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Short sale and Loan Modification information
Since the fall of the financial markets in 2008 we’ve seen a drastic reduction in home values nationwide. The mortgage lending and housing markets have deteriorated beyond anything we’ve seen in history. There have been countless books, articles, blogs, and even movies outlining the events that created the most significant financial disaster of our era. I personally recall the days when my very own home was increasing at about $10,000 per month and wondering when home values would ever level-off. However, year after year it continued to go up in value and the housing market continued to thrive. The Las Vegas area had the lowest unemployment rate in the nation at below 4% for a long time. New construction was taking place all over town, and practically everyone was finally realizing the American dream of homeownership. It was a really good time on the surface, but there was a mounting financial storm lurking beneath all the prosperity that was taking place.
We are now all very familiar with the financial storm that passed through like a hurricane wiping away home values, jobs, retirements, and overall way of life for many of us. However, just like the aftermath of any hurricane; some people are hit harder than others, some recovered sooner, and some may never recover at all. We cannot go back and change the events that took place to cause the crash but we do have the choice of how we decide to rebuild from this point forward.
It’s hard for some of us to let go of the past and realize that we cannot hold on to a home that we can no longer afford. The sooner you let go, the sooner you can begin the rebuilding process. Most of the short sale programs have that were present in the peak of the housing crash are no longer available or have been replaced by other programs. However, the good news is that the home values in most areas have increased to such an extent that very few homeowners would still need to consider a short sale. That said, there are cases where people may have purchased a home from a new home builder at an over-inflated price or refinanced all their equity at the peak of the market. So short sales are still a viable option in certain cases. I've helped numerous families through the process over the years I haven’t had anyone regret their decision yet. Many of them have already become homeowners again, and this time they’re in a home that they can afford now & in the future. Luckily in the current market the home prices are still reasonably affordable, and interest rates are still historically low.
The Home has always been regarded as a place of security and comfort for a family. It should never become a place of burden, which has been the case for so many from 2009-2012. It can be an emotional journey when you go through the process of letting go of a home, but in the end you will have a very heavy burden lifted from you and finally a chance to release the financial & emotional strain that often overwhelms homeowners who have been through this unfortunate situation.
Please do not hesitate to contact me personally for a free confidential review of your options and help you find a program that is right for you.