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.

North Miami Short Sales Professional

Short sales are still in an abundance here in North Miami. I have been doing short sales for about the past decade and I know every single detail about them I know that most banks don't have an interest in helping the home owner or anyone involved in the process. I have also seen that Short Sales negotiated with banks such as Bank of America, Chase and Wells Fargo are among the toughest to complete. These larger bank are getting greedier by the day. The short sale payoff letters come in at or above market value of you don't know what you're doing.

Having an experienced Short Sale professional on your side is the difference between night and day! Not only will a short sale be negotiated on your behalf but there will be legal defenses taking place against the bank's lis pendis law suite. The battle will be fought on two fronts. We don't want to beg the big banks for a short sale discount without having a gun in hand!

I've been able to get foreclosures in North Miami dismissed while working on short sale files. How do I do this you ask? With years and years of experience thats how! I have a team that knows the ins and outs of the real estate legal system and can pretty much get the judge to do anything.

When the banks such as Wells Fargo, Bank of America, Chase and Suntrust see that they won't be able to take the property back from a poor defenseless homeowner seeking relief, then they're willing to negotiate and compromise. It is only at the point when your enemy sees that he or she will loose the battle when they are willing to help. Otherwise, asking for help with a whimper will only ruin your credit and leave you in an unfortunate situation.

When you're looking to avoid foreclosure you must always keep in mind ways in which you can get the system to work for you in a smart and professional manner. Don't try to cheat the system of Short Sales, just work with it so that it can work in your favor. If for any reason you're not sure how the system works, please consult a professional like me.

I've been purchasing homes, helping homeowners avoid foreclosure, dealing with banks and even training others on how to get into the real estate business for years. My speciality is creative Real Estate solutions for you and your family.