Is your home underwater ? house underwater ? condo underwater ?
Are you thinking about doing a STRATEGIC walk-away ? Strategic default or strategic short sale ? You need the help of a professional to accomplish this goal. Call us to discuss your options.
If you have an underwater home or an underwater house or an underwater condo you have many options. Below is a description of these options. You need to decide what is best for you given your situation. We are happy to help you though this process.

Option # 1 Sell Your Home
Depending on the market and area you live in, you may consider selling your home if you have enough equity to pay off your existing liens. However, if your home is underwater you you may not be able to do a regular sale if you owe more than what your home is worth and do not have the cash-on-hand to pay off the shortage. If you have already missed mortgage payments (you are in pre foreclosure) this will be even more difficult. Using an experienced Realtor that works closely with banks will give you the time needed to sell your property at the highest price possible. We can help with this process and answer any questions you have honestly, patiently, and present to you all options possible.

Option # 2 A Short Sale – Not a Typical Sale
If your home is worth less than what you owe on your mortgage (the definition of underwater), a short sale may be the best option for you. Instead of just walking away from the property and being liable for what could be a large amount of money and severely damaging your credit among other things, a short sale will potentially allow you to walk away from all money owed on the property. We negotiate with your bank during the pre foreclosure process and get a short sale approved and closed. Not everyone will be approved to do a real estate short sale but working with our team gives you a great chance to get approved. Banks are eager to work with short sales and avoid foreclosures. A short sale during pre foreclosure allows the bank to take the loss and move on because essentially, the banks do not want to own real estate and it will allow you to move on from this property and leave potentially six figures of debt in your past.

We work directly with the bank to show them this may be the best option available. It is likely in this current real estate market that the bank will approve the short sale during pre foreclosure (before the property is foreclosed on) and accept the loss in order to avoid taking a larger loss if the property were to come back to them as a foreclosure.

Option # 3 Refinance Your Home
Refinancing your home and paying off the existing loan sounds easy and it may be an option that you have already pursued. In this current real estate market it has become almost impossible to refinance your home if you have less than 10-20% of equity. We may be able to show you some loan options that you have not been presented with but it’s probably likely you have already explored this option and will not have many if any refinancing options available.

Option # 4 Negotiate a Forbearance Agreement
Typically, a forbearance agreement is accepted by a bank when someone can show they had a temporary hardship and this is the reason they fell behind in their mortgage payments. Two items a bank will look for when they consider a forbearance is the reason you fell behind in your mortgage payments and proof that your financial difficulties were a one-time occurrence and are not likely to happen again.

Option # 5 Deed in Lieu of Foreclosure
The advantages for the homeowner are to avoid foreclosure and not go through the difficult process that it entails. It will release some of the liability from the homeowner and allow the bank to turn around and sell the property much sooner without the bank having to spend additional time and money going through the foreclosure process. In comparison, a short sale will allow you to stay in the home (rent-free) for longer and usually secure a release of debt associated with the property.

Option # 6 Do Nothing – Just Let it Go
You can always let your home go into foreclosure and do nothing. If you read this explanation and compare it to the short sale process explanation above, you will see the difference of a short sale vs foreclosure. Sometimes the situation seems so overwhelming and this may be a good option. We don’t recommend that you do this, and would suggest that you, at the very least, talk to someone so you can determine if any of the options above would make more sense. Please feel free to call anytime and ask any questions you would like. It’s important that you talk to someone that you can trust, and not someone that is looking to take advantage of someone in a difficult situation. There are many real estate scams and you don’t want to become a victim because you didn’t seek a second opinion. You may have some options that you are unaware of. does not advocate anyone missing their mortgage payments and is not encouraging you or anyone to stop paying on their mortgages.