Do you, the homeowner, owe more $ to the Lender than $ you will receive from the sale of your property?
(IF SO - YOUR PROPERTY IS UPSIDE DOWN)
Here is a checklist if you are unsure:
Sales Price Less:
- Loan Pay Off (include pre-payment penalties)
- Sales Commissions
- Unpaid Taxes
- Repair Costs
- Escrow and Title Fees
- Buyer Incentives
If this is a negative number continue:
SOLUTIONS IF YOUR PROPERTY IS UPSIDE DOWN:
- Stay in the House - Do Nothing
- Sell the House and pay the Lender any Negative Amount
- Rent out the House, check to see if you have a negative cash flow situation and account for losing more equity as the market declines.
- Foreclosure, let the lender take your your
- Short Sale - Lender Accepts as Payment in FULL an Amount that is LESS than what is Owed on your House.
IF YOU WOULD LIKE TO SEE IF YOU QUALIFY FOR A SHORT SALE PLEASE CALL US FOR A CONFIDENTIAL TELEPHONE INTERVIEW AT 951-520-0515.
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