Here are your options from best to worst for your credit:
1: Sell it and bring cash to closing to cover the difference
2: Refinance to get a lower payment and rent the property out, I have a property management company I can refer you to that can take care of all the details.
3: Do a short sale, I have experience and success with short sales.
4: Give the home to the bank via deed in lieu of forclosure
5: GIve the home to the bank via foreclosure
Feel free to reach out to me to discuss details.
I always appreciate your referralsâ€¦
If you don't have enough equity in your home you have a few options:
1) Write a check. If you own a home worth $100K and you owe $200K you would need to write a check for $100K at closing to close.
2) Compete a short sale. Likely your best option, as if your bank approves you will be allowed to close without having to come up with all that cash
3) Keep the home and wait. Depending on where you live and what you own this could take anywhere from a couple to dozens of years before you'll break even.
4) Let the home go. Let the home go to foreclosure. This is terrible for your credit and will significantly impact your life for around a decade.
You need a competent professional who knows your rights and options and I would be happy to help. I complete dozens of short sales every year and by the time we hang up the phone I can promise you will be impowered with the information you need to make an informed decision.
Reach out via phone at 773-313-3781 and ask for my assistant Jenny Torres. If you want detailed info on short sales check out my blog.
Short sale- if you can prove a hardship and are willing to take the hit on your credit (plus 100 points at a minimum). This will get yo out, but will also keep you from obtaining another mortgage for at least 24 months. we can talk more about the hardship part, but you should assume you will have to show you have no ability to bring the shortfall to the closing table.
Sell and pay- you sell for the best price possible, and you pay the balance to the bank. You may be able to negotiate some of this, you might even be able to get a note for the amount you owe and pay over time. Generally speaking this will be the route to take if you want to preserve your credit and ability to buy again now.
What you need is a full interview with someone who knows this process on the Realtor side, as well as a negotiator who knows what your lender's process is like for a short sale. We do this all the time.
A lot of home owners are leery of becoming landlords, and for good reason. My company educates home owners about risk management for issues such as:
- Malicious damage done by the tenant
- Frivolous lawsuits (or valid ones)
- Default of lease
We work with a company that provides coverage in all areas, including up to 6 months of lease payments, should the tenant default on the lease.
Two words: Short Sell
Short Selling has become easier since you no longer need to stop making payments. In addition, banks are responding in half the time as a couple years ago.
I have helped a number of clients short sale. Just let me know if you would like some help.
John Meyers, Meyers Realty
If you have Chase , citi or Wells fargo , you may be getting until $20,000 in the closing for an incentive from these banks
Email me for more info at BarcelonaRealtor@gmail.com
And you dont have to pay for commissions and taxes
A short sale is not the same thing as a foreclosure. In fact, the two processes operate separate and apart from each other. If a seller is facing foreclosure, it is almost always in their best interest to attempt a short sale with the bank. While working to complete your short sale with your Realtor, your attorney, and the bank, the foreclosure process will continue on its own, but generally speaking, a short sale takes much less time than a foreclosure. A short sale will typically have less of an impact on your credit score than a foreclosure, as well. A foreclosure is considered a judgment against you and will stay on your credit report for 10 years. A short sale is considered â€œsettling a debt for less than is owedâ€ and, as with most other negative trade lines, will come off of your credit report in seven years.
You will need to prove a financial hardship in order for the bank to consider the short sale. If you have a lot of money sitting in your checking account and are just looking for the lender to take the loss on the property, a short sale is not for you. The most common hardships are:
Reduction in income or loss of employment
Divorce or legal separation
Death of a family member, illness, or significant medical bills
Relocation or job transfer
Major repairs needed on the property, without financial resources to pay for them
Active Duty Military Transfer
Contact me if you would like to chat about performing a short sale on your house. In any case, good luck!
Make sure you get an agent who has a lot of experience in getting short sales approved since that is a long process. Make sure your agent explains how a short sale can affect your credit and other short and long term buying capability.
Help-U-Sell Achievers Realty
Los short sale venta corta que no suelen cerrar suele ser debido a varios factores incluyendo pero no solo a Fraudulentos abogados intentando sobre cargar a los bancos , y compradores demasiado interesados de una forma anormal sin sentido intentando monopolizar y privatizar el shortsale unilateralmente
Solid Solutions Real Estate and Investmetns, Inc.
If not then a short sale may be a good solution, but you need to connect with your lender to see what
they would accept, and if they would accept a short sale.
You could certainly also consider renting, if you can at a rent that would cover your expenses. So for
all those choices and considerations you should really sit down with an experienced Realtor in your area,
discuss the current value of the property and then discuss with the lender if they would accept a short sale and what they would accept....
If you need a good agent who has expertise in short sales, get back here and I gladly send one your way actually Ivan Sagel from my real estate brokerage is offering you his services, why not contact
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE ïŠ
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties ---- EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
Lender will let you know what they will require for a short sale.
You should also find a realtor who would be able to give you a current estimate value of your property and also help you sell it. Realtors can ussually refer you to an attorney who specializes in short sales.
I can connect you with sellers you can talk with them about their experiences with my team
If you have Chase - Bank of America... maybe elegible for +20k (depend of factors )
The average time for a Shortsale is about 45 days to 90 days
Yo realizaria un short sale venta corta , debido a que varias leyes aplican y protegen al vendedor como el no tener que pagar taxas ganaciales .
Si realizas un short sale venta corta con algunos bancos te pueden dar un incentivo de mas de 20k , dependiendo de factores internos i guias internas del banco .
If you would like to talk further you can call me at 312-738-0232.
If it is an FHA, Fannie Mae or Freddie Mac and you have a job you may qualify under the new rules to refinance to a lower rate without an appraisal. Reach out to a mortgage lender first. I recommend Mary Kay Laurent at Guaranteed Rate 773-516-6859.
If you are unable to refinance at lower rates my second choice would be to short sale. Personally I use an attorney to take of the bank and I concentrate on the sale side. The attorney I recommend takes no monies. They get paid at the closing from the bank and that is why they make sure your property gets closed.
If I can help you in anyway feel free to contact me.
Best of luck.