Michael, left and Stephen Szakos of Team Szakos.
By Michael and Stephen Szakos / Guest contributors
Just a week ago, we held an educational forum at the Oxnard Public Library. A large number of community members attended and walked away informed and armed with knowledge to move forward.
“We were able to meet with several people one on one to assess their current housing situation and advise them on the next possible steps to take,” said Michael Szakos.
Thousands upon thousands of Americans are being affected by the current housing crisis, yet so little know of the possible solutions. Listed below are just a few ways a foreclosure can possibly be avoided. We advise you to seek a professional in each area. Always remember these services are free and should cost you no money up front.
- Loan Modification — a permanent change in one or more of the terms of a Borrower’s loan, allows the loan to be reinstated, and results in a payment the Borrower can afford. Receive a FREE consultation from a local non-profit agency.
- Refinance — the process of paying off an existing loan by taking a new loan and using the same property as security. There are new government programs being introduced on a regular basis that give the homeowner several financing options. Receive a FREE consultation from a local loan expert.
- Bankruptcy — the legal process in which a person or firm declares the inability to pay debts. Any available assets are liquidated and the proceeds are distributed to creditors. This may be an option to stop or postpone the foreclosure of your home. Receive a FREE consultation from a local bankruptcy attorney
- Short Sale — occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. This option is available to most sellers. Receive a FREE consultation from local short sale experts.
It takes courage to move forward to make big life decisions. By seeking assistance from experts in these areas, you are doing not only yourself a huge favor, but your family. Don’t wait until it’s too late to save your home. There are solutions. They are free and just a phone call away.
— 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