Experts in the industry say it’s never been a good idea to throw good money after bad.
Hayward California (PRWEB) April 03, 2013
The announcement of new program aims at assisting East Bay home owners, many of which are on time with making payments and, are coming to the realization that continually owning a home that is overleveraged or underwater (where one owes more than the house is worth) hasn’t made good financial sense and for many, won’t make sense for many, to hold on to the property for years to come.
Experts in the industry say it’s never been a good idea to throw good money after bad. Sometimes people need to cut they’re losses and move on. One thing many people have in common once they’ve completed a short sale is the way they feel. They often say to themselves “Why did I do this earlier?”
Short Sale vs. Foreclosure
Over the past five years, the entire mortgage industry, starting from the government owned entities Freddie Mac and Fannie Mae to the big banks such as BofA, Wells Fargo, and Chase to the regional mortgage bankers, the lending industry has made lending guidelines for those who opted to complete a short sale much more favorable vs. those who let a foreclosure occur. For many who complete a short sale are back in the market to purchase a home in as little at 2 years vs. the 3-7 year requirement that many mortgage lenders impose on those who are applying for mortgage. The biggest benefit for many, is the ability to still take advantage of some low real estate prices and low interest rates occurring simultaneously in the market right now.
ACL Real Estate and Property Management is a full service East Bay Area Brokerage that specializes in Selling and Managing Single Family/ Multi Family units. The Service Areas Include but not limited to: Alameda Counties, Contra Costa Counties, San Mateo Counties. Berkeley, Dublin, Livermore, Pleasanton, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and many more locations.