I had a meeting with a wonderful
young family past week. Both husband and wife were college educated and doing
well. They were faced with an out of state job transfer and knowing the
property was upside down had decided to let the property be foreclosed on.
Other than the credit effect if this had been a first mortgage only the
repercussions would not have been too bad.
However, they had refinanced the
second and took out a Home Equity Line of Credit or HELOC for $100,000. Now
here is where it gets sticky. Since they refinanced into a HELOC, had the
property been foreclosed on they would have remained liable for the $100,000
unpaid balance. Imagine, losing your home and still owing a 100 grand! Talk
about insult to injury
Fortunately we were in the process
of helping one of their friends on a West Sacramento Short Sale and they referred us
to this great little family. With a lot of effort and time we will be able to
save these nice people from what could have been a disastrous financial
mistake.
The moral of the story, don’t keep
your West Sacramento Short Sale a secret. If you are
having mortgage issues chances are strong you have friends, family and
neighbors who are in the same boat but they may be unsure of what to do. Don’t
let your friends make a huge financial mistake – have them call me today
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
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