Is It Ethical To Walk Away From Your Upside Down Debt After A Short Sale?
Should you walk away or should you stay? Here is how to determine whether or not you should walk away from your home.
Because of the decline in the nationwide housing market, I doubt that your home is worth what you paid for it.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *http://www.isellyourfloridahome.com/#!contact/c15n8
First, determine the current market value of your home. Talk to a realtor. They will give you a market analysis, based on what other homes similar to yours are selling for.
For example, we recently helped a home seller who had paid around $700,000 for his home. We thought the home was worth about $400,000. His mortgage payment was a little over $4500 a month.
When you add in the property taxes and insurance his total monthly payment was around $5,300 a month. Similar homes were renting for around $2,500 a month.
If you compared rental payments, he was way upside down on his home. We ran the numbers and saw that he was on track to repay $1,697,000 over the life of loan.
Next, let’s look at how much he would save by short selling and renting a similar house for two years. First, he would be saving $2500 a month by renting a similar home.
In addition when he bought a similar home for $400,000 then he would repay around $934,000 over 30 years. $1,697,000 minus $934,000 is $763,000.
That means he would save $763,000 in mortgage payments over the next 30 years. What can you do with $763,000? Would it make retirement easier?
You probably could completely pay for 3-4 kid’s college tuition. Most people could put 6-7 kids thru college with that kind of money.
Or, he could retire a few years early. Enjoy a little bit more of the “Golden Years. It appears that he would be doing better for himself and his family by short selling the house.
The bank was probably bailed out by the American Taxpayers. If he pays taxes, then he helped out with that bailout.
This is why I recommend that you look at all the numbers when you are trying to determine whether or not you should walk away. How much money will you be repaying over the life of the loan? Just Google “amortization calculator” and run the numbers.
Add up how much money you would be paying back with your current home and compare it to how much you would pay if you short sold, rented for two years, and bought another home after that. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at c.mrvaughn@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 813-679-3477
Find out how much your home is worth.
Free House Value Click here* http://instantbizsites.com/VaughnRice/house-value
Short sales can drag out giving you time. It takes maybe sometimes a month to sell the house. Then, the short sale negotiations start. They can drag out for 3-6 months. So instead of foreclosure here is what you should do.
Here is a tactic you can use to delay the foreclosure process and even stop a foreclosure sale. Stop Your Foreclosure With A Short Sale Click here *http://instantbizsites.com/VaughnRice/stop-foreclosure
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *http://www.isellyourfloridahome.com/#!contact/c15n8
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at c.mrvaughn@gmail.com
I will contact you for a free consultation. Click Here *
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 813-679-3477 or visit at http://www.isellyourfloridahome.com/
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *
http://www.isellyourfloridahome.com/#!contact/c15n8
Helping you sell & buy homes in Tampa, Brandon, Riverview, and Valrico. . The Tampa bay area.
Thanks for reading this, Vaughn Rice.
Vaughn is a Real Estate Agent at Quicksilver Real Estate Group.
E-mail: c.mrvaughn@gmail.com or visit athttp://www.isellyourfloridahome.com/
Phone: 813-679-3477. Click Here*
One You Can Trust To Serve You
View My Office homes for sale at http://companylistings.drshortsale.mfr.fusionmls.com/
Vaughn Rice specializes in assistance with short sales in Tamp Bay Area of Florida
Vaughn Rice, Quicksilver Real Estate Group is not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. I can offer you loan modification information.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Vaughn’s personal views and do not reflect the views of Quicksilver Real Estate Group.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *
http://www.isellyourfloridahome.com/#!contact/c15n8
Helping you sell & buy homes in Tampa, Brandon, Riverview, and Valrico. . The Tampa bay area. E-mail: c.mrvaughn@gmail.com or visit athttp://www.isellyourfloridahome.com/
Phone: 813-679-3477 Click Here *
This information on, Is It Ethical To Walk Away From Your Upside Down Debt After A Short Sale?Is provided as a courtesy to our viewers to help them make informed decisions.