other debt, take some great vacations, whatever you want.
Only you can decide if you should short sale or stay home.
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
Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood:
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View My homes for sale at www.ChrisBJohnsonRealtor.com.
Get your Free Report for All Your Options HERE: Certified Distressed Property Expert,
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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