Patricia Paul Properties

Short Sale Solution PDF Print E-mail
Thursday, 27 May 2010 19:54

Recently a number of homeowners are finding it increasingly difficult to pay their mortgages.  Call it a sign of the times.   It's really a combination of different factors:  Some people have unfortunately lost their jobs, or accepted big cuts in pay just to keep their jobs, some have had their mortgage interest rates adjust and find their monthly payment now much higher, some businesses are barely holding on, and others have had to close their doors, and nearly everyone has felt the effects of our troubled economy.
 
At some point you may come to the realization that you can no longer afford to live in your home.  What are your options?  First you might want to consult with an real estate attorney, a personal bankruptcy attorney, an accountant and more to determine the best course of action.  


Sometimes the best solution will be to sell your home.  Don't be surprised to find out your home has more than likely seriously declined in value over the last few years.  In fact, in most cases, sellers may find that they owe significantly more on their mortgage than their home is worth.  This is commonly referred to as being "upside down" or  "under water" with their mortgage.  
 

But hope is not lost, because a lot of lenders will approve the sale of the home in spite of it being short of the amount of the loan.  This is called a "short sale", and though the banks are not happy about them, they still prefer short sales to having to go through the foreclosure procedures and take back the property.  
 
If you'd like a free consultation to discuss your mortgage and whether or not you might be able to sell your home, please call me.  I've successfully coordinated a good number of short sale and REO's (bank owned properties) and know the steps involved and how to negotiate with the banks.   The short sale solution might just be the best one for you.
 
Patricia Paul, GRI ** www.PatriciaPaulProperties.com ** (520) 548-2078

 

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