Real Estate Resources

Is It Time to Consider a Short Sale for Your Houston Home?

There is an appropriate time to consider a Houston short sale. The most opportune time to consider a Houston short sale is when you are faced with owing more money on your Houston home loan balance(s) than what the property is worth on the Houston real estate market. Getting behind on your monthly payments is a stressful situation. Below are a few reasons why a Houston homeowner could be behind on their mortgage payments:

1.    Mortgage interest rate resets
2.    Job layoff
3.    Excessive medical bills
4.    Divorce
5.    Death
6.    Over extended credit problems

Having a legitimate reason for being behind on your monthly mortgage payments could be the "hardship" needed to have your lender approve a short sale offer from a buyer.

Communication is Key to Avoiding Foreclosure!

Whatever you do, it is important as a Houston homeowner to be in communication with your lender when you begin to miss your monthly mortgage payments. Embarrassed and often unaware of the serious nature of a foreclosure, Houston homeowners will ignore repeated attempts from their lender to provide assistance once the homeowner has missed a few payments. Always call your lender and try to work out a plan to get caught up on your payments. If you still can't meet your house payment obligation, the next step is to consider the Houston short sale.

Know Your Options!

Contact us today to schedule your initial consultation to determine if you are a candidate for a short sale hardship request. Remember, you could avoid years of negative impact on your credit from a foreclosure by going with the short sale option with the assistance of your Houston Realtors!

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