West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert
and West Sacramento Short Sale Agent Mike Rigley here
bringing you the latest West Sacramento Short Sale Information. Thank you
for joining us. This week we are talking about loan modification vs. short
sale.
Most homeowners do not
want to have to short sale or face foreclosure – I can’t blame them – who
would? The honest truth is as long as you owe more than your home is worth all
you are really doing is renting – that’s right renting. 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 2013 and state laws forbidding the banks from pursuing you
for the deficiency after a West Sacramento 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.
Is a West Sacramento Short Sale Right for Me?
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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