Owe More Than What Your Westwood Home is Worth? Think Short Sale.

Owe More Than What Your Westwood Home is Worth?  Think Short Sale.

A short sale should be your first thought if you owe more on your property than what it’s worth and paying your mortgage is a financial burden.  After all, foreclosing on your property could leave you with horrible credit.  In a short sale, a lender or bank will accept less than what’s owed on the house.  Lenders agree to short sales because cutting their losses and not dealing with the difficulties of the foreclosure process is easier than collecting from a homeowner who doesn’t have the money they owe.  If you choose a short sale, you could start fresh while wiping out your debt.   More and more of these transactions are happening, as homeowners are trying to climb out of debt

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Beverly Hills and Westwood, properties have decreased significantly.  As the values of property declines, homeowners who don’t own their houses are paying high ticket mortgages that will continue to rise.  In many cases, homeowners will owe more than what their house is now worth.

If you owe more on you Westwood property than what’s it’s worth, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home, and they can certainly help you if you are trying to alleviate yourself of the pressures of debt.

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