Are you, or anyone else you know, in financial distress because of your mortgage? Does anyone you know need to make a move or get out from under a payment that has become too hard to manage? If so, you are certainly not alone. Hundreds of thousands of other Americans are in that leaky boat with you, and there's no easy way out. There are no costchoices,and you should take a look at all of them before deciding what to do.
You may be able to:
- File bankruptcy
- Let the bank foreclose
- List your home as a short sale
- Apply for a loan modification
- Contact a credit counselor and get assistance with renegotiation
- Sell to an investor
- Equity Sale
Bankruptcy has helped some consumers. The courts now have the authority to let you keep your home and either forgive a portion of your debt or modify the terms so you can make the payments. If you're also buried in medical bills, credit card debt, or other obligations you simply can't meet, this might be the best solution. Bankruptcy does place some restrictions on your life that you might find very troublesome.
Foreclosure:You can simply quit making the payments and stay there until they knock on the door and tell you the bank now owns your home. For some this is a chance to live rent and payment free for several months and put away some money for a deposit on a rental home. But again - the effect on your credit rating is dire and offers no control over the situation.
If done correctly, a Short Sale could be the best option for you. You list and sell the house for the current fair market value; you could possibly walkaway with some CASH. Possibly even an additional 2-4 months in your home,as well as a fresh start. At least, that's what will happen if you list the house with an agent who is experienced in handling successful short sales. Unfortunately,many real estate agents today are listing short sale properties without knowing how to conduct that negotiation, and their clients can go through more trouble than necessary.
** RECENT IMPROVEMENTS TO THE FHA WAITING PERIOD - YOU MAY BE ABLE TO QUALIFY TO PURCHASE SOONER THAN YOU THINK!!**
Success in a short sale relies on 3 primary areas of expertise: Pricing, Paperwork, and Persistence. Before you list with any agent you need to know that he or she is skilled in all three areas. Short Sale or not, each listing should be properly cared for and you should receive regular updates. Photos should be taken and kept updated as well as have all the marketing materials in place. I’ve been helping families with their real estate needs for almost 20 years. Recently, we received another Short Sale approval- balance was $315,000+ and we sold it for today’s market value of $209,000. Additionally, a few weeks ago, one of our seller’s received $3,000 as part of the Conventional loan Short Sale agreement!!
To find out more information, set up a time to meet, or receive a free market evaluation of your home, call me at 661-223-4017. (I promise, you won't receive high-pressure tactics and I won't share your information with anyone.)
I look forward to hearing from you!
Mark Chappell WE CAN HELP.. WITH NO OUT OF POCKET COSTS!!
LIC# 01009746 CALLUS TODAY TO FIND OUT HOW!
P.S. Sell your home for less than owed with NO tax penalty, call us today to get started!!!!
P.P.S. Call or email anytime for an updated market value of your home! We work with all homeowners!
661-223-4017 or 661-223-4018