My Open Book

In determining if a short sale is right, one should add up their total monthly expenses, including your mortgage, property tax payments, insurance, car payments, utilities and food and compare that to their take-home income. Some questions might be: how much longer can you afford to keep up with your payments? If you have an adjustable rate, and the payment is going up, how long can you afford that? Is it worth prolonging your current financial situation? Especially if home values in your area continue to decline. A short sale realtor in Orange County can assist homeowners with determining if a short sale is a viable solution

My property needs a lot of repair work. Can I still do a Short Sale?
Yes. A lender is often less likely to want to repossess (foreclose on) an Orange County home that needs work-it would make it harder for them to sell it later. Lenders are not in the “home repair” business. They do not want the responsibility. A home in rough shape may serve as an incentive for a lender to do a Short Sale. A short sale agent in Orange County can help with evaluating repairs and what price the market will pay for the home.

Can I simply deed my property to someone else and avoid foreclosure that way?
No. Be wary! If you fall behind on your mortgage payments you will quickly find yourself drowning in mail and phone calls from different people promising to “save” you. But deeding your property to someone else without first paying off the loan(s) is almost always a bad idea. Even if you deed the property to someone else you are still responsible for the loan payments. If the loan payments are not made, it is your credit that is affected (regardless of who holds the deed). In other words, you lose control of the property and can still be foreclosed on. What ever you decide, do NOT deed your property to someone without first paying off the loan unless you have consulted with your OWN personal attorney. For short sale assistance in Orange County, it is recommended to consult with an experienced agent, attorney and tax advisor.

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