What do you do when you miss a mortgage payment? When the lender starts to call wondering why you haven't paid. Trying to come up with excuses or just stalling them until you get enough money is not the most peaceful course of action. Missing a mortgage payment can be stressful especially if you don't know where you're going to make it up. maybe you've tried listing your home and it just won't sell. How much longer can you hold on to this property?
If you only missed one or two payments, you may consider short selling your home.This is an alternative to foreclosure that allows you to remain in the home while the bank sells it for you. Although that sounds easy, it takes a bit of convincing before the bank will take on your short sale. One of the best places to start is by contacting a short sale agent. This is an agent that specializes in short sale homes and dealing with the lenders. Regardless of whether you sell the home or not, it's best to discuss your options with a short sale agent, because the lender may choose a different route for your situation. This may include loan modification, or a refinance option. During a refinance you can actually skip a payment screen some of the funds allowing you to catch up on your payments.
Bill Wasowicz is an expert in short sale home and transactions. His knowledge of the Maricopa real estate market can help homeowners find relief either by loan modification, refinance, or a short sale option. Using the assistance of a short sale agent allows you to breathe a little easier and allow your agent to discuss the options with your lender. Your short sale agent will then inform you of any documents or information the lender requires and help you obtain these. Some of these documents may include your tax forms, W-2s, pay stubs, and a letter of hardship. This letter will tell the lender exactly where you stand financially. It will explain why you are considering a short sale and why you cannot pay your mortgage any longer. Your Maricopa short sale agent will help you construct this letter and offer insights and advice on how to appeal to your lender.
Deciding to short sale your home is not an easy decision to make. But it may be the best option as opposed to foreclosure. Foreclosure is when people don't do anything at all and that lender has no choice but to evict them and foreclose on the property. This type of action goes on your credit history and maybe a deterrent for any home purchase, rental, or credit card purchase in the future. Conducting a short sale may be the better option with better long-term results.
But again, it's hard to know where you stand until you speak with those in charge. Speak with your lender about your situation, or contact of Maricopa short sale agent today. Time is of the essence when it comes to mortgage, foreclosure, and short sale. Don't wait another minute.