Loudoun to Winchester VA - Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.
They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.
Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month.
He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan.
They wouldn't drop the payments below $1,200 a month. Even though the home he is renting is nicer than his house, it is selling today for around $105,000.
Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.
When prices were rising it was actually more expensive to own versus rent. But, everyone wanted to own because their house was supposed to go up in value.
House prices and rental prices have dropped since then. Yes, rents are not at an all time high! The dropped during the economic crisis and have come back up since then.
So, if you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.
That will make it more likely that you will get the reduced payment you need so you can keep your home. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 703-795-5904
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Loudoun to Winchester loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Cindy Greenya.
EXIT Realty Talbot and Company is one of the fastest growing real estate firms. I specialize in helping investors, buyers, and sellers invest in real estate in Loudoun, Clarke, Winchester City, and Frederick Counties including Sterling, Leesburg, Hamilton, Round Hill, Purcellville, Berryville, Clear Brook, Stephenson, Winchester, and surrounding areas. You will have step by step guidance and access to resources to make the move as seemless as possible. Call us today at 703-795-5904.