SO CAL HOMES REALTY
(951) 821-8211 Harold Sharpe is the owner of Harold Sharpe is a
Licensed Harold Sharpe is a Harold Sharpe specializes in So Cal Homes Realty
is the
Feel Free to call Harold at (951) 821-8211 Monday - Sunday 9am - Dusk Schedule to see Houses in Person Can't Make Your Mortgage Payments? Notice Of Default - Avoid The Scams U.S. Government Links: |
Upside Down Home MortgageUpside DownOptions you may have when You are upside down on your home mortgage. I'm Upside Down In My Home What can I do?
Upside Down Mortgage Option 1. Loan Modification Odds are very much against you but it should be tried. If you do try hard you may be successful. Keep in mind In CALIFORNIA you do not have to pay up front fees this is now illegal since 10-07-09. FYI odds of being successful Upside Down Mortgage Option 2. Stick it Out If you can afford to stay in your home, stick it out and hang in there is what Upside Down Mortgage Option 3. Short Sale A Short Sale is when the lender accepts lees than the loan is as a settlement Upside Down Mortgage Option 4. Deed In Lieu This is voluntary repossession of a home. It is the same as Foreclosure and Upside Down Mortgage Option 5. Refinance I think if you could have done this you already would have. The odds of this when you are upside down are nearly zero. However, some people don't realize they are not upside down at all. Their loan or their rate is. See Loan Modification. Upside Down Mortgage Option 6. Foreclosure This is very damaging to your credit for 7 years. It is embarrassing to you, your family and friends. You should have at least tried very hard to Loan Modify Upside Down Mortgage Option 7. Bankruptcy This is what a BANKRUPTCY Attorney will advise. This is when the attorney makes money. However, you may wish to try loan mod, first, then Short Sale. Await the foreclosure, then when the bank comes after you for outstanding debt, you then use your one time ace in the hole card bankruptcy. It is a great reserve card. It might be a good idea to wait to file Bankruptcy until you have all your bad debts including your home behind you. Contact an attorney and a CPA. Upside Down Mortgage Option 8. Reinstatement A Reinstatement is getting caught up and paying the lender all that you owe, and any late fees, penalties. Upside Down Mortgage Option 9. Forbearance or Repayment Plan A Forbearance or Repayment Plan is usually a one time deal you can make with the lender for back payments owed where they tack on the amount owed to back end of your payment over a period of rime. This will obviously raise Upside Down Mortgage Option 10. Rent the Property You might consider Renting the Property out. DISCLAIMER This is meant to serve as a guide to most people in most situations. Everyone's situation is different and you should get legal and financial advice from qualified people. It is beneficial to get legal and financial advise in all situations from experts in their field. |
||||||||||||
