Mortgage more than house worth? Heres what to do!
Mortgage more than house worth? We have seen this problem a lot.
This is called being underwater. That phrase alone send chills down my spine and just makes me want to fold and call it quits.
Lets get back on topic, you owe more money on your Mortgage than the house is actually worth. Your house is worth ($180000 for an example) and try to list it on the MLS for sale for at least the mortgage an mount due. Your getting prospective buyers but nobody is pulling the trigger and executing a signed contract. Why? The property values in the neighborhood have dropped significantly and now brand new houses all remolded with the works, are selling for only $140000. Your buyers are telling themselves why buy a house at $180000 if I can get the same down the block for $140000? Thus No Sale!
What most realtors will tell you is to do a short sale when your mortgage is more than your house worth.
This is definitely a valid option, but there are other ways to sell your home when the mortgage is more than the house worth. and we should explore them first before going this route. Homeowners come to me all the time and we are able to find ways to be able acquire their home without having to go the short sale route. If you don’t know what a short-sale is, this means you hire professional or realtor to negotiate a payoff amount for less than what is owned on the house. To do this you have to prove that you are going through some sort of financial difficulty or even threaten to file bankruptcy. This means you need to purposely miss payments which can destroy your credit. If you didn’t know, doing a short sale will have ramifications Credit-Wize to the home buyer along with tax consequences if not done correctly. If you need to sell your home fast and want to avoid a short sale and are willing to work with us. Here’s what to do! Check out my new blog post How to sell a house underwater. The Ultimate Guide. After that. Give us a call. We have solutions to this problem and can open the doors to more possibilities.