Owe More than Your Home’s Worth?

If you purchased your home at the height of the market just a few years ago,you’re now likely stuck with a home worth a fraction of what you paid for it.  For example, a home worth $500,000 just a few years ago may only we worth $250,000 today.  Worse yet, many homeowners must sit back and watch their new next door neighbor gleefully move in right after they paid less than half of what everyone else in the neighborhood did (with a historically low interest rate to boot).  Ugh.

If the above scenario describes your current situation — there may be a solution. We specialize in helping homeowners just like you evaluate their options if you now owe more than your home is worth. If your home has simply decreased in value, there’s nothing much anyone can do until the market turns back around.  But if you’ve missed payments or are wondering how you can make next month’s mortgage payment, then read on.  We’ll show you how to get back on your feet and put behind you a very stressful and financially draining situation.  More importantly, we may be able to help you not only stop the bank from foreclosing on your home, but also show you how to buy a much lower priced Clovis home (at a fraction of the cost of your current mortgage payments) in as little as 2 years.

Avoiding Foreclosure

If you’re behind on your mortgage payments, or just barely hanging on in this down economy, you run the very real risk of losing your home to foreclosure.  If being forced out of your home weren’t bad enough, your credit will be ruined, which means finding a place to live is going to be challenging.  Even a modest rental home or apartment requires stellar credit these days.

There’s a much better way.  You can gracefully sell your home (before the bank takes it from you and forces you out) and move out on your own terms, preserve your credit, and eliminate the constant financial stress you’re currently under. Imagine not having the financial burden you’re facing today. What would that feel like?  We’re here to tell you it’s possible.

So how do you get rid of your mortgage debt and sell your home when you owe more than it’s worth?  It’s called a “short sale”.  A short sale is when you ask the bank for permission to sell your home even though you owe more than it’s worth.  Short sales are popular among struggling homeowners and banks for 2 reasons:  (1) banks make more money off of short sales than foreclosures, and (2) banks would rather work with amicable homeowners than angry ones who have been be forced out of their homes due to foreclosure.

Why Do a Short Sale?

There’s 3 main reasons to consider a short sale if you can’t make the payments:

1.  Fresh financial start.  What would your life be like if you didn’t have the financial stress of your over-priced mortgage?  A short sale will eliminate your biggest monthly expense and you can begin to control your fiances once again.

2.  Avoid foreclosure.  You won’t lose your home to foreclosure and face all of it’s dire credit consequences for the next 7 years.

3.  Buy a new home sooner. You can buy another home in as little as 2 years if you do a short sale (compared to 7 years if your home is foreclosed on).  Read more here.

The advantages of a short sale are clear.  You can once again control your financial fate and have peace of mind.  Depending on how well you manage your credit, you can even purchase a new home in the near future with lower monthly payments and a fresh financial start.

How Do Short Sales Work?

Before you consider selling your home as a short sale, contact your lender (or lenders if you have 2 mortgages) to let them know you can no longer afford to keep making your mortgage payments. They may be willing to permanently modify your loan so you can afford the payments. If that’s not an option, then it’s time to consider a short sale.

Banks usually won’t work on a short sale until you present them with an offer on your home. That’s why we get your home on the market as quickly as possible so you can get an offer for the bank to consider.

Keep in mind that selling your home as a short sale is no different than a traditional sale. You want to make your house look as good as possible before putting it on the market. This will bring you a higher price, which reduces the amount you’re “short.” That will make it easier for the bank to approve the sale. If you live in Clovis, we have a long list of Clovis buyers looking to buy a Clovis home. So we’ll make sure your home attracts a wide range of Clovis buyers. And the faster your home sells, the sooner you can put the stress and financial worries behind you.

Do You Qualify for a Short Sale?

In order to qualify for a short sale you must demonstrate a “hardship”.  Examples of hardship include:

1. Unemployment
2. Divorce
3. Medical emergency / sudden illness
4. Bankruptcy
5. Death

Questions?

It takes a lot of patience and perseverance to go through a short-sale. But if you’re tired of the constant stress and are ready to move on with your life, give us a call at (559) 325-4545, or fill out the form below. We’ll show you how you can take control of your current situation.

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