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 RealEstate@MargaretC.com
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.
Help I owe more than my house is worth..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 day...it 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