Do you live in the greater Tampa Bay area and love it, but are having a hard time making your mortgage payments?  If you purchased a house in the last few years when the market was hot and now that the market has cooled off you might have a house with no equity that is simply not worth what it cost only a couple years ago.  With the economy in the condition it is in now, people are struggling to make their mortgage payments.  No matter the reason, if you can’t make the mortgage payments you are in a very stressful situation.

 

There are options, however, to avoid foreclosure.  Among the options available are:  forebearance; deed in lieu of  foreclosure; restructured loan;  renting the property, or, there may be an option most people don’t even consider, called a short sale.  This is when the house is worth less than what is currently owed to the bank, based on the current market conditions, there is no chance of selling it for enough to recoup the original investment, and the bank will agree to it. 

 

In the next few blogs we will discuss a little more of each of these options.  In our next discussion we will address a forebearance of mortgage agreement.

 

Remember, there are always options, foreclosure does not have to be the only way out of a temporary financial difficulty.  Visit www.YourHouseOptions.com for more information.