What can you do if you’re having trouble with meeting your mortgage payments in Moultrie?

Many people are finding the current economic climate tough going. The global financial crisis has left many individuals and families in difficulty. Not being able to meet your mortgage payments is sadly, an all too common affair. However you don’t need to suffer in silence, there may well be a solution to your problems.

The first step to resolving any issue is to talk about the problem before it becomes insurmountable. If you talk to a Moultrie realtor at Norris Bishop Realty, as soon as you find yourself facing a shortfall on your payments we may be able to help you find a win-win solution for yourself and for your lender.

One of the options that we might be able to help with, is something known as a short sale. That’s where we help you facilitate an agreement with your lender or bank to sell your property for less than the value of the loan.

Why short-selling is good for a borrower

Why would you want to sell your home for less than the outstanding debt? Firstly, because if you can’t meet your mortgage payments the lender may repossess your property. At that point the lender has control over how much the property sells for and that might be less than you’d achieve through a short sale.

Secondly, because it saves on further financial penalties – that means once a substantial amount of your loan has been repaid the interest falls in line with that amount. It also means that the bank won’t start charging you for missed payments, etc.

Finally, you may be in a position where your insurer may pay the outstanding balance. That would mean you’d be able to walk away debt free. This isn’t always the case, so you’ll need to talk to your Moultrie realtor in detail so they can help determine the value of a short sale to you.

Why short-selling is good for the lender

Lenders don’t like bad debt, they don’t want the hassle of administering legal proceedings, managing repossessed properties, etc. Not only do these things cost money, but they distract from the core business of a lender – lending and collecting money.

Short selling offers an opportunity for a more managed sale process and possibly a higher return on the property than if it is sold following repossession. That means more of a return for less work for the lender too.

We won’t pretend that short sales are the most straight forward of sales processes. But a good realtor in Moultrie should be able to help you navigate all the pitfalls, to help you get approved for the process by your lender.

They’ll also be able to help conduct the sale itself and to maximize the return for you. So don’t leave the problem until it’s too late, talk to your Moultrie realtor today and find out whether a short sale is the right option for you.