Having trouble making your mortgage payments?  Has your mortgage payment recently reset to higher amount or have you had a financial hardship?  You may want to check out the Home Affordable Mortgage Program link for more information to see if you qualify for a modification of your mortgage payment before other alternatives such as foreclosure.    

If you do not qualify or do not want a modification, but you want to avoid foreclosure, a Short Sale may be an option for you.  A Short Sale (or Short Payoff) allows you to sell your home when you owe more on the property than its current market value before a foreclosure takes place.  In order to sell your home as a Short Sale, your lender must approve an offer "short" of the payoff.  For example if you owe $200,000 on your home, but today your home is worth $150,000, your lender would need to absorb the $50,000 loss and so would therefore need to approve a Short Sale. The goal is to find a buyer willing to offer current market value and submit a short sale package to your lender for approval of the short sale as full payment and release of note and lien.  Although you walk away with nothing, you walk away without a foreclosure on your credit, which could otherwise affect your credit for 7 years.  

Where to start?  To try the modification, click on the link and find out if you qualify for the HAMP (Home Affordable Mortgage Program.  To do a Short Sale, please fill out the Info Request Form or give me a call to run a Comparative Market Analysis of your home's current market value and to get started.  Have questions?  Please give me a call and we can discuss your options.