Our market is turning around, home prices are on the rise, and, finally, we are seeing some equity building back up in our homes.
However, not everyone is in the same boat, and, for many, it’s still going to be a long road before they break even, let alone build up equity. If you purchased at the peak or near the peak of the market, or took out a home equity line of credit against all that equity you suddenly had in your home, you still are under water and have a long way to go.
For some, it doesn’t matter. They have no plan to sell any time soon, and can afford to wait and live in their home. For others who have been patiently waiting for the market to change, home prices may not be increasing fast enough or high enough, and they just can’t wait any longer.
Hardship—Maybe there has been a job loss or reduction in income, illness or medical expenses, or a separation or divorce. You may have had to find work in a different area or out of state, and now have to relocate. There are many reasons for a hardship, which can force a short sale to be an option.
Option Arm-Interest Only—Loan Modification. It may be you have an option arm loan about to adjust or an interest-only loan. The plan was to refinance in a few years into a fixed rate loan. However, when the market crashed, refinancing was no longer an option, and, if you still are upside down, probably isn’t an option today either. Maybe you tried a loan modification but were denied. After all, the percentage of successful loan modifications is extremely low. You just may be so upside down, and know hanging on and paying the higher mortgage payments is no longer the best option.
Whatever your reason, if you are upside down and need to get out from under the debt of your mortgage, a short sale maybe the best option. There is no cost to the homeowner to do a short sale, and there are many programs available whereby you actually get paid thousands of dollars by the bank to do a short sale.
Contact me today to find out more about the short sale and whether it is the right option for you. You can call my cell at
(602) 571-6799, or send an e-mail to Lorraine@ArizonaShortSaleToday.com. Visit my Web site at www.ArizonaShortSaleToday.com.
