Are you losing sleep over your home mortgage?

Real Estate Agent with Keller Williams

    If your house payment is more than you can pay and your mortgage balance is greater than the current market value of your home you may be losing sleep.  You may think foreclosure is your only option, but I there are other options that will get you out of your situation quicker and with much less damage to your credit history.

   The program I am suggesting is called a "short sale."  A short sale simply means that you sell your property for less than the balance owed on your note, and you do so with the lender's blessing.  This is a win-win for all parties.  It is good for you as a seller because you list your house with me and I take care of everything.  It is better for the mortgage company because they don't have to foreclose which in most cases nets them less money and takes a longer time to accomplish, not to mention; lenders don't want to be property owners.  

   It may sound too simple to be true but I, as your realtor, do all the work and you can stop worrying about making a payment.  The negative on your credit history is far less degree than it would be with a foreclosure.  A short sale will cause a reduction in your credit history with anywhere from a 50 to 80 point reduction.  A foreclosure will cause a 250 to 300 point reduction in your credit score. 

   If you are losing sleep over your mortgage payment and are looking for a solution, call me.

Comments (3)

Joeann Fossland
Advantage Solutions Group - Tucson, AZ
Master Certified Coach to Motivated Agents
Nice letter to use to prospect with! It certainly is an area that real estate agents need to learn!
Oct 31, 2007 01:39 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
No, I am grateful that I as able to pay off the mortgage. Being in real estate and self employed its much better to have little debt. You never know when your income is going to drop. US Congress should be advised to do as well.
Oct 31, 2007 02:22 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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