Are you stressed out about mortgage payments? Do you think your only option is a foreclosure? Is a short sale right for you?. Millions and millions of homeowners are asking themselves the same questions. It is a projected that over 20,000,000 homeowners will have negative equity in their homes in the very near future. In other words, they will owe more on their homes than they are worth. Over 2.9 million homes have foreclosure in the last three years and the number is ony expected to grow. Expect the effects of the estate recession to ripple for years to come.
What can you do now?
There is expected to be massive tsunami of homeowners who are simply making the decision to sell their homes through a short sale vs. staying in a home, hoping that one day it may be worth what they paid.
No one is safe. News stories from across the country tell the tales of both celebrities and average Americans who are all considering selling their homes through a short sale.
Selling your home through a short sale doesn’t need to be shameful, life-ruining experience. Sometimes short selling your mortgage simply makes smart economic sense, especially for homeowners who find themselves “upside down” – that is, they owe more on their mortgage than their house is worth.
Late last year, CNBC Financial Guru Jim Cramer was telling homeowners to “Just Walk Away”. (Watch the video on Youtube. com)
We are clearly in uncharted waters. The current housing crisis is different from all the previous housing recessions. It is well known that many financial institutions sold mortgages in a deceptive manner – for example, by approving people for loans they couldn’t really afford – then why should homeowners feel obliged to honor their commitments?
From a homeowner’s perspective, why should they stay in a home that is depreciating? Often times it’s possible to rent the same style home in the same area for half ( or less) than their current mortgage payment. Assuming it takes years for the market to recover, the homeowner who sells their home via a short sale now will be far ahead of the person who “stuck it out”
Let’s be very clear about this next point… Yes, there is damage to your credit. According to national experts, after a short sale a person’s credit will go down y 300= or – points and then prevent them from buying using a government backed mortgage for up to 24 months. With a foreclosure, credit is damaged for up to 4 years preventing someone from obtaining a government-backed mortgage.
Many homeowners who ar now short selling their properties are going to want to buy houses again some day; and when they do, lenders are going to want to make money lending them money to do so.
Stay tune. I’ll continue with this article.
If you need assistant with short sale please call Silvia at 954-344-2881 or visit www.SouthFLAvoidForeclosure.com