Four Things NOT to Do in A West Sacramento Short Sale

Today let’s talk about Four Things You Should Never Do

   

  

If you fall behind on your mortgage

Number One

Never deed your property to another person or entity without proof that your loan has been paid off.

If you transfer ownership to someone else, they have control over the property. The new owner can do what they want with the property and you have no say. One of those things they can do is stop paying the mortgage leaving you responsible for the debt. If the property is foreclosed on it will affect your credit not theirs. If there was a second mortgage on the property you may still be liable for the debt.

Number Two

Don’t sell your West Sacramento Home at a huge discount.

Don’t panic, even if a Notice of Default has already been filed. If you have equity, there is still time to capture it. It’s your money. If you owe more than your West Sacramento Home is worth, the bank still has to approve the Short Sale. Take the time to call a qualified West Sacramento Short Sale Specialist to learn ALL your options before making a decision.

Number Three

Don’t pay an upfront fee for a West Sacramento Loan modification or Short Sale. Under recent legislation this practice is not only unethical but now illegal. Any Real Estate professional who asks for an upfront fee is violating the law. Fees are only paid for when the transaction, be it West Sacramento Short Sale or West Sacramento Loan Modification is completed to your satisfaction.

Number Four

Don’t do nothing.

A surprising number of people, 7 out of 10, put their head in the sand and do nothing until the agent knocks at the door telling them they need to move. Don’t let it happen – the damage to your credit and potential liability will haunt you for years.

There are so many alternatives to foreclosure and assistance out there that foreclosure just doesn’t make sense. I can’t tell you the number of times homeowners in distress have told me that “I’ll show them” (meaning the bank) and allow the bank to foreclose. Yea, you really showed ‘em. Now you have a foreclosure on your record, could have liability for the second mortgage and still have to move. You showed ‘em alright.

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did