Home Buying in Zeeland>Question Details

Phil Rowley, Home Buyer in Zeeland, MI

We've owned our home in Zeeland since 2005. Financed on 80/20 mortgage and the 20 is due in less than 2 years. We aren't sure what the value is.

Asked by Phil Rowley, Zeeland, MI Sat Nov 2, 2013

I would like to try selling but feel we'd still be in a short-sale situation. None of the banks we've talked to are interested in financing EITHER mortgage due to the balloon loan being due so soon. We obviously don't have the cash to pay it down or pay it off. Should we try for a short sale or just stay in the property until the balloon payment comes due and let foreclosure take its course?

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Prentiss Holt’s answer
NEVER just let foreclosure take its course!! You have options which can help protect your financial standing.

If you want to establish your home's value, you may want to go to this website:
http://musiccitylife.com/splash/icons/

I know it says only Tennessee, but I have used it before for other states and still gives great results!

Otherwise, I am good friends with the CEO of an incredibly highly-rated national mortgage company, iServe Residential Lending. If you are interested, I could refer you to speak with him about what might be the best for you? I refer all of my own clients to them, and could not recommend them highly enough. Just shoot me an email at: theholtrealestategroup@gmail.com
0 votes Thank Flag Link Sat Nov 2, 2013
It depends on your long term Real Estate Goals. You do have options. Call me 616-325-0749 Ryan K
0 votes Thank Flag Link Mon Feb 9, 2015
Do you WANT to move or do you NEED to move, or are you just concerned about that balloon payment? I wouldn't do anything that would negatively affect your credit right now. You never know what the circumstances may be by the time your balloon payment comes due. You may be able to negotiate with the mortgage company that the loan(s) are with to refinance it in the future.
You may also gain some equity between now and then as you pay down your balance with regular payments and the market continues to rebound.
Have you had a professional give you an opinion of what your home may be worth? It's always good to know the facts before making a big financial decision that could affect you long term. If you'd like a free market analysis, feel free to contact me. 616-292-8429, JuanitaBuskard@Remax.net
0 votes Thank Flag Link Sat Nov 2, 2013
Phil,

A short sale can be a good option to avoid foreclosure. I am a Certified Distressed Property Expert and have extensive training in short sales. Feel free to call me or email me to discuss specifics. I can help give you an estimated value on your home and see where you stand. Carrie Girman, RE/MAX Lakeshore 616-848-0166, carriegirman@remax.net
0 votes Thank Flag Link Sat Nov 2, 2013
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