In recent months we are hearing more and more about the Conneticut foreclosure market on the news, at
work and from family and friends.
Too many Branford Connecticut and New Haven County homeowners are finding themselves in financial distress and unable to make their mortgage payments At the same time the decline in home prices are leaving them with little or no equity in homes that are now worth less than what is owed on the property.
An alternative that homeowners are unaware of who need to sell but owe more than their home is worth or facing foreclosure is a short sale.
What is a short sale? A short sale is the sale of a home negotiated with a bank or mortgage compnay to accept less than what is owed on the property. For instance you may have a mortgage on your home of $350,000 but in today's market the current market value is only $325,000 based on the recent sales in the neighborhood. The lender must agree to take less than what is currently owed for it to be a short sale.
A lender's decision to do a short sale depends on a number of factors and criteria. While your home may fall into this category it is the lender who determines what they need to move forward with the short sale process.
If you are in a situation where you need to sell and owe more than your home is worth or have been late with your mortgage payments and may face foreclosure proceedings, the first step is to contact your attorney and financial advisor. They will help you understand the short sale process and any possible risks involved.
You 'll be ahead of the game if you start now instead of waiting unitil it's too late.
Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.
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Contact Donna Bigda, RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.
If you're thinking about buying a home in Branford CT there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Branford CT real estate homes or condos, see Branford CT real estate or sign up today to get access the hottest new listings here Branford CT homes and condos.
Mortgage Assistance Relief Services Disclosure
RE/MAX Alliance is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. RE/MAX Alliance is not engaged in the practice of law nor gives legal or tax advice. It is strongly recommended that you seek appropriate professional legal counsel and tax advice for any real estate transaction.
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