By Chris B Johnson Realtor, Moorpark CA.– Moorpark Short Sale Specialist recently received a question from Brent. Here is Brent's Question.
"If we are not behind on our mortgage but can't sell our home through a normal sale because we don't have any equity, can we still qualify for a Moorpark short sale? We would like to sell this property and get another property where we are not upside down. Thank you!” asked Brent.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer. Brent, there is actually a federal short sale program that encourages what you would like to do. It is called the FHA 4155 loan program. It allows a person that is short selling their house to buy another one right away. However, there are a few caveats.
We have been told that you will need the following. (Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)
A) A 640 FICO credit score or better.
B) You must be current on all installment payments and on your mortgage.
C) No bankruptcy or foreclosure on your credit in the last 7 years.
D) The home you are purchasing must be inferior to the one you are selling.
I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.
E) You will need the 3.5% down payment for the new purchase. The biggest hurdle will be getting your current lender to approve the short sale.
Most lenders will approve a short sale. It just takes time and a little patience. But, it is a great opportunity to move on from your upside down property and start building equity elsewhere.
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.
Chris B Johnson is a Real Estate Agent at Prudential California Realty, Berkshire Hathaway HomeServices . Phone: 805-208-0823.
cjohnson@prucalhomes.com.
Certified HAFA Specialist, Certified Short Sale Specialist.
View My homes for sale at www.ChrisBJohnsonRealtor.com.
Chris B Johnson 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 Realtor Moorpark CA Short Sales. Moorpark Realtor. Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice Chris B Johnson, Prudential California Realty, Berkshire Hathaway HomeServices , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Chris B Johnson's personal views and do not reflect the views of Prudential California Realty, Berkshire Hathaway HomeServices . This information on Moorpark Short Sales: Can I Short Sale My Upside Down Home? is provided as a courtesy to our viewers to help them make informed decisions.
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