Simi Valley Short Sale Specialist,What is the connection between buyer purchasing power and home prices?

By Chris B Johnson Realtor, 

Simi Valley Home Market Trends         
   
Simi Valley Condo-TownHome Market Trends

Buyer purchasing power is the driving force behind real estate pricing, as each homebuyer in need of a mortgage has a maximum price they qualify to pay to purchase property. This maximum price depends on:

• the buyer’s down payment; and
• the mortgage funds they qualify to borrow from a lender.

When buyer purchasing power falls, home prices are sure to follow. When purchasing power rises, the outlook for future price increases is good.

History tells us that home prices begin to rise about six months after buyer purchasing power rises. Home prices begin to fall 9-12 months after buyer purchasing power begins to fall in a sustained manner. The delay for falling home prices is due to the sticky price phenomenon, in which sellers initially refuse to adjust their prices to reflect today’s fair market value (FMV).

Other factors that influence these pricing trends include:

• speculator over-activity (as in 2012-2013), which artificially boosts home prices even when buyer purchasing power declines;
• adjustable rate mortgage (ARM) usage, which provides additional funding and temporarily delays decreases in pricing due to depressed buyer purchasing power;
• the personal savings rate, which addresses down payment amounts and thus mortgage insurance;
• construction and zoning, which tempers home pricing in desirable areas;
• population density and income growth, which influences home sales volume and price movement; and
• economic shocks, which cause end user homebuyers to exit the market and investors to swoop in.

Moorpark Home Market Trends               Moorpark Condo-TownHome Market Trends

Thousand Oaks Home Market Trends    Thousand Oaks Condo-TownHome Market Trends

WestLake Home Market Trends               WestLake Condo-TownHome Market Trends

Camarillo Home Market Trends               Camarillo Condo-TownHome Market Trends             

Oxnard Home Market Trends                  Oxnard Condo-TownHome Market Trends

CAR Real Estate Market Forecast 2015                       Luxury Home Specialist

PluseEconomic Forecast                               Inflation                              Good To Know

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Ventura County-Moorpark Short Sales: Are Lenders So Desperate They Will Accept Any Offer?

By Chris B Johnson Realtor, 

Ventura County-Moorpark CA –

Have you heard the following myths about short sales? 

Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.

 Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no money down.

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

  Myth #3: Lenders will accept any short sale offer even if it is for only 50% of what the home is worth. After all, they don’t want a foreclosure on their books. These myths are just not true. Lenders are willing to foreclosure on properties. They have entire departments handle the sale of properties that they have foreclosed on. Another foreclosure is nothing to fear.

At the same time, they do prefer short sales. Short Sales are known to reduce a lender’s loss compared to a short sale. They have high paid actuaries who have run the numbers and proved that to be the case. That means they take a pragmatic approach on short sales.

 They want to make sure that he short sale offer isn’t lower than what the home would sell if they foreclosed on it. That is why they order an appraisal before accepting the offer. They won’t agree to a sale if the offer is for substantially less than the appraised value.

If the offer is 5% lower than the appraisal, then they might accept it. If it is substantially less, then they will ask the buyer to raise their offer to the appraised value. Another thing lenders check before approving a short sale is that they aren’t approving a short sale for someone that is able to afford their home. They don’t want to lose money on a short sale when they can make money when the person repays the loan.

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 B Johnson is a Realtor with Prudential California Realty, Berkshire Hathaway HomeServices .
 Phone: 805-208-0823.
cjohnson@prucalhomes.com.

  Certified HAFA Specialist, Certified Short Sale Negotiator.

 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. Google+.

Get a Market Snapshot of your neighborhood To Get A Market SnapShot Click Here .
  Are Home Values UP or Down?. For Housing Trends Click Here.
 . . . Short Sale vs Foreclosure Click Here.
 . Simi Valley Short Sale HELP!!Certified Simi Valley Short Sale Specialist .

What is my Home Worth? Do I have Equity? Find out here: Click Here.

 . Get your Free Report for All Your Options HERE: Certified Distressed Property Expert, .

 . Should you Short Sell your property?? Go to Short Sale Decision Maker .

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, 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. 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. Certified Distressed Property Expert. Short Sale Click here. . To Read More About The Potential Tax Consequences of a Short Sale: Click here. . Loan Mod vs Short Sale Click here.. 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's personal views and do not reflect the views of Prudential California Realty, Berkshire Hathaway HomeServices . This information on Moorpark Short Sales: Are Lenders So Desperate They Will Accept Any Offer? is provided as a courtesy to our viewers to help them make informed decisions.

Step 4 To Fix Your Credit After A Ventura County Short Sale: Write The Credit Bureaus

 

Ventura County CA – Using your work on the credit report, you are ready to take action. You are now going to write a letter to the credit bureaus about the items you’ve highlighted and noted.

 

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

 

You are writing to the credit bureaus because they are the ones reporting the information – it is up to them to change what they report.

 

The goal is to get bad things deleted from your credit report in order to improve your score.

Do not go to Google, or bing and try to find a form letter than you should send in for this step! The credit reporting companies can spot those like a hunting dog can spot a duck.

 

You will not get anywhere with a “canned” letter, and will damage your chances of ever resolving issues.

 

Your letter should sound like you are frustrated (which you undoubtedly are), and should sound authentic. But, do sound polite and friendly.

 

Don’t sound like an expert, but do sound like you expect action. In this round of letters – your aim is to have the credit bureaus remove items that are hurting your credit score.

 

The bureau will then have to investigate your dispute and REMOVE any of the disputed items if they can’t prove them to be accurate (this involves them contacting the original creditor and verifying with them – all within the short 30 day window allowed by law).

 

Here is the basic outline to follow for your first round of letters you send:

 

At the TOP of the letter, put your name, SSN, current address (and state lived there for X years), and your DOB.

Say something about how you’ve just reviewed your credit report, and found items that are inaccurate.

List the items BRIEFLY. Say something like: “Chase Credit Card xxx-xxx-xxxx, listed for 30 days late. I have never been late on this account,” or “Citi Credit Card xxx xxxx xxx listed as collections. This is false.”

 

Note that you are upset / worried / distressed / embarrassed about these items, since you know they are negatively affecting your credit score.

 

Ask that these items be deleted from your report immediately.

Add Sincerely, and your name below. Sign the letter.

 

Include a photo copy of your driver’s license as proof that you are you making this request. Also include proof if you have it (credit card statement from the month where they say you were late when you weren’t.)

The next step is to submit this letter.

 

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 is a Real Estate Agent at Prudential Califonia Realty.

Phone: 805-208-0823.

 cjohnson@prucalhomes.com.

 

Certified HAFA Specialist, Certified Short Sale Specialist

 

View My homes for sale at www.ChrisBJohnsonRealtor.com.

 

Chris 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 Ventura County CA Short Sales. Ventura County Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Chris B Johnson, Prudential Califonia Realty, 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's personal views and do not reflect the views of Prudential Califonia Realty.

This information on Step 4 To Fix Your Credit After A Ventura County Short Sale: Write The Credit Bureaus is provided as a courtesy to our viewers to help them make informed decisions.

How To Contact Congress About Your Ventura County Short Sale Or Loan Mod Taking Too Long To Be Approved

  Ventura County Short Sale HELP!! – A lot of people think that it is normal to wait 6-8 months for an answer on a short sale or loan modification.

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

Bank of America, Chase, and several other lenders need to improve their response times. But, they won't do it without some prodding. They have the resources available to make the changes. Bank of America, Wells Fargo, JP Morgan Chase, and Citigroup are all currently profitable. We can get them to improve their process and response times on loan modifications and short sales.

It will take a lot of pressure and lobbying. So, help us out here. Here is the link to get all the fax numbers for congress.

Frustrated about your loan mod? Aggravated with your short sale? Send everyone in congress a fax about it.

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 is a Real Estate Agent at Prudential Califonia Realty.

Phone: 805-208-0823.
cjohnson@prucalhomes.com.

Certified HAFA Specialist, Certified Short Sale Specialist

View My homes for sale at www.ChrisBJohnsonRealtor.com.

Chris 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 Ventura County CA Short Sales. Ventura County Realtor. Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice Chris B Johnson, Prudential Califonia Realty, 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's personal views and do not reflect the views of Prudential California Realty. This information on How To Contact Congress About Your Ventura County Short Sale Or Loan Mod Taking Too Long To Be Approved is provided as a courtesy to our viewers to help them make informed decisions.

Short Sale News: Ventura County Loan Servicer Demands A Bribe From Home Buyer, Or They Won’t Approve Buyer's Short Sale Offer

Our team processed a Ventura County Short Sale recently with a certain loan servicing company. The interesting part was that this loan servicer was hired by the investor, or owner of the loan to work on their behalf.
In other words, the loan servicer was to look out for the loan owner's best interest.

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

Processing and approving a short sale will usually avoid future losses on a mortgage. Boston Consulting Group recently did a study on the difference between a short sale and foreclosure.
They found that a short sale dramatically reduces future losses when compared to a foreclosure.

Here is a real life example: One lender rejected a 385k short sale offer. The home was foreclosed upon and put up for sale. It sold for $230,000. We estimate the owner of the loan, Fannie Mae, lost $182,000.

We have seen this happen over and over again with short sale offers. The loan servicers drag their feet on processing the short sale. The home is later foreclosed upon and sells for substantially less.
But, we had never seen a loan servicer work against their customer / client's best interest. Until we saw a short sale approval letter come across our desk.

The loan servicer was asking for a $2,500 fee to be paid to them. If it wasn't paid they wouldn't approve the short sale.

I was shocked. "Aren't you required to work in your client's best interest?", I asked them.
The woman at the loan servicer replied, "Well, we checked it out with our legal department and the said it is ok." I don't really understand what she meant by "ok."

This company is not working in their client's behalf. The loan servicer actually has a fiduciary duty to do what is best for the owner of the loan.

And putting a roadblock in the way of approving short sales isn't doing what is best for their client. So, what does this mean to you?

In my opinion, it gives you a strong basis for a lawsuit against that loan servicing company if your loan modification or short sale isn't approved because you won't pay their fees. 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

Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood:

 MLS Market Snapshot Has the Market Stabilized

View My homes for sale at www.ChrisBJohnsonRealtor.com.

 Get your Free Report for All Your Options HERE: Certified Distressed Property Expert,

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.

To Read More: Click here.
Loan Mod vs Short Sale Click here.
Income Property Info Click here.

Use This Advanced Strategy To Stop Harassing Debt Collector Calls: Ventura County Foreclosure Avoidance & Short Sale Help

In Ventura County, many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors.

These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little tip on how to stop their phone calls.

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

A friend of mine looks for missing people. The database he uses is also a prominent debt collection database. He told me something interesting.

Apparently people are suing debt collectors for breaking Debt Collection Laws all the time. These lawsuits are expensive for them to defend against and easy for the consumer to file.

(I can’t agree more. In my opinion, the debt collectors knowingly break the rules all the time.)
To help debt collectors avoid future lawsuits they now have a field in their search that flags people that have filed lawsuits.

They know that if they harass these people, then they are much more likely to get a lawsuit from them.

As you can see, they are scared! In my last blog post I detailed what were, in my opinion, the different violations of the law.

You can read more info on the law at this link and see for yourself if a debt collector is violating it.
If you feel they have violated the law, then find a good lawyer to file suit on your behalf. There are many good lawyers who specialize in helping consumers when a debt collector violates the act.
Just Google “Fair Debt Collections Lawyer.” Many can help you at no cost out of your pocket.
They will take your case on a contingency basis and get paid from the money they collect from the debt collector. 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, 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:
MLS Market Snapshot Has the Market Stabilized

View My homes for sale at www.ChrisBJohnsonRealtor.com.

 Get your Free Report for All Your Options HERE: Certified Distressed Property Expert

 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.

To Read More: Click here.
Loan Mod vs Short Sale Click here.

Ventura County Short Sale Question: Renters Trashed My House. What Should I Do?

We decided to rent it out our home rather than short sale it. The renters just moved out. I just checked the house. They trashed it!
I could rent the house out again, but I would have to spend several thousand dollars fixing it up first. What would you recommend that I do?” Richard asked.

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

Here was our recommendation. That is a tough situation. You could fix up the house and rent it out again. But, you risk having the same thing happen all over again.
Here is the other problem. The amount you can charge for rent has gone down in most areas. This means you will probably have to write a check every month.

If you are able to rent it and cover all the costs, then I would recommend you keep the home. If not, then I would recommend you short sell it.

Here is why I recommend that. If you can break even, then the house will be a good investment as the real estate market recovers.

However, you will always risk large unexpected costs like the one you are experiencing right now. If it the rent does not cover all the costs, then more than likely you are in an area where the housing prices are still dropping.

This means the burden will only get bigger as time progresses. Costs will keep on going up. Rent might drop even more. The housing market could decline even further.

It would be better to just get rid of the liability now, once and for all. 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

Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood:
MLS Market Snapshot Has the Market Stabilized

View My homes for sale at www.ChrisBJohnsonRealtor.com.

 Get your Free Report for All Your Options HERE: Certified Distressed Property Expert

 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.
To Read More: Click here.

We Are Getting Divorced. Can't Afford Home. What Should I Do? do We Qualify for A Short Sale?

Ventura County CA – “My spouse and I are getting a divorce. Unfortunately neither of us can afford the house on our own.

So, we have to get rid of it one way or another. The big problem is that the house has dropped in value since we bought it. I think it is worth around $400,000 and we owe about $600,000.

I am curious about what options we have. What do you think we should do? Katie."

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

Here was our recommendation. In this case I would recommend you sell the house. Here are three options that you have.

Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender.

Option #2: Rent the property. This is a good way to earn some extra money.
However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.

Option #3: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.

You are eligible for another loan within 3 years after a short sale and sometimes even sooner than that. However, if your lender forecloses on the home, then current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan.

Most other banks and lenders have the same or even stricter guidelines. Any future loan application will require you to answer the question, "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?"

If your lender forecloses on your home, then an you'll have to answer "yes" to that question. If you short sell the house, then you can state “No” because you short sold your home.

With a foreclosure your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.

If you short sell your home, then only late payments show up on your credit. After a short sale, the mortgage is normally reported as "paid in full, settled."

This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.

If your lender forecloses on your home, you may end up having to repay them for the money they lost. A foreclosure can take 12-18 months to process.

This dramatically increases the loss and makes any deficiency judgment potentially bigger. Contrast this with a short sale.

Few lenders ask for a promissory note on a short sale. As an example, on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest.
The seller's monthly payment was only $138,89. You can often even negotiate and have the promissory note waived. Most lenders also have a policy that the upside down debt is erased on a short sale.

It doesn't happen every time. So check your options before you start the process. 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, 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:
MLS Market Snapshot Has the Market Stabilized

View My homes for sale at www.ChrisBJohnsonRealtor.com.

 Get your Free Report for All Your Options HERE: Certified Distressed Property Expert

 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.

To Read More: Click here.
Loan Mod vs Short Sale Click here.