Considering a Short Sale of Your Los Angeles Property?

Considering a Short Sale of Your Los Angeles Property?

Over the past few years, as the economy has slumped, so has the housing market.  Even in upscale neighborhoods like Beverly Hills, properties are no longer worth what they once were.  As property values are declining, homeowners who don’t own their houses outright are paying high priced mortgages that continues to increase.  In some cases, homeowners will owe more than what their property is worth.  These houses are referred to as‘underwater’.

When you owe more on your property than what it’s worth, and paying your mortgage is a financial burden, you should consider a short sale above any other solution.  Foreclosing on your property will leave you with horrible credit while a short sale will alleviate your debt and give you a fresh start.  In a short sale, a lender or bank will accept less than what’s owed.  Lenders agree to short sales because they find that cutting their losses and not dealing with the difficulties of the foreclosure process is a better than collecting form a party who doesn’t have what they owe.  Data shows that lenders are approving more and more of these transactions.

If your Los Angeles property is underwater and you are trying to alleviate yourself of the pressures of debt, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America helped more than two hundred homeowners with a short sale of their home.  

Housing Assist Coldwellbanker