Dec
6
Written by:
Mayra Lema
12/6/2011 12:00 AM
IL – The Stop Foreclosure Insitute recently received a question from Denzel.
Here was his question. “I purchased my home in 2007 for 365,000 and put 18,000 down. Today I owe approximately 340000.
The mortgage is with Wells Fargo. No Second. The same size home is being sold by the builder brand new for 240,000 brand new.
I have to move for retirement, and don’t have a job lined up. What are my options. Denzel.”
Here was our answer to Denzel’s Question. I think a short sale would be your best option. Let me explain why.
First, in most cases the bank will forgive you of the upside down debt. Second, it is a clean break that allows you to move on without having to worry about the house anymore.
Many people would consider renting out their house. But, that will only turn your home into a long term burden. You will have to collect rent each month from the tenant and cover the mortgage if they don’t pay.
Besides, managing a rental home from another town is difficult. You won’t know how the tenants are maintaining it. It will be hard to rent the home to someone else after the move.
You will have to come back to town or hire someone else to rent it for you. This just means more expense and hassle for you. Again, which is why I recommend a short sale.
A third option is to simply stop paying on the home and let the bank foreclose. But, you end up with more credit damage versus if you short sold the home. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at info@realtyonegroupinc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (773) 427-9200
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jorge Romero.
Jorge is a Real Estate Broker at Realty One Group Inc. Short Sales Realtor:
Phone: (773) 427-9200. info@realtyonegroupinc.com.
View My homes for sale at www.RealtyOneGroupInc.com.
Jorge Romero and Team specializes in loan modification assistance and short sales in Chicago Illinois. Chicago Loan Modification Help, Chicago Short Sales. Chicago Short Sale Realtor IL Short Sales. Realtor.
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