Bellevue WA – 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 $450,000 for a home. His mortgage payment was around $3,200 a month.
He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $2450 a month. He had tried for months to convince his lender to modify his loan.
They wouldn’t drop the payments below $3,000 a month. Even though the home he is renting is nicer than his house, it is selling today for around $260,000. Click HERE to continue reading.