| If you have decided to foreclose on your underwater | | | | government official, or any blow-hard pundit tell you |
| mortgage, congratulations! We know what a hard step | | | | otherwise! |
| this is to take, and we admire your courage in putting | | | | With everyone from the government to pundits telling |
| yourself and your family first. | | | | us we should hold ourselves to different, higher |
| With everyone from the government to pundits telling | | | | standards than the banks and lenders do, it can be |
| us we should hold ourselves to different, higher | | | | really hard to see the trees for the forest, can't it? |
| standards than the banks and lenders do, it can be | | | | But you've made the decision, and in at most a few |
| really hard to see the trees for the forest, can't it? | | | | years, you won't even have a concern about your |
| But you've made the decision, and in at most a few | | | | underwater mortgage anymore. However, you need |
| years, you won't even have a concern about your | | | | to do things correctly to prepare yourself for your |
| underwater mortgage anymore. However, you need | | | | foreclosure and for life after this mortgage. |
| to do things correctly to prepare yourself for your | | | | First-before you miss a payment do a financial |
| foreclosure and for life after this mortgage. | | | | assessment. Are you going to need a new car in the |
| First-before you miss a payment do a financial | | | | next 5 years? If you buy it now, you'll save yourself a |
| assessment. Are you going to need a new car in the | | | | lot of money in higher interest payments later. Also, do |
| next 5 years? If you buy it now, you'll save yourself a | | | | what you need to do to make sure you'll be able to |
| lot of money in higher interest payments later. Also, do | | | | stay on time with all of your other bills after you stop |
| what you need to do to make sure you'll be able to | | | | paying your mortgage. |
| stay on time with all of your other bills after you stop | | | | This will make it easier for you to get credit after your |
| paying your mortgage. | | | | mortgage is foreclosed on, or you short sell your |
| This will make it easier for you to get credit after your | | | | home. |
| mortgage is foreclosed on, or you short sell your | | | | Next, we'd like you to consider taking the lead in this |
| home. | | | | process and doing everything you can to arrange a |
| Next, we'd like you to consider taking the lead in this | | | | good short sale for yourself. Hire a sharp Realtor who |
| process and doing everything you can to arrange a | | | | knows the short-sale process inside and out to |
| good short sale for yourself. Hire a sharp Realtor who | | | | negotiate with your lender and to list your house for |
| knows the short-sale process inside and out to | | | | you. |
| negotiate with your lender and to list your house for | | | | Now, whatever you do, don't trust your lender's word! |
| you. | | | | Make sure you get the agreement to accept a short |
| Now, whatever you do, don't trust your lender's word! | | | | sale from your lender in writing. This is where your |
| Make sure you get the agreement to accept a short | | | | Realtor is really going to be helpful. Remember that |
| sale from your lender in writing. This is where your | | | | these are financial institutions you're dealing with-and |
| Realtor is really going to be helpful. Remember that | | | | we all know we can't trust a single one of them, |
| these are financial institutions you're dealing with-and | | | | especially the large national banks. |
| we all know we can't trust a single one of them, | | | | Regardless of what your lender says, have your |
| especially the large national banks. | | | | Realtor research what your house is actually worth |
| Regardless of what your lender says, have your | | | | and then list it with them for the short sale. Your |
| Realtor research what your house is actually worth | | | | mortgage lender will just sell it for pennies on the |
| and then list it with them for the short sale. Your | | | | dollar-if they do that, they may have an actual |
| mortgage lender will just sell it for pennies on the | | | | incentive to come after you later. By taking the reins in |
| dollar-if they do that, they may have an actual | | | | the short-sale process, you get to protect yourself. |
| incentive to come after you later. By taking the reins in | | | | And whatever you do, don't let your lender pick the |
| the short-sale process, you get to protect yourself. | | | | Realtor you use! |
| And whatever you do, don't let your lender pick the | | | | Don't fret over finding the right Realtor either. Feel free |
| Realtor you use! | | | | to contact us and we'll help you find an educated, |
| Don't fret over finding the right Realtor either. Feel free | | | | certified short sale Realtor in your area. |
| to contact us and we'll help you find an educated, | | | | In addition, short sales are not short. Given the housing |
| certified short sale Realtor in your area. | | | | market, putting your house up for short sale just gives |
| In addition, short sales are not short. Given the housing | | | | you more time to live in your house without making |
| market, putting your house up for short sale just gives | | | | payments so you can start planning for your future. |
| you more time to live in your house without making | | | | You may also want to apply for a mortgage |
| payments so you can start planning for your future. | | | | modification, instead of listing your home as a short |
| You may also want to apply for a mortgage | | | | sale. Now, two out of the three available modifications |
| modification, instead of listing your home as a short | | | | will actually cost you more money in the long run, and |
| sale. Now, two out of the three available modifications | | | | one of them is only going to help you if you're not in an |
| will actually cost you more money in the long run, and | | | | adjustable-rate mortgage (ARM). Oh-and less than 3% |
| one of them is only going to help you if you're not in an | | | | of families are approved for them. But when you apply |
| adjustable-rate mortgage (ARM). Oh-and less than 3% | | | | for a modification, everything stops until you get an |
| of families are approved for them. But when you apply | | | | answer from the bank that you are either approved or |
| for a modification, everything stops until you get an | | | | not for your loan modification. This gives you even |
| answer from the bank that you are either approved or | | | | more time in your house, mortgage-payment free! |
| not for your loan modification. This gives you even | | | | But here's the most important thing we can tell you |
| more time in your house, mortgage-payment free! | | | | about dealing with your underwater |
| But here's the most important thing we can tell you | | | | mortgage-remember that your family is more |
| about dealing with your underwater | | | | important than your house and all of your possessions |
| mortgage-remember that your family is more | | | | combined. Don't let any mortgage lender, any |
| important than your house and all of your possessions | | | | government official, or any blow-hard pundit tell you |
| combined. Don't let any mortgage lender, any | | | | otherwise! |