Home Selling in 77498>Question Details

joemudoga, Home Buyer in Sugar Land, TX

upside down on my mortgage; when should I sell

Asked by joemudoga, Sugar Land, TX Thu Dec 29, 2011

Help the community by answering this question:


Talk to local professionals, a Realtor and attorney, to figure the best way for you out...
Sorry but here we really do not have enough information to give any kind of advice or opinion.

Good Luck to you...
Edith YourRealtor4Life! and Chicago and Northern Illlinois Expert
Working always in the very BEST interest of her clients, buyers, sellers and investors alike
Edith goes the x-tra mile with a smile for her clients....
1 vote Thank Flag Link Sat Dec 31, 2011
Talk with your lender and simultaneously to a Realtor to get an idea of how much you could get for your property. That will enable you to determine the best route of how to come out of the situation smartly
Let me know if I could do a CMA and advise on the suggested price of your home
Good luck

Hena Malkani
0 votes Thank Flag Link Wed Mar 11, 2015
Talk with a mortgage broker and see what they can do to help you get on the right side of the mortgage if you are unable to pay it down.
Talk with your bank and see if they will help you refinancing the existing mortgage.
See what the CMA's are going for in your area, and what you need to price your home for to bring yourself even or enough to get out and move to a new location.
You never know things could be better than you think they are once you do the research and know where you and the market around you stands.

Good luck!

0 votes Thank Flag Link Mon Dec 2, 2013
I can refinance upside down mortgages that are Conventional loans done before June 1, 2009 and that have good payment history.
0 votes Thank Flag Link Mon Apr 30, 2012
Consider consulting with an attorney who specializes in real estate, and see what option is best for you. If you cannot afford one, contact your local Legal Aid Society for a pro attorney, free; a short may be one of your options, but much would depend on your circumstances.
0 votes Thank Flag Link Fri Dec 30, 2011

Please remember you have to prove hardship in order to sell your home as a shortsale.
Web Reference: http://ninaharrishomes.com
0 votes Thank Flag Link Fri Dec 30, 2011
It all depends on what your goel is for a out come, if in deed you owe more on your home than what it is worth, are there funds to cover the shortage, do you have to sell now. Hard to give you a answer without more details, give me a call or drop me an email and will be happy to councel you what is your best option.
Don Turner, 713-478-1121, don@donturner.com
0 votes Thank Flag Link Fri Dec 30, 2011
That really depends on your situation. Do you have the funds to cover the shortage? Why are you moving and do you need to move now? So many variables you really need to sit down and think it all out with your family.

If you are looking to purchase a larger home it may be a good time. Sure you will take a loss on this home but the bigger home will also be discounted by a similar amount so when the market turns around in the years ahead your equity will build faster.

Think about why you are looking to move and the answer will become clear. Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes Thank Flag Link Fri Dec 30, 2011
Please understand that your situation allows you to have many options; the conversation can get very personal and therefore is not recommened to be dislosed here.

I am a certified short sale real estate agent. Please note that everyone's situation is different and to sit down and discuss might give you other alternative options such as remodification; HARP program; short sale and other options that I will be able to guide you once I know clearly.

You are more than welcome to contact me to discuss what your option may be.

Thank you & Regards,

Azeem Karmally
Short Sale & Foreclosure Certified
Notary Public
REALM Professionals, LLC
Email: azeem@akarmally.com
Web Reference: http://www.akarmally.com
0 votes Thank Flag Link Thu Dec 29, 2011
Do you need to sell?

You might want to stay in your home?

No one can tell you when the market will get better or get worse.....accurately. Of course people can GUESS.
0 votes Thank Flag Link Thu Dec 29, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
You should contact an agent immediately who is familiar with short sales. He/she should ask if you have applied for a loan modification. Although these are hard to get, sometimes they are successful. If your situation was temporary and you can see yourself as able to get caught up, you may be successful. If not and your if you are needing to get out from under, you need to contact an agent asap.

Interview several agents until you are comfortable with that agent. Be prepared to provide any and all documents requested of you, such as last two years tax returns, past and current check stubs etc . You will need to be prepared fill out an financial form and a hardship letter explaining to the bank why you are requesting them to accept less than what you owe. Your agent will also need you to sign a form that gives him/her permission to discuss your account on your behalf.

You should be trying to sell already, unless you don't mind having a foreclosure on your record.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Dec 29, 2011
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