“Every month is a struggle.”
“There’s no end in sight.”
“I can’t pay this mortgage and feed my kids. It’s one or the other.”
“The loan modification was a joke.”
“I’ve tried everything. I can’t handle this anymore. I need out”
These are direct quotes. Sellers are hurting. But sellers are still trying to do the right thing. They struggle until they can’t struggle any more. Incurring debt elsewhere to keep the mortgage payments propped up. Working extra jobs to keep the mortgage payment propped up.
Owners can’t sell because house values have declined way below loan balance.
So, what’s the way out?
Short Sale
A short sale is a valid and dignified way of selling an “underwater" home. In a short sale, the lender accepts an amount “SHORT” of the amount owed. Hence the word “short” in short sale.
The seller sells their house, they don’t get foreclosed upon. Sellers don’t lose their home, they get rid of their mortgage payment.
To get a short sale successfully done, always hire a Realtor who is highly trained and experienced in short sales.
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