Montgomery County Loan Mod Help: Should I Walk Away or Stay?

Montgomery County Loan Mod Help: Should I Walk Away or Stay?

Montgomery County MD - Should you walk away or should you stay? Here is how to determine whether or not you should walk away from your home.

Because of the decline in the nationwide housing market, I doubt that your home is worth what you paid for it.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

First, determine the current market value of your home. Talk to a realtor. They will give you a market analysis, based on what other homes similar to yours are selling for.

For example, we recently helped a home seller who had paid around $700,000 for his home. We thought the home was worth about $400,000. His mortgage payment was a little over $4500 a month.

When you add in the property taxes and insurance his total monthly payment was around $5,300 a month. Similar homes were renting for around $2,500 a month.

If you compared rental payments, he was way upside down on his home. We ran the numbers and saw that he was on track to repay $1,697,000 over the life of loan.

Next, let's look at how much he would save by short selling and renting a similar house for two years. First, he would be saving $2500 a month by renting a similar home. In addition when he bought a similar home for $400,000 then he would repay around $934,000 over 30 years.

$1,697,000 minus $934,000 is $763,000. That means he would save $763,000 in mortgage payments over the next 30 years. What can you do with $763,000?

Would it make retirement easier? You probably could completely pay for 3-4 kid's college tuition. Most people could put 6-7 kids thru college with that kind of money.

Or, he could retire a few years early. Enjoy a little bit more of the "Golden Years."

It appears that he would be doing better for himself and his family by short selling the house. The bank was probably bailed out by the American Taxpayers. If he pays taxes, then he helped out with that bailout.

This is why I recommend that you look at all the numbers when you are trying to determine whether or not you should walk away. How much money will you be repaying over the life of the loan? Just Google "amortization calculator" and run the numbers.

Add up how much money you would be paying back with your current home and compare it to how much you would pay if you short sold, rented for two years, and bought another home after that.

Thinking about a loan modification? Our Montgomery Frederick & Prince George’s County loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send us an e-mail at info@rickthompsonteam.com to request a Free Copy.

Click here to request your free copy.

Thinking about a short sale? We can help you short sale your property so you can move on with your life. Send us an e-mail at info@RickThompsonTeam.com. We will contact you for a free consultation.

When we talk, we will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Rick directly at (301) 758-1059.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Avoid Foreclosure, Keep your home & credit: StopMocoForeclosure.com, StopPGForeclosure.org, StopFrederickForeclosure.org

We Solve Financial Problems To Make YOUR Homeowner Needs and Dreams A Reality!

Thanks for reading this, Rick Thompson & Team

Real Estate Agents at Remax Town Center. Montgomery Frederick & Prince George’s County Short Sales Realtor:

Rick Thompson Phone: (301) 758-1059 email us at: info@rickthompsonteam.com

Chris Thompson Phone: (301) 758-2679

Over 1000 families helped

Visit:RickThompsonTeam.com, find what you are looking for.

Don’t live in Montgomery County, MD? Don’t worry, if you live in Frederick or Prince George’s Counties we can still help!

Rick Thompson & Team specializes in loan modification assistance and short sales in Montgomery County Maryland. Montgomery County Loan Modification Help, Montgomery County Short Sales. Montgomery County Short Sale Realtor Montgomery County MD Short Sales. Montgomery County Realtor.

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Important Notice

Rick Thompson & Team, Remax Town Center, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Rick's personal views and do not reflect the views of Remax Town Center.

This information on Montgomery County Loan Mod Help: Should I Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.