If you are behind on mortgage payments then please, please take action immediately!
Millions of Americans are in the same situation no fault of their own. Too often that results in foreclosure and bankruptcy.
It is extremely hard and painful to come to the realization that the house cannot be saved.
The worst thing that you can do is deplete all of your savings just to keep up the mortgage payments and then lose the house anyway. Another terrible reality is running up credit cards and other loans just to keep up the mortgage payments but eventually lose the house to foreclosure anyway. In these cases the house is gone, savings are gone and extra unnecessary debt has piled up with nothing to show for it.
The major problem is that house prices have plummeted well below the amount owed on the mortgage. If you are struggling to make the mortgage payments please keep in mind that it may be many years until house values come back up to make the house worth more than what you owe.
Did you know there is a totally valid and legal way for you to sell your house for an amount short of what you owe and never have to pay back the difference? It is called a short sale.
In a short sale your lender allows you to sell the house for whatever the market is willing to pay, even if that amount is short of what you owe. The bank calls it a short sale because they accept an amount short of the payoff. In most cases the bank forgives the difference and you never have to pay it back.
That debt forgiveness is documented in a short sale acceptance letter, so you get that in writing and never have to worry about paying back the difference.
The lender requires you to list the house with the local Realtor who specializes in short sales. That ensures that the house will be marketed to the broad public and get the highest price, as opposed to just selling for sale by owner or calling up individual homebuyers. Don’t worry about paying real estate commissions or closing costs. Your lender allocates money from their proceeds to pay all of your closing costs and commissions.
I have personally helped hundreds of homeowners in the Louisville area avoid foreclosure by successfully completing a short sale on their house.
Please call me, Dave Halpern Realtor, at any time for a confidential and compassionate discussion about how you can put your mortgage behind you and start the rebuilding process as soon as possible. My direct phone number is 502-895-3100 and you can call me any day of the week and any time of the day.
Please take action immediately. Imagine a life without the overwhelming debt.