As economic times tighten up more and more home owners face a very challenging decision. What to do with a home that the equity is upside-down? There are various options that one can contemplate and must evaluate. Is short sale the best option? What are the motives? Have you exhausted all other options? Is it worth sinking good money in to bad? Why did you bought the home in the first place? What's next? What about your family and children? What about School systems, friends, starting over in a new social environment what if? There are probably a million questions that you can ask yourself and evaluate the pros and cons of a short sale or face foreclosure. Is it worth sticking around and wait see what happens with home values? Not an easy situation to be in, it's frustrating and very stressing for you and your love ones. My professional opinion is as follows:
1. Evaluate the pros and cons;
2. Exhaust every available option;
3. Negotiate with your bank and don't settle for the first offer they give you;
4. If you are able to get a mortgage workout make sure that you are going to be able to comply with your promise
to repay;
5. If a mortgage workout is not an option, ask your bank for a Short Sale approval;
6. Make sure seek advice from an attorney in reference to your Short Sale approval, "Real Estate Attorney";
7. Maybe a deed in lieu of foreclosure is a better option in your situation;
8. Try to avoid foreclosure by any means; if foreclosure is imminent is better to short sale and safe your credit for
the future.
Deal with a Real Estate professional that understands the process and cares about your needs and is willing to help.
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