Commentary: Don’t wait until it’s too late!

Michael, left and Stephen Szakos of Team Szakos.

By Michael and Stephen Szakos / Guest contributors

As we continue to work with the Ventura County community, we are saddened to see how many people wait until it’s too late to save their home, with expectations that a few days to a week will be enough time to qualify for a loan modification, refinance, etc.

We recently met with a family at Café on A in Oxnard who shared with us their story of losing their home in just a few days. They desperately wanted to qualify for a loan modification.

“We are so overwhelmed with the phone calls and endless amounts of paperwork that we get in the mail,” stated Alejandro. “I wish we would have been more proactive when this started months ago.”

Unfortunately, Alejandro and his family did lose their home. Although discouraged by this news, they were thankful that they met with our team to talk about housing options down the road.

Many people do not realize that less than 5 percent of people even qualify for a loan modification and the process can take time. There are other options and professionals are available to offer solutions.

So many families are being affected by the housing crisis daily and the feeling of being engulfed in calls and paperwork can happen very quickly. Here are a few short steps to take to begin to seek assistance:

1. Seek help from trustworthy experts who offer their services for free. Don’t pay any money up front.

2. Open your mail from your lender and read it immediately. There are experts in the field who can help you understand all of it. We understand it can be overwhelming.

3. Review your current financial situation. There are many ways to cut back on spending.

4. Don’t hesitate to contact a professional for help. There are experts in many areas such as, short sales, bankruptcy, loan modifications and refinance.

5. Lean on your family and friends for support. They are the most important of all and will get you through any tough situation.

— This guest commentary is contributed by Michael and Stephen Szakos of Cobalt Realty, 940 E. Santa Clara St., Suite 100, Ventura. They can also be heard live each Wednesday morning on the David Cruz bilingual radio program on KOXR AM-910. The show is aired from 6 to 9 a.m. Monday through Friday. They also host a free community information forum on the mortgage crisis at 8:30 p.m. Wednesdays at Café on A., 438 So. A St., Oxnard. For more information, call (888) 700.9658, visit http://www.teamszakos.com/ or send an email to michaelszakosandassociates@gmail.com