Jacky Can Help You Too!!!
Jacky Received the following message from a reader, who like most people out there are looking for some RELIEF!
“Jacky, I have a property that has lost all of its equity. (like everyone else). I tried to get a loan modification, I qualified for the Obama program , but the loan only lowered a little bit. The change in the amount was still going to be unaffordable to me. And condos in my complex are selling for under 180,000, i bought mine for 339,000. can you help me? Robert”
Shawn Kormondy of The Reisgroup in Beverly Hills (HSK’s feature foreclosure specialist) as responded with the following advice……
“Hi Robert,
Jacky sent me your real estate question regarding your condo being “upside down” in value versus debt. Unfortunately, the loan modifications do not help a lot of Americans stay in their home. California has Proposition 8 which provides property tax relief for decline-in-value. You can visit there website at http://assessor.lacounty.gov/extranet/guides/prop8.aspx. I can provide you with sales comparables for the form.
If the payments are still too high, I suggest evaluating if its worth keeping the condo. The reality of the current market is the cost of renting versus a mortgage obtained in the height of the market is far less. A short sale will allow you to walk away from the property with the least amount of damage to your credit history and will cost no money. The bank pays for the broker and closing costs. The irony of the process is the bank will not start negotiating the short sale until you stop making payments in most cases.
Feel free to call or email me with any questions you may have. I negotiate short sales on a daily basis these days.”
If you find yourself in a similar situation to Robert, or even if you have found yourself in a diffrent situation all together feel free to email Jacky or Shawn for help.
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- Jacky Wants YOU To Join The HSK STREET TEAM!!!
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- HITLER’S HOME UP FOR SALE
October 12th, 2009 at 20:36
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