Cash is King – Upside Down Mortgage Solutions

February 2, 2008

Short selling your home while facing this difficult Real Estate Market

 An interesting email just came in today and I thought it would be important to share my thoughts.  What do you do if your home is worth less than what you owe on your home? SHORT SALE!  Good Question and even more difficult to handle without damaging your credit.  From what I have seen with all those folks I work with those that concentrate on solution not the problem are the ones that have the most success.  If you want to sell your home you can easily do that by contacting a Real Estate Agent and listing the house for sale but who you choose is the most important thing. A good Real Estate Agent is one who is experienced and knows exactly what to do to get you out of your home in a short sale situation.  They should have 15 other listings in a similar situation, they should have a negotiation team that deals directly with the banks and has experience dealing with them on an ongoing basis and they should have a team of people to help sell your home.  Often times I see people listing their homes with Agents they used in the past finding out too late that they didn’t have the right experience to do a Short Sale.  It isn’t easy because of all the negotiations that need to take place with the bank and the buyers who are looking to buy these properties.  Remember one thing when reading this EXPERIENCE IS THE KEY TO A SUCCESSFUL SHORT SALE. One quick note on credit, I have heard of banks negotiating on payoffs without missing any payments but I have yet to meet anyone who has done that.  Know going into a short sale that you may have to miss payments on your mortgage to make that happen.  If you have two mortgages you may only have to miss payments on the second but that is an entirely different article.  For more insight or a referral to experienced Real Estate Agents around the country you can contact me directly using this form. Just enter a quick message and your contact info to the form below:


1 Comment »

  1. I getting into a bind and want to make the right decision now while I still have money to feed the family and move if necessary. I refied and have a home equity loan. Town homes are very soft here in Florida. It may bring 350-375k on the market, I owe 400k. 300k in 1st and 100k in equity loan. So, I’m probably better off than some people I read on the site. Is a short sale the way to go? My income has dropped drastically. In the boat business. We also have a small restaurant. Income last year was gross 110k but with all my bills and 3k home payment( That includes the ridiculous 450 mo maint fee) I am even. This year maybe income of 50k.I am going backwards fast. If I move, close my office, I can save 4200 per mo and rent for 1200 mo. Should I consider a short sale? I heard it screw the credit up 90% as much as a Foreclosure. Am I liable for the equity loan if I short or foreclose in Florida?
    Second question is my auto lease at 499k with 20mo to go. How can I get rid of it. Can’t sell. bank won’t negotiate either. I may have to let it go.
    I really would like to start over, sound familiar? The rest is also up for sale at 75k. That would save me for a while but right now I need to think of dater, incase.
    Your input is appreciated.


    Comment by Jim Edwards — February 20, 2008 @ 2:41 pm | Reply

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