Are you upside down on your mortgage in your Georgia home?

Are you upside down on your mortgage in your Georgia home? If you need to sell fast, what can you do?Well, first off, what does it mean to be upside down?


I know for most, this is elementary, but bare with me. To be upside down in your GA home means that your mortgage balance is more than the current value of your house. Basically, you have no equity, you’re in the red, you have negative equity. Being up upside down, you can’t afford to pay a real estate agents commission in order to sell your house.


You do have some options if you’re in a situation and need to sell your house fast, but you’re upside down:


Walk Away - You can simply walk away from your house and accept the foreclosure. This is not the greatest option, since you’ll now have a foreclosure on your record and though you may not care now, 2-3 years from now when you want to get that loan for another house or car, you’ll wish you would have attempted something with your upside down house. Chances are, you’re not interested in walking away if reading this page.


Attempt to Get a Loan Modification - Some mortgage companies will work with you to help you stay in your house, if you can qualify. We talk to a lot of people who need to do a short sale because they were turned down for a loan modification. I’m not 100% sure on the success rate of loan mods, but I can tell you we get a lot of short sales after they don’t work out, so…


Do a Short Sale - If you’re upside down in your house you can do a short sale, if you’ve had a hardship. And, sorry to say, your hardship can’t be, I just don’t want to pay my mortgage anymore. Lenders will accept less than what you owe as paid in full and priced right, a short sale can help you sell your house and avoid foreclosure.


Get more information and see if your home qualifies for a short sale today!


Visit: http://www.cobbshortsaleresource.com/
Cobb Real Estate
Yolanda Graham - Realtor, Certified Distressed Property Expert
Maximum One Realtors Greater Atlanta
Direct: (404) 482-3008