If your current adjustable rate mortgage has shifted, creating an escalated interest rate and mortgage payment, you may be experiencing financial distress. While you may be able to cover this higher mortgage payment over the short term, the situation may become challenging over time if your income remains the same. Are there options available?
Certainly you do have options available in the event that you are in a distressed financial situation. Some of the available options for your property are listing it for sale, letting the property go into foreclosure, or leveraging a short sale option with your current lender.
In the recent past, selling properties within the Virginia, Washington D.C. and Maryland areas was fairly easy. These geographic areas have traditionally experienced consistently increased property values and quick sales timelines. Today, the real estate market is much different.
With a current depressed real estate market, many distressed home owners are unable to determine how to liquidate their properties without destroying their financial lives. One option which many property owners are turning to is a short sale.
Snapshot of Short Selling Property
A short sale refers to selling a property for a price which is below the current amount owed to the lender. You may be wondering why a lender would be interested in participating in this type of transaction. Lenders are concerned with choosing the best financial option available for their portfolio of properties. In many cases, a short sale is a more attractive option than allowing the property to go into foreclosure. Your lender will be able to tell you if a short sale is an option for your property and your financial situation.
If you are approved for a short sale, you may be able to sell your property without it going into foreclosure! To learn more about short sales and whether this option is best for your financial situation, order your FREE Short Sale Report by visiting .