Property Q&A in 27604>Question Details

Will, Home Owner in Raleigh, NC

I bought a town home in the brentwood area or raleigh nc 27604 4 yr ago i paid 134.500.00 if just aprased for 129.750.00 is this concided upside down

Asked by Will, Raleigh, NC Tue Jan 17, 2012

if i had to sell would i get what i paid or would it be whats called a short sale, bank america will not even respond to my questions or return my calls i am able to pay my mortage but six units have forclosed this month alone and there are only 74 homes in the subdivision as it is... am i going to louse my shirt or should i plan to lose my home

Help the community by answering this question:

Answers

2
Will,

I understand your concerns, there are a lot of foreclosures happening in all the neighborhoods.

To answer your question, you are upside down on your home if you owe more than you could sell your home for right now. Many people are in this situation, but it does not mean that they can Short Sale their home; nor would I recommend trying it. It is important to note that if you plan on staying in your home for more than a couply of years you probably will end up being ok once the majority of foreclosures are finished and regular resales become predominant again.

Feel free to call me if you have more questions or would like to talk about this in greater depth. Have a great day!

Krista
0 votes Thank Flag Link Tue Jan 17, 2012
Hi Will,
It depends on what you financed, if you owe more than 129,750, then it is considered that you are upside down . IF you had to sell and you owed more than you sold the home for then that would be considered a short sale, and you would lose the monies that put down on the home.
0 votes Thank Flag Link Tue Jan 17, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer