You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe and avoid foreclosure.
*Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
*Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
*Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
The process of a short sale can be complicated; If you would like help navigating the process, contact us today. Together, we can identify all possible options and assist you in the execution of a short sale transaction.