Foreclosure in Eastern Shore>Question Details

carter9ok, Home Seller in Maryland

If I have alot of equity, over a million should I sell it at rock bottom to cover what I owe or let it go to foreclosure will the bank make more on it

Asked by carter9ok, Maryland Sun Sep 16, 2012

does selling on courthouse steps usally bring more money than owner selling it?

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Ron Thomas’ answer
If you have that much EQUITY, why would you consider letting it go to Foreclosure?
If you did, you would lose that Million.
If you tried to do a Shortsale, you couldn't and you would again, lose that million.
If you cannot make the monthly payment for some reason; SELL while you still can.

Or is there something here that you are not telling us?
1 vote Thank Flag Link Sun Sep 16, 2012
If you have that much equity in the home, call a local Realtor or contract me and I will be happy to refer you to an experienced Realtor in your area. It is always best to try to sell the home first before considering a short sale or foreclosure. You don't want to ruin your credit it at all possible. The bank will rarely make more at the court house steps.

Think this through,

Linda Coons
0 votes Thank Flag Link Mon Sep 17, 2012
How much equity you have in your house matters more than simply what is worth. You should be only interested in how much value the house has above your mortgage balance. Either way you should contact a Real estate agent to explore your options and help you to take a decision.

Best of Luck,

Maria Cipollone
0 votes Thank Flag Link Sun Sep 16, 2012
Hi carter9ok,

If you have equity, you should try to sell it. Contact a local Realtor to assist you. Why would you want a foreclosure on your credit if you don't have to?

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sun Sep 16, 2012
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