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Short Sale Or Stay?
Homeowners who end up in a pinch with a non-equitable asset often must ask themselves, should I short sale or stay? Most homeowners first reaction is to stay, and this may make sense for their situation and family regardless of having a home with no equity. It’s possible the home is only slightly upside down and that they feel they can weather the storm and eventually have equity. Others want to keep based on pure emotion although it is a horrible financial decision. There comes a point when your home is too far upside down and that the mortgage cannot be structured in a way that makes it favorable for the borrower to keep.
Short sale programs exist for borrowers to cut losses, reduce liabilities, or to avoid foreclosure. You can’t truly start the financial healing process until you stop the bleeding. To some the decision to sell will be extremely personal and to others it will be a logical choice. The proper decision in our opinion is the one that should leave you less stressed and in a better financial position when the dust settles.
Here are some questions to ask yourself:
What is my house worth and what is owed; Does my house have equity as-is?
Is my house a money pit?
Is my house stressing me out?
Will my life be easier if I sell?
If you need short sale help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.