So you need to sell and must short sale your house, Now what?

So you need to short sale, what do you need to  know?

The first thing you need to do is ask yourself some questions. 

1)      Do you want to stay in your house?

2)      Can you afford to stay in your house?  What is your income vs. your expenses?  Tell yourself the truth, write it down.

3)       What are your options, ask yourself these questions.

    A)    Can you modify your Mortgage? 

    B)     Will your bank modify your principal to the current market price?

    C)    Can you just give the keys to your lender and get out of your mortgage(s)?

    D)    Should you just walk away and let the house foreclose?

    E)     Where do you want to be in 5- 10 years after this mess of an economy has recovered?

    F)     What will  happen to your credit during this process. Is it possible to save your credit?  Will I be  able to buy another house?

   G)    Is it possible to stop the foreclosure?

 I offer on my website some self help links http://www.mikekarsten.com/Resources.html checkout the making homes affordable link.  If you have an income, you may be able to modify your mortgage and it will be the first thing your lender(s) will look at before doing a short sale.  My short sale company http://realmitigation.com/   has actually had lenders modify homes after the homeowners have moved out of their houses.

If you were to just mail in the keys to your lender, how does that benefit you?  Your lender is in no obligation to just take your house back and let you off the hook for the balance.  In today's market, they will most likely have losses and the outstanding mortgage will give them the right to go after you.  The question is what happens to the deficiency?

Sometimes a foreclosure is the best option for  you, but not always.  It really depends on your goals, how fast you want to recover and whether your lender will give you a full release on the amount owed on a short sale. In most cases a short sale will benefit you.  To get your questions answered Call Mike 253-299-6733 your short sale expert.

RealMitigation.com has successfully facilitated 1^st, 2^nd, 3^rd mortgages, tax liens, judgments  and other real estate horrors.

Mike Karsten is not an accountant or an attorney and these writings are simply opinions.