Theres still time to protect your equity
Foreclosure
In both prosperous and challenging times, individuals can encounter financial difficulties. The COVID-19 pandemic particularly emphasized these challenges, but protective measures were implemented to prevent homeowners from losing their properties. However, with the lifting of these moratoriums, there is a potential risk of home loss for many. It is crucial not to delay in taking action! We have witnessed countless instances where individuals believed they were just a few days away from securing a loan, selling assets, or borrowing money from family to resolve the default. However, waiting until the last few weeks before the property goes up for sale can make the situation nearly impossible to overcome. As soon as a notice of default is filed (and preferably even before), it is essential to reach out to us. Let’s have a conversation about your options before time runs out. Selling now is a wiser choice than risking the loss of everything. Contact us today to discuss your situation and make a proactive decision.
Short Sale
In today’s booming real estate market, short sales are not as common as they were during the 2007-2008 period. However, they still occur occasionally. A short sale happens when you owe more on your property than its current value. Lenders generally prefer to avoid holding upside-down properties on their books, so they may be open to negotiating a reduced payoff amount when you sell your home. In most cases, lenders will require that your property is listed for sale before engaging in serious discussions about reducing the debt. As a builder who navigated the housing market “meltdown” over a decade ago, I have extensive expertise in negotiating with lenders on behalf of sellers in need. Reach out to me to explore your options and find out how we can assist you. Contact us today to take the first step towards a favorable resolution.
Bankruptcy
Protecting Your Assets and Considering Selling Your Home
Bankruptcy serves as a protective measure when facing financial difficulties, safeguarding your personal assets. By filing bankruptcy and addressing other debts, managing your mortgage payment can become easier, potentially eliminating the need to sell your home. However, if you have lost your job and lack the means to make your mortgage payments, selling your home might be necessary to protect your equity. Similar to foreclosure, many individuals wait too long before deciding to put their home on the market for sale.
In Chapter 7 bankruptcy, homeowners can typically keep their property if they remain current on their mortgage payments and have limited equity. However, if there is significant equity that can be used to pay creditors, the home may be at risk of being lost in the bankruptcy process.
Other bankruptcy chapters, such as Chapter 11 and Chapter 13, focus on reorganizing debts rather than discharging them entirely. If you wish to retain your house under these chapters, it is usually required to continue making regular mortgage payments. If you have fallen behind on payments, the arrears will need to be repaid through your bankruptcy plan. It is always advisable to seek legal counsel to fully understand the complexities and consequences of filing for bankruptcy. However, if you have made the decision to sell your home and start anew, feel free to contact us for assistance.
Give us a call today to embark on a fresh beginning by selling your home.
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Theres still time to protect your equity
Foreclosure
In both prosperous and challenging times, individuals can encounter financial difficulties. The COVID-19 pandemic particularly emphasized these challenges, but protective measures were implemented to prevent homeowners from losing their properties. However, with the lifting of these moratoriums, there is a potential risk of home loss for many. It is crucial not to delay in taking action! We have witnessed countless instances where individuals believed they were just a few days away from securing a loan, selling assets, or borrowing money from family to resolve the default. However, waiting until the last few weeks before the property goes up for sale can make the situation nearly impossible to overcome. As soon as a notice of default is filed (and preferably even before), it is essential to reach out to us. Let’s have a conversation about your options before time runs out. Selling now is a wiser choice than risking the loss of everything. Contact us today to discuss your situation and make a proactive decision.
Short Sale
In today’s booming real estate market, short sales are not as common as they were during the 2007-2008 period. However, they still occur occasionally. A short sale happens when you owe more on your property than its current value. Lenders generally prefer to avoid holding upside-down properties on their books, so they may be open to negotiating a reduced payoff amount when you sell your home. In most cases, lenders will require that your property is listed for sale before engaging in serious discussions about reducing the debt. As a builder who navigated the housing market “meltdown” over a decade ago, I have extensive expertise in negotiating with lenders on behalf of sellers in need. Reach out to me to explore your options and find out how we can assist you. Contact us today to take the first step towards a favorable resolution.
Bankruptcy
Protecting Your Assets and Considering Selling Your Home
Bankruptcy serves as a protective measure when facing financial difficulties, safeguarding your personal assets. By filing bankruptcy and addressing other debts, managing your mortgage payment can become easier, potentially eliminating the need to sell your home. However, if you have lost your job and lack the means to make your mortgage payments, selling your home might be necessary to protect your equity. Similar to foreclosure, many individuals wait too long before deciding to put their home on the market for sale.
In Chapter 7 bankruptcy, homeowners can typically keep their property if they remain current on their mortgage payments and have limited equity. However, if there is significant equity that can be used to pay creditors, the home may be at risk of being lost in the bankruptcy process.
Other bankruptcy chapters, such as Chapter 11 and Chapter 13, focus on reorganizing debts rather than discharging them entirely. If you wish to retain your house under these chapters, it is usually required to continue making regular mortgage payments. If you have fallen behind on payments, the arrears will need to be repaid through your bankruptcy plan. It is always advisable to seek legal counsel to fully understand the complexities and consequences of filing for bankruptcy. However, if you have made the decision to sell your home and start anew, feel free to contact us for assistance.
Give us a call today to embark on a fresh beginning by selling your home.
