How Do You Do A Successful Mortgage Short Sale?
Do you owe more than your house is worth? Or are you unable to make your mortgage payments? Mortgage costs including taxes and insurance should be no more than 40% of your take-home income, at worst. Many people are paying more than this. Your mortgage payments may feel like a crushing burden and you probably don’t know where to turn for help. It turns out that a short sale may be the answer for you. I want to focus on doing a short sale — that lets you sell your house, get out from under your mortgage without paying in any cash, and get out from under even if you owe more than your house is worth. Because let’s look at your choices. Choice #1: If you sell your house and you owe more than it is worth, you can pay your own money to make up the loss. For example, if the buyer pays $180,000 because that is all you can get as far as an offer, and your mortgage is for $250,000, you have to pay in $70,000 cash at closing or else the deal will fall through. Do you have that kind of cash? Man
