If I could only go back... Who has not entertained the thought at one time or another? It is probably a question that has crossed the minds of most more than once.
Several years ago the real estate market was out of control. There were those who were buying and flipping properties and appeared to be making money hand over fist. There were those who purchased homes thinking that if they did not purchase now then how would they ever be able to afford to buy in the future. There were those who were cashing out on the “investment” profits of their home and paying cash for properties.
Now, five or six years later the houses are worth half what they paid. The “profits” are gone.
Someone said to me a few weeks ago “if you are in your house, like your neighborhood, plan on staying for another 10-20 years, what is the worry?” I agree.
But what if you are facing a real hardship such as a loss of income, a death in the family, a lower paying job, a transfer due to employment that impacts your ability to meet your mortgage obligations? What if a loan modification is still not the answer?
Then the answer may be a short sale. Read this article for information on "what is a short sale?"