Options if your loan is adjusting

By
Real Estate Broker/Owner with Crown Key Realty, Tracy & Mountain House Real Estate 01490605

Life comes at your fast.  Now, what?  Many people who bought homes in the past 3 years with starter rate adjustable loans are going to see those loans adjusting soon.  What happens when that new payment is one that is no longer affordable?  What are the options?

Foreclosuer - that means the sheriff comes and kicks you out, the bank takes back your home and you have to find somewhere else to live.  Foreclosure can also affect your car insurance, your employment, finding rental property, getting a credit card, even getting a checking account.  Foreclosue is NOT a great option.

Short Sale - this means that the bank agrees to allow you to sell your home for less than you owe the bank.  There are negatives to this also.  1) you could have to pay taxes on the amount written off by the bank. 2) you have to show a hardship as to why you can no longer afford the home.  3) Some banks won't even discuss a short sale, some will but it takes time.

Find an investor who has the money to buy you out RIGHT NOW.  This is an option, however, an investor will only take this option if there is some equity in the property.

Sell your home quickly (Below market) and get out any equity that you can. 

Bottom line none of these scenerios are for the weak of heart.  The process can be painful and sad, but get going now.  Find a Realtor with compassion who is willing to help YOU do what is best for YOU.

Call me I might be able to help - but don't wait until it's too late.  The Clock is TICKING.

Susan Goulding, Realtor
Keller Williams - Tracy/Mt. House
209-914-5573

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Susan Goulding

Northern CA - Tracy & Mountain House Real Estate
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