I’m sure that many of you reading this will relate to what has happened in a lovely Laguna Niguel neighborhood over the past year. Because it’s most likely happened to you or someone you know.
We wanted to take some time and share this because so many homeowners are facing what this young couple is.
The call we received started out like many others…..The young man on the other end asked a lot of questions about what a short sale is, how it affects credit and “when can we buy another home if we short sell?”
“John” is married and his wife has recently had a baby. They are both in their early thirties and have established lucrative careers. “Mary” wants to stay home and raise their child for the time being, but the home they purchased about three years ago has a hefty mortgage payment. They could have refinanced in the past market, but unfortunately the home was purchased for $780,000 back in 2006.
Reality of their horrifying situation became even more devastating a few weeks ago when a neighboring home that had gone to foreclosure sold…dropping their home value to a whopping $450,000! Yes, I’m serious
“John” and “Mary” have never been late on a payment on their home, although they are struggling right now to make the very high payments.
Now they are looking for answers on how to move forward…..the payments will eventually become unbearable if “Mary” is going to continue to stay at home with their child. The home value is upside down $330,000 a drop of 40% and there are no indicators that the decline is going to stop anytime soon…..
First home and new baby….only 32 years old….you guessed it, the home in now listed for short sale.
It’s an emotional decision…but one that some people have to face.
To find out more about how a short sale might be the answer for you send us an email or call us at 877-391-2338
