Allowing Someone to Assume Your Mortgage

You’re in a situation where you’re already several months late on your mortgage. On the plus side, no foreclosure lis pendis law suites have taken place and you still have time to act. Your significant other is beginning to wonder why you’re always stressed. She has not yet received the memo. You don't want another problem on your shoulders. The wonder house that you and your family bought several years ago has become more than you can handle, especially with all of the unexpected bills popping up left and right. The hour cuts are also making the situation worse. If you don’t do something soon, you’ll find yourself and your family in a terrible situation.

Looking at your dilemma, you can see that your house is in good shape less normal wear and tear. You can’t sell your house without having to come to closing with at least $35K which is totally out of the cards. The reason for this is a house a couple of yards down the block in better condition sold last month for $150K. You owe $185K and no one in their right mind is willing to pay that much for your house. You do not like the idea of pursuing a Short Sale as you have heard of the many terrible stories that people go through during and after the process. Your credit does not get destroyed as much as it would after a foreclosure but it still takes a significant hit. In addition, there is still about a 35 percent chance that the bank may still come after you for the difference. To make matters even worse, Short Sales are a success for only about fifty percent of the time.

Listing with a Realtor and waiting for a pie in the sky buyer is pointless as you can’t come to closing with the difference of $35k and doing a Short Sale is completely out of the question. Here is solution that you might not have thought of: Mortgage Assumption. There are different names of the method such as Subject To the existing mortgage or Mortgage Management.

Mortgage Assumption involves transferring the ownership of your house to another buyer in exchange for their bringing the mortgage current and making sure the payments are made on time, every month. In the Real Estate market of 2012 - 2018, its very hard to get approved for a mortgage especially among American locals. This method of doing business opens the doors of opportunity to thousands of buyers who, due to various circumstances, can’t qualify for a mortgage on their own.

Your best bet in this situation is to work with a seasoned professional Real Estate buyer or college essay writer who can either assume the mortgage himself or find several interested buyers out of his huge network to do so. There are not many professionals who know how to legally structure this correctly and finding an agent who knows how to do this is like finding a one hundred dollar bill on the floor of a populated shopping mall. Find a well connected Real Estate entrepreneur who can assist you and allow you to move on with your life and preserve and maintain your good credit standing.

Navigating the Waters of South Florida Short Sale Negotiation

Once a property owner is dealing with foreclosure, she or he must always remain positive but always rational. There is always the chance that whatever solution provided, whether it be from their own personal skills or with the support of others, my not be successful. With this in mind the owner must always have a back up plan if things don't go well the way they expected.
I mention this because when Short Sales are being executed, especially in the North Miami, Florida area, there is a fifty per cent chance that they will be unsuccessful. In order to increase your success, I have provided several recommendations that hopefully you'll find helpful when navigating the slippery waters of Short Sales and Loss Mitigation Negotiation.

First off, you should never attempt this by yourself. When you're flying from your hometown to another destination, do you ever pilot the airplane? Didn't think so. How about when you're at a restaurant waiting for your meal? Do you actually prepare the five-star food that's been approved by judges from around the world? Absolutely not. Therefore how is this any different? You should always seek the help of a Real property professional, someone who has either helped list and sell short sales such as a Realty agent who actually has a track record or a Real Estate investor who has already purchased properties via Short Sale previously.

You'll wish to look for verifiable proof that these professionals have completed at the minimum two or three transactions in the past several years.

Once you've got your connection, your helmsman under your belt, don't just let them fly the airplane on his or her own. Stay connected with the process. Follow up and ensure that the expert that you've chosen is doing their job correctly and accurately. This is where things can get a little difficult. When you're taking a trip on a plane or dining at a five-star restaurant, you don't necessarily need to constantly follow-up with the Pilot and the Chef, but we're referring to your home and your economic future here. There is much more at stake or steak depending where your mind is.

In addition to following up with your chosen expert, always bear in mind that the person who ultimately gains from this transaction is you. The entity that ultimately holds the decision to allow you off the hook is not your chosen professional, but the bank that holds your mortgage. Make sure that you keep in contact with your mortgage servicers to make sure that everything is on the right track.

Hopefully this article has helped you a little further when looking to solve your Property problems.

Please feel free to visit my blog as I'm always looking to help those facing foreclosure in South Florida.