Underwater on your mortgage, do a short sale

According to a new report, almost 50% of the nation’s homeowners will owe more on their mortgage than their house is 48% of mortgage borrowers will be ‘underwater’ According to CNNMoney.com, almost half of the nation’s homeowners owe more than their homes are worth. 25 million borrowers, which equates to 48% of all borrowers that have mortgage loans, will continue to be underwater on their properties.

These numbers are steadily increasing based on different reports over the last year. 15 million in March 2008, and 20 million at the end of the first quarter 2009.

Borrowers that are severely underwater are most concerned that their property will never recover and most likely walk away, even if they’re able to make their payment. It’s also very likely that the number of people voluntarily defaulting will grow very quickly.

The good news about all of this, is that Done Deal Solutions, Arizona Short Sale Experts, has the ways and means to help you out of this situation. Contact our office today to start your free evaluation. worth.  That’s frightening.

Sell My House and Avoid Foreclosure

How to sell your house and avoid foreclosure

In this real estate market, buyers are looking to buy houses at good prices.  This is a great time to sell if you have enough equity in your house.  You can set a low asking price and get a buyer within a few weeks.  If you are facing foreclosure due to a drop in income, this may be a great way to sell your house and avoid foreclosure.

If you do not have enough equity in your house, you may consider a short sale.  A short sale is when you sell your house for less than you owe to avoid foreclosure.  In this situation, the bank will need to approve the sale amount.  A experienced short sale Realtor or short sale investor can guide you through this process.

Short sales are becoming a very common way for homeowners to avoid foreclosure and help salvage their credit.  A short sale is much better than a foreclosure on your credit and may allow you to buy another home in a few years.  In addition to saving your credit, you are selling your house instead of letting the bank take it away from you.  It’s a win win situation.

If you are considering a short sale, due your research.  There are a number of realtors that claim to be short sale specialists.  Make sure to check their references and ask how many short sale transactions they have completed.  An experienced real estate investor is able to make an offer on your house and get the short sale process started much sooner than listing your house with a realtor.

If you’re not sure which route is best for you, contact local real estate agents or we buy houses people and get the facts.

Can I sell my house to stop foreclosure?

If you are looking to sell your house to stop foreclosure there are a few steps you will need to take.

1. Determine how much you owe to the bank? This will include late fees and back payments plus lawyers fees.  You can request a payoff amount from your lender that will include all of these fees plus the balance that you owe on your mortgage.

2. Find out how much you can sell your house for. Talk to a local real estate agent or visit online resources such as zillow.com to determine the market value for your house.

3. If you owe less than your house is worth, you may be able to sell your house to stop foreclosure by listing your house with a real estate agent or trying to sell your house by owner.  Also you could contact a we buy houses investor in your area to get a cash offer within a few days.

4. If you owe more than your house is worth, you will need to attempt a short sale.  A short sale is when you sell your house for less than is owed to the bank.  In this case, the bank will need to approve any purchase contracts because they will be losing money in the transaction.  Banks will only accept a short sale if they feel they are going to save money by accepting a short sale instead of completing the foreclosure process.

To sell your house fast and stop the foreclosure, contact a local realtor or investor in your area.  In Arizona, contact your local Arizona short sale experts or Arizona short sale realtors to discuss your foreclosure options.