Today, many people are having financial troubles and would like to sell their home, but they owe more than it's worth.
If you are facing this situation, you probably want to know what your options are.
Can you get a loan modification? A loan modification means that the bank modifies the terms of your loan such as interest rate, the length of the loan or the amount you owe.
Should you consider a short sale? A short sale occurs when the bank agrees to accept less than the full amount of the loan when the house is sold. The bank may choose to agree to a short sale if your financial situation has changed and you can no longer afford your payments and the market value of the house has dropped below the amount of the loan or the amount of the loan plus the costs to sell the house.
Why would the bank consider a short sale? If you have a hardship, your house is worth less than you owe, and/or you are behind on your mortgage payment, the bank might prefer a short sale to a foreclosure.
If you are unable to make your mortgage payment, you don't want to lose your home or you don't want to go through a foreclosure, please call me for a free consultation to discuss your options.
Remember, the sooner you call, the more likely there will be time to reach a resolution.
Please see the video below from a client I helped save from foreclosure by doing a short sale on her Orange County home.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
For more information, please visit Costa Mesa real estate. For more information on Costa Mesa homes or the value of a particular home please visit Orange County home values
Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!
Do you want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Do You Need a Short Sale for Your Orange County House? Do You Owe More than Your Home is Worth?
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