A lender-approved Short Sale is a better choice than a Foreclosure.
Home prices have dropped and a growing number of Rialto homeowners are finding their homes worth much less than the mortgage amount they owe to their lenders. You may find yourself in this situation because:
You purchased your Rialto home at the peak of the local market, just before prices began to drop;
You took out an interest-only or pick-a-payment option loan and your monthly payments did not reduce the principle owed – as your Rialto home value dropped, the amount you owed on it grew;
You tapped into your home’s equity with a second mortgage or home equity line of credit (HELOC) that now exceeds the value of your Rialto home.
Know that Foreclosures are not just a Rialto problem, Foreclosures have become a National epidemic. Don’t be embarrassed! Foreclosures happen to the hardest working people . . . good people just like you! The good news is that Lenders don’t want to foreclose and take your house. They will go out of their way to work with you. Just remember these golden rules!
- Rule #1: Contact your lender as soon as you know your payments will be late.
- Rule #2: Don’t ignore the lender’s letters or calls. Ignoring a problem won’t make it go away.
- Rule #3: Don’t assume your situation is hopeless and do nothing.
You Have Options
If you find yourself jobless, caught by escalating mortgage payments, mounting household/ medical expenses and you can no longer afford to pay your mortgage, a Short Sale is a viable option that has gained traction as an exit strategy. A lender-approved Short Sale is a much better choice than a Foreclosure.
Call Us – We Can Help!