The Stop Foreclosure Institute recently received a question from Steve. Here is Steve's Question.
"I divorced six years ago. We had had our home on the market for some time, but it wasn't selling. My ex needed money to buy another home.
Since it wasn't selling, we refinanced and split the equity. She used the money to buy another house and I stayed here. I put the home back on the market a little while later.
Today, several years later it still isn't selling. The market value today is $267,000. I owe over $300,000 today.
I am having trouble making the payments. I asked my agent about a short sale, but they didn't offer any help. I want to do the right thing, but can't afford the home anymore.
I have called GMAC, but they haven't offered any help either. Should I just stop making the payments and walk away? What do you think?"
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was my answer. Steve, you probably should talk to your agent again. If you owe more than your home is worth, then a short sale is your only option to sell it. (Unless you can bring cash to the closing table, but it doesn't sound like you have that option.)
I would have a heart to heart talk with my agent about your home. If they wouldn't help me with a short sale, then I would find another agent.
There are thousands of agents in the US and I'm sure you can find someone else that can help you. A short sale is your best option.
You get to live rent free for 3-6 months. After that, you can walk away without owing the bank a penny. That is because most short sale agreements release you from the debt. Best of all, under current lending guidelines you can buy another home 2 years after a short sale, versus the 5-7 years wait required after a foreclosure.
All of the paperwork is handled by your agent. You just give them the basic short sale financial paperwork required by your lender and they handle everything else on your behalf.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
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View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale RealtorShort Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
Important Notice
Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: I can't afford my home. What should I do? is provided as a courtesy to our viewers to help them make informed decisions.
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