Irvine Home Seller Assistance

by braddhesi

Irvine Home Seller Assistance

What financial situation are you currently experiencing in Irvine, CA?

Do you have a fixed mortgage that is about to turn adjustable on you and shoot your payment up by nearly double its current amount?

Are you looking to sell your home, but left with limited options because you owe more on your mortgage than what your home is currently worth?

Or are you already having restless nights worried and stressed out about your mortgage payment because you have missed the last few and may be in, or headed towards, foreclosure?

If any of the situations feel familiar to what you are experiencing then you are at the right place. All three scenarios above are tough situations you and your family are going through, but understand, you still have several options that are working for countless of other Irvine families in your same exact position.

So, what are your options?

Although there are a large number of different options available to you that are dependent upon your specific situation and circumstance, the two best and most common types of solutions will be a ’short sale’ or ‘loan modification’ of your current mortgage.

What is a Short Sale?

A short sale is when you successfully sell your home to another buyer, even though you owe more on your mortgage than what your home is worth. This occurs when your lender forgives the higher owed balance on your mortgage and therefore absorbs a loss by discounting the principle balance.

For example, if you owe $550,000 on your mortgage, but end up in a situation where your home will only sell for a maximum of $475,000, then your lender will compensate this sale by discounting $75,000 to make it happen. This is accounting for a large percentage of Irvine Homes on the market today and there is no reason why you can’t do the same. For more information on Orange County Short Sales, click here.

What is a Loan Modification?

A loan modification is when a lender re-negotiates your current mortgage so that you can afford your monthly payment. With loan modifications in Irvine, it is not rare for a lender to negotiate a substantially lower interest rate, extend your fixed rate, forgive late payments and/or fees, and even agree to reduce the overall principal balance of your mortgage.

To learn more about loan modification please click here.

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