Tammy Coleman, ABR, CDPE, GRI. REATLOR, Real Estate Professional in 23462 Email Phone
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Tammy Coleman, ABR, CDPE, GRI. REATLOR

"YOUR REAL ESTATE PARTNER IN TIDEWATER"
  • 2 Answers
  • 3 Listings
Agent at RE/MAX Alliance
Experience:
REALTOR for RE/MAX Alliance March 2003—present
I am a highly motivated individual who thrives on new challenges and a fast paced env…
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Specialties:
Real Estate
Short Sales
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Certifications
& Awards:
Circle of Excellence Award Winner
RE/MAX 100% Club Award Winner - 2005, 2006, & 2007,2008,2009,2010, 2011
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Interests:
Home remodeling, flipping homes, investments, Short Sales, Marketing,
About:
Home Search
Buying and selling a new home requires a lot of knowledge to make your experience a success. Looking for homes? Search everything the web
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Testimonials:
"We are so thankful to the greatest Realtor ever, not to mention, good friend. Thank you so much for working so hard to get our “bundle O’ love!” ... show more

I owe more than my house is worth

Tammy Coleman, ABR, CDPE, GRI. REATLOR answered:
Home Seller, there are a few options you might want to look at.

1. A loan modification
2. Short Sale
3. Come to the the table with money

Keep in mind your current financial situation will determine which one you will need to do.

For instance, if you need to sell, you need to look at coming up with the "shortage plus all the closing cost etc, or if you are in a financial hardship looking at a short sale. If you want to stay in your house and are in a financial hardship I would try to do a loan modification.

If you are selling you need to make sure you are subject to bank approval if you don't have the money to pay off the second mortgage. Keep in mind that most second lien holders will take a reduced amount to close...but there are tax repercussions you might face. I.E. is this an investment properyt or owner occupied. - Tue Sep 15, 2009
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