Yes, you loved the home. Yes, you thought it was a great deal when you first bought
it. Perhaps even that it made a great investment which you could probably leave
to your kids in the future. But here it is now that you are paying for a mortgage
not worth paying, struggling to make ends meet, and all for what? Paying for a house
in which you are significantly underwater might not be a wise financial move and
Do the Math – Does It Make Sense to Keep a Property that is Underwater by a Lot?
If you are 25% underwater, your home will have to rise by 33% just to get you back
to even. How many years will that take? What we saw in the early 2000s is more an
anomaly, not a normal market. Can you afford to wait a long time for your property
to go back up in value? Or would it make more sense for you to sell now, buy again
when the time is right, and watch the new property appreciate in value?
Stop Worrying about How Your Credit would be Affected - CASH NOT CREDIT IS KING?
A short sale will likely impact your credit score, but your credit can always be
rebuilt. Having the cash to pay for the things that matter is most important. When
you have negative equity in your home, which means you owe more to your bank than
your home is worth, THEN the house is totally not yours. It belongs to your bank.
Why continue to pay for something that is not yours?
Walking Away From Your Home (Foreclosure) is NOT Often the Right Move
So many homeowners are fed up with the injustices wrought upon them by their lenders.
They have stopped paying their mortgages and walked away from their loans, not caring
whether their lender forecloses on them.
This isn’t the right move as there are better options available such as the short
sale of a property (selling a property for less than you owe). In many states, when
a bank forecloses on you, that bank would likely go after you for any deficiency
in your loan. For example, the bank would go after you for the difference between
what they sold your house for in a foreclosure and what you owe to them. Worst of
all, the bank could also go after you for the legal costs of actually foreclosing
Loan Modification without Principal Reduction Doesn’t Make Sense
Property prices are down. You have a mortgage that is significantly more than you
can possibly sell your property for. You tried to get a loan modification and YOUR
BANK REDUCED YOUR MONTHLY MORTGAGE PAYMENTS, but NOT THE AMOUNT YOU OWE TO THEM
(the principal of your loan). Does this really help you?
We see so many people flocking towards having their loans modified, but in the long
run this solution doesn’t help them as they still owe the same amount of money to
their banks. Yes, with a lower mortgage payment, you can now afford to pay your
mortgage. However, if the price of your property takes forever to rise then you
could very well be stuck with a mortgage that isn’t worth paying for.
In the long run, we find that loan modifications without principal reductions
aren’t beneficial for most homeowners when the value of their
homes is much less than the amount they owe to their lenders.
Loan Modifications Generally Work to Your Bank’s Advantage. Not Yours!
Banks are after all in the business to make money, not to give away their money.
The bank isn’t approving a loan modification to be nice to you. No – instead, lenders
generally try to get as much out of you as they possibly can before you actually
walk away from your property once you realize that you are putting your
money into a property that won’t be worth much to your kids.
We are not saying that you shouldn’t attempt a loan modification.
What we are saying is that you should attempt to get one where your principal (the
amount you owe to the bank) is reduced and it works out well for you in the long
run. Don’t just think for today with lower mortgage payments. Think towards the
future with owing less to your bank.
Banks Usually Prefer Short Sales Over Foreclosures
With a short sale, you work towards selling your home at a price and at terms that
are approved by your lender. The lender tends to make out better financially in
a short sale than in a foreclosure. With a short sale, your lender is least likely
to go after you as you have chosen to sell at a more favorable price/terms and the
lender didn’t have to file legal proceeding against you, which costs the lender
time and money.
Is it Wrong for You to Short Sale Your Property?
Is it wrong for people to form a business in order to protect themselves from liability?
Of course not. Companies file for bankruptcy all the time and their investors eat
the losses. We have to strategically set ourselves up for future success. Short
sale is the step before even considering bankruptcy or foreclosure, which typically
is the kiss of death for you when it comes to getting a loan in the future.
Start Life Without Your Mortgage Burden. Let Us Help You to Sell Your Property For
Less than You Owe To Your Lender
You owe it to yourself and to your family to make the choice that is right for your
future. Ridding yourself of that burdensome mortgage is not the end of the road,
but is instead the beginning of life without that headache of a loan
Don't trust your property to an Agent who is inexperienced with Short Sales.
That could cost you countless months of frustration with a bank that doesn't even
answer your short sale request. Our Agents have a great success rate in getting
lenders to allow our Sellers to sell their property for less than the Sellers owe.
Your lender typically pays for our short sale assistance services.
What do you have to lose? Short Sale with Us Today!
Want to talk to someone?
Contact Us 1 954 369 1486