Help I Owe More Than My House Is Worth

Real Estate Agent with Century 21 New Millennium MD

If you owe more money  on your house than it is worth you need to know you have options and there is help available.  Leslie de Luca has presented one option, the Short Sale, below.  Please be aware that even with the Short Sale alternative your Lender may require that you bring funds to the Settlement table, or sign a promissory note. 

This is a nationwide problem and IS occurring in St Mary's Maryland. 

If you need free information or help in St Mary's MD please call or text Margaret C. at 301 481 8407 or Email

I am a Real Estate Agent serving Lexington Park, Great Mills, California, Hollywood, Leonardtown, PAX River, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, and surrounding areas, also Calvert and Charles County. Qualified to help you.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

Original content by Leslie DeLuca CaBRE#01364722

Help I owe more than my house is this you?  If it is, you are not alone.  Many people bought houses at unbelievably high prices in Monterey County and now they do not know where to turn.  The mortgage is too high, the expenses are choking their finances and they don't know what to do.  The banks are sending notices, which go unopened, the mortgage is not getting paid, the creditors are calling all is not fun. 

Maybe you have tried to get a loan modification and are frustrated because you call and call and send the documentation that they want and you still don't have an answer, maybe you have been denied....what do you do? 

Short sales are an alternative to foreclosure, this is where the house goes on the market and the bank settles for less than you owe...a good alternative for many people.  It gives you a fresh start and you can rent for awhile, save your money and yes, you can buy a house again in a few years...if it is in your best interest. 

Short sales are not the end of the world.  If you owe more than your house is worth, talk to a real estate professional and weigh your options....Sometimes a house needs to be sold because it does not fit into your life anymore.  There is no shame in "throwing in the towel"  It certainly does not make any sense to put your hard earned money into something that is not producing security for you. 

It is not a good feeling to live in a house that you can not afford, it does not make sense to put money into a house and not being able to do anything else...this is what some call being house poor.  If what you owe on your loan is more than your house is worth..this is called negative equity. 

Do you know what your house is worth?  Do you know how many houses in your neighborhood are in default?  Actually, nationally, nearly five milllion borrowers are in a negative equity scenario. If you are curious about how much your house is worth give me a call.  I can run a comparative market analysis for you and show you how much your house would sell for if you put it on the market today.  Once you find out the true numbers, if you say Help I owe more than my house is worth, we can discuss your options. 

Leslie De Luca

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Disclaimer for Short Sales and loan modifications IMPORTANT NOTICE  Your lender may not agree to change your loan and/or agree to a Short Sale.  If you stop paying your mortgage you could lose your home and damage your credit.  Seek legal and financial counsel.

Comments (4)

Robin Risley
Kamali Sotheby's International Realty - Cannon Beach, OR
CRS, GRI, Principal Broker

This is such a difficult time.

Aug 27, 2010 06:02 PM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

It is true that so many people are still lost and do not know what to do.

Aug 27, 2010 06:39 PM
Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Broker / Associate

Good information -- Thank you!

Aug 29, 2010 07:27 AM
Margaret C. Taylor
Century 21 New Millennium MD - Mechanicsville, MD
St Marys/Calvert/Charles MD Real Estate Agent

It is definitely a difficult and confusing time for home owners.  Thank you for your comments.  Margaret C.

Aug 29, 2010 02:12 PM

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