If your West Sacramento home is 40%
or more upside down, you will pay off the loan before the house is worth what
you owe. The rest of the story is your mortgage payment is more than likely
considerably higher than rent would be for the same exact house – think about
it. If you get a new 30 or 40 year loan mod at an initially lower interest rate
that caps out in 3-5 years, didn’t you just but back your house for a longer
term? If your house is worth $200,000 and you owe $400,000 and you get a new 40
year loan mod you still owe 400,000 on a 200,000 property. Ask yourself, would you
pay $400,000 for any house worth $200,000? Would you pay $2500 a month to rent
a house that usually only rents for $1400 – the answer is oh hell no, but isn’t
that exactly what you are doing with a loan mod? The answer is yes.
I would like to encourage you to
look at your current mortgage strictly as a business decision. If Chevron or
Procter and Gamble or any other large corporation bought an underperforming
asset that they were continually losing money on and they sold it their
stockholders would reward them for making a good business decision.
Isn’t time to treat your West
Sacramento mortgage situation the same way? With the favorable tax laws
expiring in December 2012 and state laws forbidding the banks from pursuing you
for the deficiency after a short sale shouldn’t you make the same good
business decisions the large corporations are making to remain profitable?
As Certified Default Advocates it is
important to us that you understand all your options. 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. Call me today
and sleep better tonight; you’ll be glad you did
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