Hello, I’m Jason Zweigle with ShortSaleSlayerz.com. We’re considered one of Nevada County’s main short sale teams. The subject at this time is what to do when you can’t make your mortgage payments. There are a number of options for you if you cannot make your mortgage payments. You may reach out to your bank and talk to them a couple of mortgage modification. Many people are trying to do loan modifications and it is essentially the most frustrating experiences they’ve ever gone through. Whether or not the bank will not reply or lose your paperwork ten or fifteen times. I’ve even heard tales from shoppers that did not go through us and wound up trying to do a mortgage modification and lost their home to foreclosure in the middle of loan modification. In our opinion a loan modification is not the best solution.
You can also do foreclosure, just walk away and let the financial institution take it back. This additionally isn’t the most effective solution. You can also do a deed in lieu of foreclosure and what that means is you tell the bank they needn’t foreclose on your home, you will voluntarily leave. No harm, no foul. Foreclosures and deed in lieu of foreclosures each have a unfavorable impression on your credit. Each of these also leave you open to second lien holders and sometimes first lien holders with the ability to come after you to try and accumulate that unpaid balance. That can be a scary thing as well if you’re making an attempt to recuperate financially.
I think an outstanding solution in today’s market and the banks are starting to see that short sales are what are going to dig us out of this real estate nightmare and this large loss of value. Number one, a short sale is a huge profit to you the seller. You may walk away from your home, get out of debt, not owe something, truly get a little bit of cash in your pocket and move on. For the financial institution, they get just a little bit more cash from a short sale than a foreclosure. The remainder of the neighborhood won’t have the unpleasant vacant houses which can be getting vandalized.
So if you have any more questions, fill out the form below. You can too use the form below to get to our free short sale calculator. It is an incredible instrument and I really encourage you to use that. We’re ShortSaleSlayerz.com, certainly one of Nevada County’s main short sale teams. We’re here that will help you make the proper resolution to your situation. Have an incredible day, thanks very much.
Do you need to sell you home or are you underwater and can’t make your mortgage payments? Jason Zweiglye and the Short Sale Slayerz can answer your short sale questions. We are California Short Sale Specialists.
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