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Selling your house when you owe too much on your mortgage

Want to sell your house but you owe too much on your mortgage?

I meet dozens of homeowners each month that are either behind on mortgage payments, or will be soon if their financial situation does not get better. The ever increasing taxes on homes are also making it harder for homeowners to keep current with their mortgage payment. These people would love to sell their home (they need too) but they can’t because they owe more then the home is worth. This type of homeowner is the ideal candidate for a short sale and there are hundreds in this area that should consider it.

A short sale is an agreement in which your bank agrees to accept a payoff on the loan for less than what is owed. Short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved. An example is a homeowner who has a $500,000 mortgage but the home is only worth about $375,000 in the current real estate market.

There are certain criteria to qualify for a short sale; you cannot do a short sale just because your house is worth less than you paid for it.

You must be in default or close to being in default (missing a mortgage payment). In the past a homeowner would have to be in default by at least 3 months to qualify for a short sale but today some lenders are willing to do a short sale if the homeowner is in distress and close to being unable to afford the next mortgage payment.

You have to show proof by using comparable home sales that your mortgage balance is more than what your home is worth.

The homeowner must prove they are in financial distress and submit a short sale hardship letter explaining why you can no longer make the mortgage payments. Hardship examples include loss of job, health problems, bankruptcy, death and divorce.

You will also have to show that you have little or no assets that you can use to pay off your mortgage. You will provide bank statements and if you have a job recent pay stubs as well as the past 2 years tax returns. These items will help prove to the bank that you have a financial hardship and may have had one for sometime now. The last thing a bank wants you to do is walk away from the home and let it go to foreclosure. That is also the worst thing you should do as a foreclosure would wreak havoc on your credit as well as a possible law suit or wage garnishment where the bank can force your employer to deduct money from your pay check.

During a short sale the homeowner is allowed to stay in the home until it is sold, it could take 6-12 months from the start to the end of the short sale. The homeowner will not get kicked out of the home like a foreclosure and is able to stay until the home is sold. Just try to maintain your home as best as you can during this time to have a better chance of a successful short sale.

If you feel your financial situation is such that you need to sell your home but you can’t and you want to see if you qualify for a short sale call me at 914-403-4868 or email me at info@PutnamWestchesterShortSales.com.

For more info on the short sale process please visit PutnamWestchesterShortSales.com

Westchester Short sale and Foreclosure help

I recently launched a web site PutnamWestchesterShortSales.com that is focused on homeowners in Putnam County and Westchester County who are facing a foreclosure or are missing mortgage payments and fear they may lose their home to foreclosure. The web site is focused on assisting distressed homeowners find information and investigate options to avoid the foreclosure process. As an expert in foreclosures and short sales, a real estate transaction option that banks will consider instead of foreclosure with specific guidelines, I am determined to provide essential knowledge to homeowners in Putnam and Westchester County facing this unfortunate circumstance.

There are a myriad of ways that unforeseen hardships can change the joy of owning a home into an incredible burden. Maybe you’ve lost your job, or have unexpected medical bills beginning to pile up, or your monthly mortgage payments have increased beyond your current budget. No matter what the cause of your troubles, ignoring the problem won’t help, it will only make it worse. You must act quickly to resolve the issue. PutnamWestchesterShortSales.com gives homeowners the information regarding the foreclosure process, what effects it has on a homeowner and their credit and ways to stop the foreclosure process. Visitors will also learn what a short sale is and why so many homeowners are choosing short sales. A short sale is an agreement in which a mortgage lender agrees to accept a payoff on the loan for less than what is owed. Short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved.

Visitors to PutnamWestchesterShortSales.com will find information regarding the process of foreclosure, what effects foreclosure has on a homeowner, and ways to prevent the foreclosure process from continuing. The web site features easy-to-understand informational tools such as a list of frequently asked questions, a glossary of terms and free reports as well as resources that allow the homeowner to get their questions addressed in a confidential manner. In addition, the web site offers the homeowner information regarding short sales, often a viable solution to foreclosure that can save a distressed homeowner from the damaging effects foreclosure has on their credit

FHA approved Westchester Condos

Fha financing is becoming more and more common in the current real estate market especially among 1st time home buyers. The low 3.5% down payment is great for these type of buyers. First time buyers are also the majority of the condo buyers in Westchester. Unfortunately trying to find an FHA approved condo complex in Westchester is not easy and there are not too many complexes that are approved.

I have compiled a list of FHA approved condos in Westchester below. This list changes often and more may be added in the future or removed.

To view the list check out my page at: FHA approved condos in Westchester

Recent sales in Heritage Hills in Somers NY as of Jan. 2010

Here is a list of the most recent sales in Heritage Hills Somers NY. The sale dates range from July 2009 to January 15th, 2010. The list includes 1, 2 and 3 bedroom units from the East Hill and West Hill section of Heritage Hills.

To view the recent sale list check out: Recent sales in Heritage Hills.

Updated 2 bedroom townhouse for sale in Fox Hill in Ossining NY

Wow updated sought after B unit model in sought after Fox Hill community. Freshly painted, new wood floors throughout, new moldings, new windows and sliding glass doors, new A/C, updated kitchen, all new bathrooms. Large open living room with fireplace, oversized deck to private backyard. Large master bedroom with 2 closets and updated bath, updated hall bath, large 2nd bedroom, open loft/den with balcony. Lovely unit that shows like a model. A must see. Taxes around. $6000 after $1,866.84 STAR.

To see more photos and detailed info check out: 19-2 Horseshoe Circle Ossining, NY 10562

To view all condos for sale in Fox Hill check out: Fox Hill Condos in Ossining NY

Updated 3 bedroom condo for sale in Heritage Hills Somers NY

Updated 3 bedroom no step Jefferson model with carport! New floors, updated eat-in-kitchen w/stainless steel appliances, updated bathrooms, new hot water heater, new washer and dryer, new paint and moldings throughout. New Pergo floors, large family room with fireplace, large dining room, huge new blue stone patio with LARGE PRIVATE backyard. This is a must see unit with the feel of a house with large property but the affordably of a condo! Taxes do not reflect $1342 STAR deduction.

To view more photo’s and details check out: 150B Heritage Hills Somers NY 10589

Heritage Hills visual tour video.

View all Heritage Hills Condos for sale in Somers NY

Condo for sale in Heritage Hills with 1 car garage in desirable West Hill section.

Beautiful light and bright Stratford model with 1 car garage in desirable West Hill cul-de-sac. Tile entry, large living room w/gas fireplace & dining room with door to deck. Tiled eat-in-kitchen w/doors to oversized deck. Too much to list! 807B Heritage Hills visual tour video

Fore more info and photos check out: 807B Heritage Hills Somers, NY 10589

View all Condos in Heritage Hills in Somers NY as well as condo rentals in Heritage Hills.