Thinking about a loan modification. If you can afford to, then order an appraisal. Or, do your own appraisal.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Ask your realtor “Hey, what are houses in my area selling for?” I’ve seen people who bought a house for $500,000. Guess what’s it selling for today? $300,000.
If your house has had a 40% drop in value, then you shouldn’t be paying a mortgage payment based on a value of $500,000. You should be paying a mortgage payment based on a value of $300,000. Make sense?
Here’s how to find calculate you should be paying. Google “amortization calculator.” Type in what your home is currently worth. Enter the interest rate you were originally paying.
Look at the example numbers below.
* A $500,000 mortgage at 6% interest is a monthly payment of $2,997.75.
* A $300,000 mortgage at 4.5% interest is a monthly payment of $1,520.06. Remember, interest rates have dropped a bunch lately.
It looks to me like this person is overpaying by $1,477.69 a month. Ouch!
Run the numbers for your house. If your lender forecloses on your house, then it’s not necessarily going to sell for the market value. Most foreclosed houses often sell for 85% to 95% of the value today.
Remember, knowledge is power. When you have this information you have a much better negotiating position with your lender.
You can say “Hey guys, foreclose on my house. But, be prepared to lose a ton of money.” 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 jojo@harmonhomesrealty.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 (949) 244-0719
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our 1 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, JoJo Harmon.
JoJo is a Real Estate Broker Associate at Realty ONE Group. 1 Short Sales Realtor:
Phone: (949) 244-0719. jojo@harmonhomesrealty.com.
Call Me – I’ll Help You Make the Right Move!
View My homes for sale at www.HarmonHomesRealty.com.
JoJo Harmon specializes in loan modification assistance and short sales in Laguna Niguel California. Laguna Niguel Loan Modification Help, Laguna Niguel Short Sales. Laguna Niguel Short Sale Realtor 1 CA Short Sales. 1 Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
JoJo Harmon, Realty ONE Group, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales.
