IF you live in Hiddenbrooke, a gorgeous neighborhood in Vallejo,CA and have a Bank of America Mortgage and you are in the foreclosure process, did you know BofA has halted all foreclosures? in all 50 states? Some of the other big name banks, like Chase and GMAC, have halted foreclosing on delinquent homeowners in 23 states but not expanded to Hiddenbrooke Vallejo, CA...yet.
What does this mean to you? With a halt in this process you might have an opportunity to get out from under the mortgage debt by short selling your home. You might have thought there is nothing more I can do, "just let the home go back to the bank." Foreclosure damages your credit and damages it for a longer period of time than a short sale.
Why not find out what it would mean to short sale your Hiddenbrooke home? Speak with an experienced Short Sale Realtor. In a nut shell, a short sale is where you sell your home for less than what the mortgage balance is. Did you know the ultimate goal when short selling your home is NO MONEY from you? The bank pays the Realtors and will often pay delinquent real estate taxes and the normal/customary fees for selling a home.
Bank of America has a horrible reputation for how they handled short sales in the past. I am not of that opinion. Bank of America has and is continuing to streamline the process. A short sale still takes time, you must have patience and resiliency. Most important is hire someone who can manage and negotiate with Bank of America to approve your short sale under the terms you agree to.
It is very important if you are considering a short sale to speak with your CPA about tax consequences and an attorney.
If you live in Hiddenbrooke, Vallejo CA and are underwater with your mortgage and sick of dealing with a mortgage you cannot continue to pay, please explore the option of short selling your home. All it takes is time to learn, be informed, and take it one step at a time.
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