Short Sale Question: What Are My Options?

By
Real Estate Agent with RE/MAX Action
IL – The Stop Foreclosure Insitute recently received a question from Denzel. Here was his question. “I purchased my home in 2007 for 365,000 and put 18,000 down. Today I owe approximately 340000. The mortgage is with Wells Fargo. No Second. The same size home is being sold by the builder brand new for 240,000 brand new. I have to move for retirement, and don’t have a job lined up. What are my options. Denzel.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to Denzel’s Question. I think a short sale would be your best option. Let me explain why. First, in most cases the bank will forgive you of the upside down debt. Second, it is a clean break that allows you to move on without having to worry about the house anymore. Many people would consider renting out their house. But, that will only turn your home into a long term burden. You will have to collect rent each month from the tenant and cover the mortgage if they don’t pay. Besides, managing a rental home from another town is difficult. You won’t know how the tenants are maintaining it. It will be hard to rent the home to someone else after the move. You will have to come back to town or hire someone else to rent it for you. This just means more expense and hassle for you. Again, which is why I recommend a short sale. A third option is to simply stop paying on the home and let the bank foreclose. But, you end up with more credit damage versus if you short sold the home. Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at dtoomey@remax.net. 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 (847) 338-0180 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our 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, Dennis Toomey. Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. dtoomey@remax.net. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at www.HouseByZip.com. Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Dennis's personal views and do not reflect the views of RE/MAX Action. This information on Short Sale Question: What Are My Options? is provided as a courtesy to our viewers to help them make informed decisions.
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Rainmaker
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Julia B. Fee Sotheby's International Realty - Larchmont, NY
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Hi Dennis-  lots of info....

Dec 11, 2011 11:23 AM #1
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Rainmaker
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