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Los Angeles, California Real EstateIs a Short Sale Right For Your California Home?
If you are like many California homeowners, you realize your home may not be worth what you paid for it. Even worse, you may know by now that the value of your home is not equal to what you owe on your mortgage. If your job is secure and you are able to pay your bills you probably are not particularly concerned.
The days of selling a property and rolling the profit into a newer, larger home every few years are over. Values of California homes have dropped considerably across the state. Homeowners that can afford to stay in their homes will have to be content to wait out the storm by staying put. But what if your mortgage payments are just too much to handle? If you stop paying your mortgage payment, you risk going into foreclosure. Keep in mind if you go through foreclosure your credit score may suffer irreparable damage. If you are feeling overwhelmed by your mortgage obligations, you might be wondering if there is any way out. Yes, there is. A short sale may be the answer to your problems. This is the condensed explanation of a short sale: the proceeds from a sale are not enough to fully pay off existing loan(s) and your lender accepts a discounted payoff to fully satisfy the loan balance. In most short sales, the lender will pay almost all sales costs. These costs will include commissions, escrow and title fees and necessary repair costs. The net effect for you, the homeowner, is your home is sold, your loan(s) are paid off and you avoid foreclosure. Do you qualify for a short sale? As a rule, lenders will not accept a short sale until you are at least one month behind on your payments. You will need to list your property for sale and locate a qualified buyer. If you are making less money than you were when your loan was originated and have depleted your savings, you will very likely qualify. You can talk about... Is a Short Sale Right For Your California Home? Tags: • savings • fees • title • commissions • costs • loan • lender • problems • credit • risk • foreclosure • payments • values • profit • selling • value • mortgage • homeowners • short sales • pay off • credit score • california homes • short sale • property for sale • real estate articles •
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