Resetting Mortgages are Causing More Short Sales in 2016

By
Real Estate Broker/Owner with Realty Works Temecula BRE No: 01233850

Yes, just when it looked like it was over for short sales they have picked up again inpart due to many homeowners not being able to afford the raise in their mortgage payment.

This time the number one cause is unaffordability. Many homeowners that were given a loan modification 5 years ago are now getting letters from their lenders with major price adjustments to their house payments.

These price hikes are large and are now forcing homeowners to default on their payments and seek help from their lenders for a second or third time. However, most are finding that the lenders are no longer willing to help, resulting to homeowners having to sell or face a foreclosure instead.

 

To sell your Temecula home is the best solution but many home values still have not come up enough to repay the mortgage if sold at market value.

 

This is why we are now seeing the come back of the short sale again in 2016 - just when it was looking like short sale was going to be a thing of the past. Mortgage resets are causing more short sale again here in 2016.

 

A short sale is a solution to avoid foreclosure. A Temecula short sale will allow you to market and sell your home even though you owe more than its current market value. You will net ZERO Dollars, but you avoid foreclosure and can remain in the home during the process which can take 3 to 4 months to complete.

 

Find out more about the short sale process, visit my website at http://Realty-World.net/Short-Sale-Agents

 

Here in California, you are released of the mortgage in full and the lender can not come back after you for any deficiency at the end of a short sale. Plus you are NOT allowed to pay any costs of the short sale including agents commission. :)

 

Have an expert Temecula short sale agent by your side and you are sure to have lesser worries through the process. Call me, Sidney Kutchuck, today at 951-217-6745. Let's go over the process on how to get your Temecula short sale approved at no charge to you.

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Topic:
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Location:
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