Can I Stay in my Home or Do I Short Sale?

I wish this was passed as fast as the bailout was passed but it is here.

I have had clients in the past who needed to get out from under before they could no longer pay the mortgage. I get calls from home owners who for varied reasons can no longer make their payments or anticipate not being able to pay next month’s mortgage. Lost of job, cut backs in salary, the loan growing out of control because they were unaware of the stipulations on the (adjustable rate) loan they took out. Could they have kept their homes? Maybe the people whose salary was cut back. Maybe if a new job was secured.

This hope for homeowners is a little late for some but it is here now so you should find out if you can take advantage.

from the NYT article from Nov 11

“The government’s announcement on Tuesday that Fannie Mae and Freddie Mac would modify terms for borrowers who are at least 90 days late with their payments makes it seem as if only the delinquent are eligible for a personal bailout.

But 90 percent or so of homeowners are still current with their payments, and for them, it has often seemed as if the banks were playing a game of chicken. Sorry, but until you blow off the payments for a few months running and wreck your credit in the process, the lender won’t even consider renegotiating the terms.”

Get in touch with my mortgage team and ask the question. If you don’t qualify I can answer the question on how to sell your house for less than you owe on the mortgage and any other lien and you can start a new. There is assistance. I have helped others, let me help you too. 631 692 5400 x 223