Are you stressed out about mortgage payments? Do you think your only option is a foreclosure? Is a short sale right for you? Millions and millions of homeowners are asking themselves the same questions. It is projected that over 20,000,000 homeowners will have negative equity in their homes in the very near future. In other words, they will owe more on their homes than they are worth. Over 2.9 million homes have foreclosed in the last three years 2 and the number is only expected to grow. Expect the effects of the estate recession to ripple for years to come.
What can you do now?
There is expected to be massive tsunami of homeowners who are simply making the decision to sell their homes through a short sale vs. staying in a home, hoping that one day it may be worth what they paid.
No one is safe. News stories from across the country tell the tales of both celebrities and average Americans who are all considering selling their homes through a short sale. Selling your home through a short sale doesn’t need to be a shameful, life-ruining experience. Sometimes short selling your mortgage simply makes smart economic sense, especially for homeowners who find themselves “upside down” — that is, they owe more on their mortgage than their house is worth.
Late last year, CNBC Financial Guru Jim Cramer was telling homeowners to ‘Just Walk Away’. (Watch the video on YouTube.com.)
25 Worst Real Estate Markets for 2009
We are clearly in uncharted waters. The current housing crisis is different from all the previous housing recessions. It is well known that many financial institutions sold mortgages in a deceptive manner — for example, by approving people for loans they couldn’t really afford — then why should homeowners feel obliged to honor their commitments?
From a homeowner’s perspective, why should they stay in a home that is depreciating? Often times it’s possible to rent the same style home in the same area for half (or less) than their current mortgage
payment. Assuming it takes years for the market to recover, the homeowner who sells their home via a
short sale now will be far ahead of the person who ‘stuck it out’.
Get a copy of my free ebook “Should I Short Sale My Home” at: www.paulmychalowych.com or www.paulmrealtor.com
Paul Mychalowych’s extensive, first-hand experience with SE Michigan real estate from all perspectives – as a longtime buyer, seller and property manager, and eventually as a licensed real estate agent – give him a uniquely informed insider edge in the local market.
In 2006, Paul recognized that the market was changing and he had to learn new skills to help his clients. Paul, with the guidance of Harris Real Estate University, learned how to negotiate short sales. He has since completed short sale negotiations for clients with Countrywide, Citibank, GMAC, and Wells Fargo, to name a few lenders. Paul has been quoted by the Detroit News and Free Press for his insights into the short sale and realestate markets. For more information, please find Paul at:
Paul Mychalowych
248-935-2754
www.paulmychalowych.com or www.paulmrealtor.com
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Great guy, full of helpful information on Short Sales and the process to negotiate successfully with the lender. Paul really knows his stuff. Thanks for all the information and guidance.