If you are underwater on your property or facing foreclosure, you may be wondering what your alternatives are. One of the more common alternatives in the recent housing crisis is a short sale. Perhaps you have heard of a short sale but aren’t really sure what it is. If this is the case, we’d like to explain it to you today.
A short sale is when you owe more on your property than what it is worth. You go to the bank and find out whether or not they will let you sell your property for less than what you owe them. For example, let’s say you have a mortgage principal balance of $500,000 and that property is only worth $250,000 you would have to get permission from the bank to allow you to sell that property for $250,000 even though you owe $500,000; that is a short sale. It requires the bank’s approval in any regard. If you’re looking for a team that can provide you with all of the information you need about completing a short sale on your home or that can get your short sale done successfully please reach out to us at Toni Patillo and Associates. We specialize in helping distressed and underwater homeowners avoid foreclosure by completing a short sale on their home and giving them a new financial beginning.
If you are wondering if you should stay in your home or if a short sale is the better option for you, please visit 123BreakEven.com to learn whether or not you’re underwater. If you are underwater, our free tool will tell you how much time and money it will take until your home is an asset again. We’d like to encourage you to take advantage of this amazing tool just like so many other people throughout the Santa Monica area have; you can really benefit from it and the best part is that it is completely free of charge.