Teesside Property Solutions for Your Mortgage Crisis
Are you in financial distress because of your mortgage?
Do you need to get out from under a payment that has become too hard to manage – but can’t sell your house because it is no longer worth enough to cover the mortgage balance?
If so, you are certainly not alone. Hundreds if not thousands of other Northeast house owners are in that leaky boat with you. In fact, according to the media, one in every 138 households in the U.K. either received a notice of default or went into repossession during the first 3 months of 2010. It’s not you – it’s this economy. And experts are predicting that it’s about to get worse.
This is an unpleasant situation, but you do have choices, and you should consider all of them before deciding what to do.
- Hope for a loan modification
- File bankruptcy
- Let the bank foreclose
- List with a Realtor and attempt a short sale
- Sell quickly to an investor on a short sale
A loan modification sounds the best, but the rules the banks are playing by are both confusing and conflicting. In addition, some asset managers are working hard not to modify loans because it’s more profitable for the bank to foreclose.
Bankruptcy has helped some consumers. The courts now have the authority to let you keep your home and either forgive a portion of your debt or modify the terms so you can make the payments. If you’re also buried in medical bills, credit card debt, or other obligations you simply can’t meet, this might be the best solution.
But… bankruptcy stays on your credit report for 10 years and could keep you from moving forward in life. It might not be the best choice for you.
Foreclosure is another option. You can simply quit making the payments and stay there until they knock on the door and tell you the bank now owns your home. For some this is a chance to live rent and payment free for several months and put away some money for a deposit on a rental home. But – the effect on your credit rating is dire.
If done correctly, a Short Sale could be the best option for you. You sell the house for the current fair market value and walk away with a fresh start. At least, that’s what will happen if your short sale is handled correctly.
The truth is, your lender can come back to you for a deficiency in a short sale. It’s one of those details that must be negotiated before you sign the closing papers.
Unfortunately, many real estate agents today are listing short sale properties without knowing how to conduct that negotiation, or how to keep the transaction moving through the bank’s system – and their sellers are paying the price for that lack of knowledge.
That’s why listings that begin as short sales often end up going into foreclosure.
So why take the chance on listing, waiting, and hoping?
Why not simply sell your upside-down home to us and let our skilled negotiators deal with your lender.
There’s no cost to you and you won’t be stuck in limbo for the next few months, waiting to see what will happen.
To learn more about how we can help you get free of this burden, call me at tel: 01429 293746, write me at email: admin(at)tps-ltd.com, or go to
http://www.tps-ltd.com/tps/index.php and opt in. (I promise, you won’t receive high-pressure messages and I won’t share your address with anyone.)
I look forward to hearing from you,
Teesside Property Solutions Limited.
P.S. Be sure to ask about our lease-back program. It could provide just the breather you need while you get your life back on track.
phillip.skinner commented on 19 May 2010, 05:03:11
POSITIVE QUOTE OF THE DAY
Unswerving loyalty to duty, constant devotion to truth, and a clear conscience will overcome every discouragement and surely lead the way to usefulness and high achievement.
— Grover Cleveland
phillip.skinner commented on 04 Sep 2011, 00:39:32
phillip.skinner commented on 04 Sep 2011, 00:40:16
POSITIVE QUOTE OF THE DAY
It is a fine thing to have ability, but the ability to discover ability in others is the true test.
— Elbert Hubbard