I owe more than my home is worth.
Maybe you bought in the very peak of the market. Maybe you took too much cash out. Maybe there are 5 foreclosed homes sitting empty on your block and the lower value for you home is out of your control. Whatever the situation is, it’s a huge problem when you owe more on your mortgage than your home is worth.
You can’t sell, you can’t refinance…perhaps you are thinking of walking away? Before you do, consider you may have to wait up to 7 years before purchasing another home depending on what path you take with your home. Additionally, the impact on your credit score can vary based on the manner in which you relinquish your home. But what are the options?
- Short Sale – John Arvanitis, senior loan officer – since 1985 has a long-standing relationship with many realtors who are competent and experienced with the Short Sale process. A Short Sale is not a foreclosure, rather, it is a process where the lender agrees to take less for the property than is currently owed. This allows you to minimize the credit impact compared to a foreclosure.
- Loan Modification – A loan modification is for people who wish to stay in their homes, but cannot afford the payment. John Arvanitis, senior loan officer – since 1985 does not do loan modifications, you can follow this link to get additional information from the US Department of Housing and Urban Development.
Whether you are first time home buyer, purchasing your dream home, refinancing an outstanding home loan, or consolidating debt, the highly experienced team of mortgage brokers here can help you take that first step toward a financial solution. Located in Sacramento, CA building and maintaining strong and lasting relationships is and has always been our goal!