Are you upside down on your mortgage?
That means you owe more than your house is worth in the present market. For various reasons, you likely have seen the prices of houses falling (nationwide about 15%) in your neighborhood, and the number of bank owned foreclosures listed with realtors. As homebuyers buy these foreclosed REOs (real estate owned), it drives the value of your house down.
For example, in 2005, you paid $215, 000 for your house. You took out two mortgages for 100% financing.
That same house today, might only be worth $175, but you still owe $215.
The ARM rate has reset and you find yourself falling behind on payments.
What to do when you are upside down?
A short sale might be the solution for you. Read my section on short sales to find out if this right for you.
If you want to procede, simply give me a call at 804/719-1489 and I’ll tell you if I can help you with your short sale. This consultation is free.
If it is 3 in the morning, use this form and I’ll give you a call the next business day.