Avoid Foreclosure Through a Short Sale

There is a good chance that you or someone you know is facing the possibility of foreclosure. Know that you are not alone and that there are ways to avoid this financial hardship! One of the best ways to avoid foreclosure is through a short sale.

As a real estate professional with a Certified Distressed Property Expert® (CDPE) and Pre-Foreclosure Specialist™ designations, I am able to work closely with you to identify your options and take the best course of action. Use these FAQs and resources to learn more about short sales, and contact us at 800.498.6707 or 805.208.2488 to discuss your options.


home that is foreclosed

Answers to Your Short Sale Questions

There is a lot of misinformation surrounding distressed properties, so we wanted to take the time to answer a few commonly asked questions. If you have a question that hasn't been answered below, please give us a call at 800.498.6707 or 805.208.2488.

What is a Foreclosure?

When a homeowner falls behind on their mortgage payments, the bank may send a Notice of Default letting the homeowner know they are at risk of losing their home and being evicted — in other words, foreclosed.

Foreclosures are a devastating hardship that homeowners want to avoid. Foreclosures will affect your credit score for 7 years, be seen by employers doing background checks, are announced (along with your name) in local newspapers, and prevent you from qualifying for another mortgage for 5 years.

How Can I Avoid Foreclosure?

Fortunately, there are several ways that you can avoid a foreclosure; however, each option has its own benefits and downsides, so contact us if you want to know which option is best for your unique situation.

  • Short sale — after sale, you may qualify to purchase another home in 18 months
  • Bankruptcy — will delay a foreclosure, giving you time to find a buyer
  • Reinstatement — pay the total amount owed to date in one lump sum
  • Forbearance/repayment plan — increase your monthly payments to become current
  • Rent out the property — use income to make monthly payments
  • Loan modification — work with your lender to reduce payments
  • Refinance — only if credit is good and equity is substantial
  • Service Members Civil Relief Act — mortgage relief for military service members only
  • Deed In Lieu of Foreclosure — return property to the bank and vacate voluntarily

What is a "Short Sale"?

A homeowner is considered "short" when they owe more than their property is currently worth. In order to sell, the homeowner negotiates with the bank or mortgage company to accept less than the full value of the loan. Once a buyer closes on the property, the home is "sold short" of the total value of the mortgage.

This option allows you to sell your home and avoid many of the the detrimental credit effects of a foreclosure. If you or someone you know is considering a short sale to avoid a foreclosure, talk with us. We can help you identify the best possible solution.


I Want to Buy a Home

Purchasing a short sale is a great way to find your dream home for a lower price. Doug Ranger can help you find the property that fits your budget and your criteria. View all available short sales in Thousand Oaks, Westlake Village, and surrounding areas below. Contact us at 800.498.6707 or 805.208.2488 for a showing!

Browse Available Short Sales


I Need to Sell My Home

We can help you avoid the hardships of a foreclosure. If you are considering a short sale as a solution, contact us. We can evaluate your situation, identify the best possible options, and sell your home quickly and for as much money as possible.

Contact Doug Ranger

Questions? Just Ask!