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Friday, April 29, 2011

Is Your Mortgage Current?

In the "old days" asking a potential seller about the status of their mortgage may have have resulted in a negative cloud hanging over the conversation or even got one escorted to the door!

But in today's market, most people understand its purpose.
  • If a seller is behind in their mortgage payments and the foreclosure process has already begun, it may be too late to sell.
  • If a seller is behind, a mortgage modification may be the best approach.
  • If a seller is behind, perhaps the lender will allow a short sale to be pursued.  There is a major difference between a short sale and a foreclosure.  
  • If the seller is current and there is equity, a standard sale is the right step.  
  • If the seller is current but a hardship has caused them to be unable to afford the house, a short sale may be in order.
  • If they are behind with their mortgage payments and it is a temporary situation, then maybe the Florida Hardest Hit Program is an avenue to pursue.
Key point:  As a prospective seller you will be asked a lot of questions when you call a real estate agent to discuss selling your home or condo.   

Do not be offended by any questions you may be asked but rather take an open and honest approach.  Besides, surprises that “pop up” later can kill a deal or at least create obstacles and additional stresses!

If you are considering selling your Brevard County home, call me to discuss how I can work with you.  Call me directly at 321-693-3850 or email me.

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