Is this you? If it is, you are not alone; you are among the many people that bought houses at unbelievably high prices in Monterey County. Most people, that find themselves in these situations, do not know where to turn and feel like they are loosing hope. The mortgage is too high, the expenses are eating their finances and they don't know what to do. The banks are sending multiple notices, which go unopened, the mortgage is not getting paid, the creditors are calling all day...it is not fun.
Maybe you have tried to get a loan modification and are frustrated because you call and call and send the documentation that they want and you still don't have an answer, maybe you have been denied....what do you do?
Short sales are an alternative to foreclosure, this is where the house goes on the market and the bank settles for less than you owe...a good alternative for many people. It gives you a fresh start and you can rent for awhile, save your money and YES, you can buy a house again in a few years...if it is in your best interest.
Although it may feel like a difficult decision to make, short sales are not the end of the world. If you owe more than your house is worth, talk to a real estate professional and weigh your options.
There are many reasons why houses need to sell. You may discover that your house just does not fit into your life anymore and you want to sell. There is no shame in "throwing in the towel" because it certainly does not make any sense to put your hard earned money into something that is not producing security for you and your family.
It is not a good feeling to live in a house that you can not afford. It especially does not make any sense to put money into a house and not be able to do anything else except "live" in your house. This is an idea that some call being "house poor". Negative equity is when you owe more on your loan than what your house is worth. Don't do this to yourself, get out while you can!
Do you know what your house is worth? Do you know how many houses in your neighborhood are in default? Actually, nationally, milllions of borrowers are in a negative equity scenario. If you are curious about how much your house is worth give me a call. I can run a comparative market analysis for you and show you how much your house would sell for if you put it on the market today. Once you find out the true numbers, if you say Help I owe more than my house is worth, we can discuss your options. I am happy to help you.