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Certified HAFA Temecula Short Sale Agent

Source: suort.com via Sidney on Pinterest

Temecula Homes for Sale – Search

Are Resetting Mortgages causing more short sales in 2015?

Yes,just when it looked like it was over for short sales they have picked up again inpart due to many homeowners not being able to afford the large raise in their mortgage payment.

This time the number one cause is unaffordability. Many homeowners that 
were given a loan mod 5 to 10 years ago are now getting letters from their lenders 
with major price adjustments to their house payments.

These price hikes are large and are now forcing homeowners to default on their payments and seek help from their lenders for a second or third time. This time most homeowners are finding that the lenders are no longer willing or able to help. So they must sell or face a foreclosure. While the option to sell maybe your best solution many homeowners find that their homes value still have not increased enough to repay the mortgage if sold today at current market value.

This is why in 2015 we are now seeing the come back of another option the short sale. Just when it was looking like short sale were going to be a thing of the past. Mortgage resets are causing a come back of the short sale process here in 2015.

A short sale is a solution to avoid foreclosure. A short sale will allow you to market and sell your home even thought you owe more the the current market value. You will net ZERO Dollars,but you avoid foreclosure and can remain in the home during the process which is taking 3 to 4 months to complete.

Here in California at the end of a short sale you are released of the mortgage in full and the lender can not come back after you for any deficiency. Plus you are NOT allowed to pay any costs of the short sale including agents commission. 

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