Short Sale.. No Problem
There are many homeowners who owe more than their property is worth and are struggling to make ends meet. There are options available for homeowners facing this situation.
What Options Are Available for Homeowners?
The solutions range from:
Refinance – For those who are not behind on their mortgage payments, there are government loan programs that allow homeowners to refinance their home despite the fact that the value of their home has declined and they owe more than their property is worth.
Loan Modification – This is the option for those who are struggling financially or who have fallen behind in their payments. There may be programs that can lower your monthly payment or possibly reduce principal. If you want to keep your home, we highly recommend that you try this option first.
Deed in Lieu of Foreclosure – This complicated term simply means to give your property (deed) back to the bank so as to avoid foreclosure. This option is typically not available if there is a second lien. The most important thing to determine before making this decision is whether or not the deficiency balance will be forgiven. It is generally thought to be less damaging than a foreclosure, but not as good an alternative as a Short Sale.
Foreclosure – Of course, this is the option that most people are trying to avoid (although there have been a few instances where it was the best choice for the homeowner’s situation!) Unfortunately, many homeowners put off exploring their options until it is too late, or mistakenly think there is no other way. Letting your home go into foreclosure will damage your credit for the next seven to ten years.
Short Sale – Our specialty. This option is for homeowners who do not qualify for a refinance / loan mod or would like to sell their home. We will negotiate with the lender to allow for the sale of your home at less than what is owed. We have a proven process in place and will handle every detail. In addition, there may be incentive programs that give homeowners money to help pay for moving expenses. It is our job to make sure that homeowners are considered for these programs.
Bankruptcy – This can be a good option for homeowners, especially if there is additional debt besides their mortgage. If it is determined that this choice should be explored, we do have several trusted bankruptcy attorneys that we can refer. (By trusted, we mean that they will only recommend bankruptcy if it is the best solution … they don’t push homeowners into it just to make a buck!)
Rent Out the Home – This is a pretty self-explanatory option … put someone into your home that can make the payment. In today’s economy, it can be tough to get enough rent to cover the payment, however for some homeowners this is the best option. If you find yourself getting into the landlord business, we can recommend property management companies that can help you with the associated tasks.
Accept the Situation – For some people, after reviewing their options, they make the determination that staying where they are at is the best decision. However, the key here is education … and gathering enough information so you know and are comfortable that this is the right choice.
How Does The Short Sale Process Work?
Short Sales are a very time consuming and detailed process. That is why it is important to have an expert handle every step of the process.
Call for more information at 661-332-9868.