Did you receive a Chase notice that you may be able to get $20,000 to do a short sale?
That means Chase will give you up to $20,000 towards moving costs if you sell your property short, instead of foreclosing. Now what do I do?
Start here, get your home value for free!
The first and most obvious question is, can you afford your mortgage, and if not, here are some options for you:
- Loan Modification
- Short sale (Up to $20,000 Moving costs)
- Deed in Lieu of Foreclosure
This is pretty much the way things can go down, if you don't do anything with your Temecula property, you will end up in foreclosure. Currently, that means you can't get a mortgage for the next 7 years...
So, the alternatives are, a Loan Modification for your Temecula Property, this allows you to reduce your payment, a little, it may make your life easier and maybe you can even do really well. There are some reasons I personally have issues with this, I will get into that later, and you can see my blog, as I have written on that subject a few times.
First things first - What is your home worth? Are you upside down? Get your home value for free!
Now if the loan modification does not work for you, then the next step is a short sale of your Temecula CA property, if you have a Chase loan, which was originated by Washington Mutual, you can get up to $20,000 towards your moving costs - or - Cash for Keys.
Historically, short sales have been time consuming and a large volume of them do not close... There are light at the end of the tunnel though. First off, the government has a HAFA short sale program which will now allow us to process the sale, prior to getting an offer on the property - AND - hold on, there is up to $3,000 in short sale relocation assistance. If you want to know more about that one, CALL ME TODAY!!!
As you can imagine, there are many details to this, if you are upside down, I highly recommend that you call me about a free consultation. I will sit down with you and explain what your options are, and answer your questions, if you want, I will help you call your lender and learn more about your options to save money.
Even if you have a trustee sale date for the foreclosure, it is not too late to work on a short sale or loan modification, but you really need to call now!
Should you decide to just let it go, a Deed in Lieu is a better than a straight foreclosure, essentially you are working with the lender.
And finally, there is the old fashioned foreclosure, this is your automatic result if you do nothing, and it will severely impact your credit.
First things first - are you upside down? Are you upside down? Get your home value for free!