Upside Down on your Mortgage?
Since we are well into the housing bubble correction, we are seeing prices in Culpeper down to about what they were in 2003/2004. This means that there are many homeowners who currently owe more than what their home is worth. This is known as being "upside down" or "underwater" on your mortgage. Combine this with mortgages whose rates are adjusting or interest only loans where principle can actually rise and you have a recipe for financial disaster. Homeowners are finding themselves facing foreclosure which is always stressful and can be a very frightening place to be. The first thing you should do is call a local real estate professional; preferably one who is certified in distressed properties. We have systems in place to help you through this very difficult time and have been successful in saving homeowners from foreclosure. Each situation is different, but the sooner you reach out for help, the better your chance for a successful "short sale". There are certain criteria that you would have to meet to qualify for bank approval on a short sale and your real esate professional can help you navigate through this complicated process. In every case it always best to avoid foreclosure as it is permanent and recorded forever. Foreclosure can affect your employment as well as any security clearances you have.
The good news is there are experienced real estate agents who can help.