The decision to do a short sale can be one of the hardest decisions a homeowner may have to make.
They have spent months agonizing over it. There have been countless sleepless nights and far too many discussions and arguments over it trying to hold on and find another way. It goes against everything they were taught and their moral values. They have never been late on a payment before, let alone missed one. Walking away just isn’t the right thing to do – or is it?
Maybe they can hold on long enough for the market to turn around, and they can sell the house for what they owe. Realistically, that could take too many years. For example, if they owe $350K on their mortgage, and the current value of the home is $180K, with an estimated 3 percent annual increase in home prices, it will take 16 years to sell the property for enough to pay off the mortgage and closing costs.
While trying to hold on and struggling to stay ahead, they start charging more of their everyday expenses on credit cards. Now, they are not only struggling to pay their mortgage, but their new debt and monthly credit card payments, as well.
Some have depleted all their savings and even retirement and 401K in an attempt to save their home, only to be facing the same dilemma once all their funds are gone.
Others have spent months filling out paperwork and hours on the phone with the bank applying for a loan modification—only to be denied.
Unfortunately, the only thing these homeowners have been successful in doing is losing any savings they had or building up high credit card debt only to lose their home anyway.
I hear the phrase don’t walk away as if it’s the homeowner’s choice. For some, it may be, but for most, it isn’t a choice at all. It’s a necessity.
Don’t lose what you have or build up huge debt trying to save a sinking ship. If you have been denied a loan modification, or it’s not an option for you, if you are facing financial difficulties or even foreclosure, doing a short sale may be the best option for you and your family. It’s not just about pride anymore, it’s about taking care of your family, and being able to survive and start again.
A short sale isn’t just a way to get out from under your mortgage. It’s a way to save your family and your credit, and a way to start again.
Contact me today for a free confidential consultation to discuss if a short sale is the best option for you, or visit my Web site at www.ArizonaShortSaleToday.com for more information on short sales, loan modification and foreclosures.