Why Short Sale? – FREE information on Foreclosure Defense, Mortgage Modification, Tax Consequences, Deed-in-lieu-of-foreclosure, Short Sales, Deficiency Judgments, Bankruptcy Referrals & more. John Michailidis, SaraMana Properties – Phone: (941) 822-5221
A Foreclosure Epidemic Is Looming. Are You Ready?
Are you stressed out about mortgage payments? Do you think your only option is a foreclosure? Is a short sale right for you? Millions upon millions of homeowners are asking themselves the same questions.
As of late 2010, it was estimated that 28% of U.S. homeowners have negative equity in their homes, i.e.: their home is worth less than the mortgage amount owed. With a U.S. population of nearly 310,000,000, that translates into nearly 87,000,000 homeowners who owe more than their home is worth. Clearly, there is a widespread mortgage crisis!
And those are the general, national figures, which do not take into account regional differences. According to the real estate information company, First American Home CoreLogic, over 48% of Florida homeowners are “under water” on their mortgage. Think about that. Stand out front of your home and look to the left, then look to the right . . . odds are that one of your neighbors is having mortgage problems too.
The real estate boom that buoyed Florida home values for so many years has clearly come back to haunt us.
What Can You Do Now?
Because of job loss, reduced income, and a host of other issues, massive numbers of Sarasota homeowners are coming to the realization that continuing to scramble to pay on a property that has lost as much as 50% of its value is a fool’s errand.
The wise majority of Bradenton homeowners are choosing to sell their homes through a Short Sale, as compared to staying in the home and hoping that one day it may be worth what they paid. Truth be told, nobody is immune from this mortgage mess. Nobody is safe.
Tales of woe as they relate to the foreclosure crisis-cross all socioeconomic and geographic boundaries. The crisis touches both celebrities and average Americans, all of whom have the option of selling their homes through a short sale, or allowing it to be foreclosed upon. The point we’re making is this, “Selling your Lakewood Ranch home through a short sale doesn’t need to be a shameful, life-ruining experience.”
More often than not, short selling your mortgage simply makes smart economic sense, and will have the least long-term impact on your credit history and finances. There is less of a negative “hit” on one’s long-term credit score, and it is often much easier to purchase another home down the road after a Venice Short Sale then after a foreclosure.
The SaraMana preForeclosure & Short Sale Assistance Team helps Sarasota and Manatee County Florida homeowners facing Foreclosure to STOP Foreclosure, Avoid Deficiency Judgment, and move on with their lives without the stigma and long-term overhanging debt that a Foreclosure could bring.
For more information Call us at 941-822-5221, or submit this ONLINE FORM.
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