Market Conditions in 48324>Question Details

Iad, Home Owner in 48324

My mortgage is larger than the value of my house, what should I do?

Asked by Iad, 48324 Fri Jan 28, 2011

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Answers

7
Always go to your lender first to see what options they will offer you. Also it is wise to check with an attorney
0 votes Thank Flag Link Tue Oct 2, 2012
Hi Lad

Talk to your lender and see if they would agree to a loan modification.
If not start with a short sale process.

But do talk to a CPA and an attorney.

Good luck.
Perry
0 votes Thank Flag Link Sat Jan 29, 2011
There are many questions that need to be answered before one could give you sound advice. While we list, market, and close many short sales, there are a series of questions that need to be answered before determining if that is the best route to go. In many cases, it is.

If you would like to discuss this as a possibility further, please contact me direct at Derek@DoorToDreams.com, or through my Trulia profile. You can also visit the website below or call me at 248.820.7222 ext. 3

Hope that helps and wishing you well if we don't hear from you.
0 votes Thank Flag Link Sat Jan 29, 2011
Have you contacted your lender about a loan modification? Are you trying to sell? If so you might consider a Short Sale. Consult with an Attorney and get some advice.
0 votes Thank Flag Link Fri Jan 28, 2011
This depends on many things. For many people out there, their mortgages are larger than the value of the home. If they are in their homes long-term and have no need to sell and can pay their mortgage with no hardship, this may be of no real consequence.

But, if you are in a position where you need to sell or you are having trouble paying your mortgage, you have a few options. Your may first want to try for a loan modification with your bank. If you need to sell, you may also be a candidate for a short sale. To do either of these, most banks will provide you show hardship and documention such as bank statements, tax returns, etc. Contact a good real estate attorney or your tax advisor for more information.
0 votes Thank Flag Link Fri Jan 28, 2011
Believe me you are not alone. It depends on your particular situation. If you have a hardship and are having difficulty making your payments you should speak with your lender about a loan modification. There are government programs available for this purpose. If you are not working and don't have a steady income this will not work. If you want to sell you home and have a hardship you could consider a short sale, but as Anna stated consult an attorney to help protect any other assets.
0 votes Thank Flag Link Fri Jan 28, 2011
If you can prove hardship to the lender, a short sale may be an option--however, before considering a short sale, protect yourself and any other assets you may have by consulting with an attorney who specializes in real estate.
0 votes Thank Flag Link Fri Jan 28, 2011
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