Is your Mortgage Under Water?
If you are behind in payments or upside down in your mortgage, I encourage to do your best to get caught up on your house payments and keep and save your home. Having a home gives a feeling of security for your family. First pray for a way to keep the house. If it becomes impossible, pray for another solution.
What are some options? You’re going to need a professional on your team, no matter what path you take. Feel free to meet with a Realtor, an attorney and/or an accountant. If your bank has told you that you may be eligible for a shortsale and you are not able to bring the mortgage current, a shortsale is a very good option. Other options would be a loan modification – contact your lender to see if you qualify; this may take several months to see if you are approved. Another option may be to seek the counsel of an attorney in order to do a bankruptcy. A voluntary foreclosure, deed in lieu, may also be possible.
If you are looking for a Realtor to list and sell your home, negotiating the shortsale with your mortgage company, call a Realtor who welcomes the challenge. If you are thinking about selling your home by shortsale, list your home with a realtor that has a lot of experience in getting shortsales approved and closed. I have several years of experience in shortsale negotiations and a very successful track record.
Your mortgage lender would consider a shortsale due to job loss, prolonged sickness. Attempting a Shortsale shows the bank that you are wanting to do the right thing. The worst thing on your credit is a completed foreclosure. With a shortsale the bank is going to need financial information, paystubs, and tax returns, etc to determine if you qualify for a shortsale.
Why would the bank consider accepting less than what they are owed? If there is a legitimate reason that the homeowner is behind in payments and are not able to catch them up, the bank will consider a shortsale. When people abandon the house it puts the bank more at risk and make it succeptible to vandalism, moisture or mold damage, break ins, and theft. Often times it just makes sense for the bank. If the house becomes a bank owned home, the bank has added expenses to secure the home and get it ready for sale, hire a realtor to sell it, oftentimes at lower price than what they would have accepted as a shortsale.
Do you think you can’t afford to list your house or pay a realtor? Realtor fees are included in the negotiations with the bank. The bank actually pays my realtor fee out of the money that they receive out of the sale of the house.
Stephanie LeFew is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.