I own a home in a area where there are many homes in foreclosure and homes for sale way below market, so that

Asked by Joe Anthony, 92532 Wed Feb 6, 2008

make my home
worth less than I owe.. An addtion to that I had a accident where it put me out of work and now I'm behind in payments, what are my options?

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Mike Phillips, Agent, Kansas City, MO
Thu Apr 2, 2009
Have you looked into making it a rental? Will the rents cover your payment?
0 votes
WhaleyRealty…, Agent, Sevierville, TN
Wed Apr 1, 2009
You can either:
1. let it go into foreclosure
2. Try to negotiate a loan modification with your bank
3.Short Sale your home.
4. Catch up your payments and continue on

Those are your options...if you need help figuring out which route to go I service the Lake Elisnore area too.
Let me know.
0 votes
Daryl, Both Buyer And Seller, California
Wed Apr 1, 2009
Hello Joe,

I buy shortsales. That's where the bank accepts an amount lower than your existing mortgage/s.
If you need information on how we can help you feel free to contact me at,
0 votes
Keith Sorem, Agent, Glendale, CA
Wed Feb 6, 2008
Sorry to hear of your situation. However, as you state in your question, there are other homes in your area in foreclosure. So the lenders know that also. They don't want another foreclosure, which could work to your benefit.

You should read my five part blog on the short sale foreclosure process.

Contact your lender and explain your hardship. Hopefully they will be willing to re-structure your loan.

Contact me or post for more help.
Time os of the essence. Contact your lender tomorrow, and a Realtor to help you out just in case you need to sell.
0 votes
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