Not everyone is feeling the housing recovery .. why ?

Recent reports say that 40% of Metro Atlanta home owners are still under water and  aren't feeling the love of the housing market's recovery. Underwater mortgages homeowners still owe more than their homes are worth. Good News - Mortgage heavyweights Fannie Mae and Freddie Mac have announced a bailout program for struggling homeowners who are current on their payments. There are many people who, for one reason or another, want to leave their home. They have a job in another state. They've been through a divorce. Perhaps someone has died or become ill. In those cases, it's very important for those people to leave the house without having to default on their loan if they don't need to. You Have options

Loan modification: A person can’t afford current mortgage payments (reduction in income, death, divorce, disability), but would like to stay in house and keep paying mortgage with reduced payments.

Short sale: A person either needs to move for a job or can’t afford/maintain the home and wants to leave the home, but is underwater and wants the lender to agree to forgive any amount leftover if the sale doesn’t cover the mortgage.

Mortgage release (deed in lieu):  Either the person wants to leave the home, but does not want to/cannot physically handle selling the home, or the person would otherwise want to stay in the home, but cannot afford the payments even under a modification, so may want to turn in keys and leave or stay as a renter.

If you need advise on what to do next give me a call I am here to help with all your real estate needs

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Go to http://www.georgiaonlinehomes.com - Your Home's Value

Short Sellers and Underwater Homeowners