Are you faced with inability to make your mortgage payments anymore?
Published On: March 23, 2011 Posted by: TownsRealty
Many homeowners faced with the hardship of not being able to make their mortgage payments anymore are faced with the question of what is the best solution for their problem.
There are couples of solutions that can be considered when you cannot make your mortgage payments anymore due to your financial situation:
1. contact your lender and see if you are qualified for a loan modification
2. if you are not qualified for a loan modification, short sale will be offered as your next option
If that is the case contact a knowledgeable Realtor® who has experience in short sales and understands the situation you are going thru.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the full loan payoff. In most cases, the owner is in default and is not making their payments due to their financial situation. The rate of the loan that you took out might be much higher than when you got the loan (adjustable loan rate) or your financial situation might have changed drastically since you purchased the home.
Short sales are the first step to avoid foreclosure. Although the lender will recover less than the total loan amount in a short sale, they may prefer this in lieu of foreclosure. The costs of foreclosing on a property may be more than the bank’s loss by taking a short sale.
Towns Realty has helped hundreds of homeowners in your situation and knows the steps of a successful short sale. Please visit our website at www.townsrealty.com and read our clients testimonials.
Remember that when you have the option of a short sale, foreclosure is not an option.
Call us today to discuss your particular situation.