Many Ventura County residents have fallen behind on their mortgages and are challenged with where to begin to rid themselves of the property that no longer fits in the budget. Here are 5 things Ventura County residents should consider when exploring options for getting out of their existing, expensive home.
Understand the process and terminology: A short sale is when a lender agrees to allow a homeowner to sell their home for less than they owe. Ventura County homeowner’s will need to show a clear economic hardship for the lender to consider short sale as an option.
Compare it to foreclosure results: Foreclosures in Ventura County cause more damage to an individual’s credit and has more long-term effects than a short sale. Our society is driven by credit and the better your credit, the more attractive your options are for finance rates, mortgages, and other loan items. A negative credit report for Ventura County residents can affect everything you do from renting an apartment to buying a car.
Bankruptcy and its impact on your future: Filing for bankruptcy will consolidate your debt and can wipe out your liabilities, but it will not prevent an eventual foreclosure, it will only delay it. If your main objective is to delay the foreclosure in Ventura County and there is little or no other major outstanding debt, then consider different methods that may be more suitable for your needs. Conducting a short sale in Ventura County while in bankruptcy requires strategy, a plan, and the knowledge of a Ventura County bankruptcy attorney before making a decision on how to proceed.
Are you qualified?: The process may be different for different individuals, and as a general rule, in order to qualify for a short sale, the Ventura County homeowner must show legitimate hardship. Example of hardship may include death, divorce, loss of a job, relocation, etc.
Consider the benefits: One major benefit to a short sale is that it ends the financial and emotional rollercoaster quickly. From the day a Ventura County homeowner accepts a contract to the time the property will close can take up to 120 days. Losing a home is a painful process, and short sales can help Ventura County families decrease time and frustration, and it can help to maintain their credit and move forward to a better future.
Find your next home in one of these areas: Westlake Village, Thousand Oaks, Agoura Hills, Camarillo, Newbury Park, Simi Valley, Moorpark, Calabasas, Woodland Hills, San Fernando Valley, Oak Park, Conejo Valley, Dos Vientos, Lake Sherwood, North Ranch, Las Virgenes, Wood Ranch