Questions to Consider
TRY TO KEEP THE HOUSE - SHORT SALE - FORECLOSURE
Are you behind with your mortgage payments?
Do you have a HARDSHIP? (Health, job loss, income reduced, divorce)
Is the Hardship situation Short Term or Long Term?
Do the mortgage loans total more than the current market value of your home?
Are you a candidate for a Loan Modification?
- Total housing payment (including mortgage, property tax & insurance) should not be more than 40% of your Gross Income.
- Total debt payment (including credit cards, auto loans, etc) should not be more than 50% of your Gross Income.
Many homeowners who bought their home at the top of the market obtained a “No-Income Verification” loan where they did not supply any pay-stubs or tax returns. Now you may be unable to qualify for a refinance.
It’s important to ask
- IS IT WORTHWHILE FOR US TO FIGHT TO KEEP THE PROPERTY?
- Can we really afford it?
- How long will it take for the market to come back to the amount of the loan?
- Would we be better off renting for a couple of years until our credit improves and then buying a less expensive house?
If you chose NOT to keep the house – then (in most cases) Short Sale is a much smarter choice that Foreclosure. ----- You can move out with some dignity and keep the foreclosure off your credit report. Often you get several extra free months in the house as well.
For a FREE CONSULTATION –
Call Rick Hannay cell 805-451-6061