Blog
0

IL – 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 evelyn4homes@aol.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 630-896-9999

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our 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, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc. . Short Sales Realtor:

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at
www.dynamicbroker.com
.

Evelyn Santiago specializes in loan modification assistance and short sales in Aurora Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Montgomery Loan Modification Help, Montgomery Short Sales, Montgomery Short Sale Realtor. Yorkville Loan Modification Help, Yorkville Short Sales, Yorkville Short Sale Realtor.
Short Sale Realtor. IL Short Sales. 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 Evelyn Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc. .

This information on 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.

Quick Property Search

City:
Type:
Max Price:
Min Price:
Min Rooms:
Min Baths:

Random Testimonial

  • ~ Thanks again for a fantasic job! – Susy R., Montgomery

    Thanks again for a fantasic job! – Susy R., Montgomery"You did a wonderful job on making sure everything was in place and was always available.  I am still surprised that we closed since it was so close to the last wire.  I'll make sure to forward your name to any friends or family members looking to buy or sell.  And I'm sure you'll get a call from me when I am ready to sell my primary"

  • Read more testimonials »