You bought your house over a decade ago. It was a time when you were full of dreams and possibilities. The real estate market was going up, you did your homework, plunked down your savings and bought a piece of the American Dream.
The market (not only in Loudoun County, but in the whole country) took a sharp decline, and you held on. You had a good job, good credit, and knew that it would eventually rebound. You decide to be true to your responsibilities and wait for the recovery. After all, you like where you live and it's only temporary.
Over the years things change....life happens. Maybe you get a new job in another location or you get married and have a few children - perhaps you become an empty nester or go through a divorce. You might have decided to rent the property and move to something that works better for you - closer to work, more space, or less maintenance. But the rent doesn't cover the mortgage, and each month you fall just a little bit further behind. The air conditioner goes out, you need a new roof, the car is on it's last legs, daycare costs a fortune or medical bills add up....it gets harder and harder to hold on.
You check the real estate values and see that they have recovered somewhat. Whew. Then you look at your loan balance when your rate comes up for adjustment and realize you are still upside down, and sinking.
How could this happen to you? The responsible one, never missed a payment in your life. Except for that one bounced check in college your financial history is flawless, and now here you are, googling short sales.
It's like a new world with a new language. HAFA, REO, deficiency judgement, BPO, investor, hardship letter, and who the heck are Fannie and Freddie anyway?
You are not alone. The last 2 years at Ask Gina & Company we have seen more people with 750+ credit scores and impeccable payment histories with good jobs turn to the short sale process to avoid foreclosure of their Virginia home. They have held on as long as they possibly could and are relieved to know there is a way out.
We discuss their situation, offer up options, and work together towards a solution.
If this scenario sounds familiar and you are ready to get out from under and move on, give us a call today. We have successfully negotiated short sales for 10 years now and have the resources and experience to help. All conversations are held in the strictest of confidence.
703-574-3478 or you can ask that we contact you.
* A personal side note, I was that person. I bounced one check my entire life when I was 18. I never had a late payment until I was in my mid 30's and had to walk down the short sale path. I had an 800 credit score. I have a good income. I also had a property that was several hundred thousand dollars in the hole, and my family life had changed from dual income, 2 kids to single mom, 3 kids. A short sale was the way to avoid foreclosure and begin a new chapter in my life. It wasn't an easy decision, however it was best to face the challenge head on and do what was needed to provide for my family. Believe me when I say I can relate. xo