Foreclosure in Lees Summit>Question Details

Michael Burke, Both Buyer and Seller in 64086

similar homes in my area of lees summit, mo. are selling at about 132500 on average right now. I owe 151K on my home. Would it be advised to look?

Asked by Michael Burke, 64086 Thu Apr 14, 2011

at foreclosures and negotiate a trade with the lender? I don't know what to do.

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Ben Edsall’s answer
Michael,

I'm not sure I understand the question. Firstly if you owe 151K and similar homes are selling for 132K you will likely either have to stay there until you either build some equity or the market improves. If you are under-water and unable to continue making the payments then you may want to look at negotiating a short-sale with your lender.

It is not likely that anyone will want to trade your property for another one with your negative equity. Your situation is not unique; in fact it has become somewhat the norm today. If you do have to do a short-sale, deed in lieu or foreclosure you will not likely be buying another home for many years.
0 votes Thank Flag Link Thu Apr 14, 2011
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