Don't get crushed by house payments!!!

Chances are, you or someone you know is facing the possibility of foreclosure. You are not alone!

Today, 1 out of every 10 homeowners in the United States are delinquent on their mortgage payments. These are tough times. It's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at Ventura Property Shoppe, I've found that homeowners today have more questions than answers about the problems they face. I have created this page to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which could be the best course of action for some homeowners.

What is a Short Sale?  When a homeowner owes more on their property than it is currently worth, they can hire an experienced real estate agent to market and sell their property through a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

• Benefit: A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual's public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure).
• Drawback: Short sales can be a long process. It is best to hire an expert in short sales to help guide the way.

Some banks, like Wachovia, are pre-approving their borrowers for short sales allowing the process to move along quicker.  Others, will take 2-6 months to get through the approval process.  Either way, knowing there is a solution to your problems will help you sleep better at night!

I'm sure you have more questions about how this could work for your situation.  Please fill out the contact below and I will get right back to you with answers to your questions.  I look forward to helping you!