To stay or walk away?  A question being asked by many Victorville Homeowners

If you own a home in Victorville CA and you purchased that home after 2003, you most likely owe more than your home is worth, even if you put 20% down when you made the purchase.  If you refinanced! or took out a home equity loan anytime between 2004 and 2007 again you are most likely upside down in what you owe your lender. 

As the real estate market continues to languish below the highs of 2006 some homeowners that are completely capable of making their payments, are creating strategic plans to walk away from their homes and stop making payments, according to some recent articles.  Here in California if your home is a primary residence and you have not taken out a second mortgage or home equity loan you are fairly well assured of not being pursed by the bank for any deficiencies if the home goes to foreclosure.  Although, you will experience a decline of 150 plus points on your credit score and the foreclosure record will be with your credit report for up to 7 years.

There is a slightly better option for homeowners that are upside down and in a financial hardship and that is a real estate short sale.  A short sale typically does not hit your credit score as hard and will only remain on your credit report for approximately 2-4 years.  This is normally a better option for the bank than foreclosure and helps maintain values within the neighborhood considering that most short sales fetch a higher price than if the property where to go to foreclosure.  More information on Debtor's Dilemma.

If you need to get on with your life, are upside down in your mortgage, experiencing a financial hardship and would like to discuss your options with a short sale specialist in the Victorville area, send us an e-mail below.

More information on Real Estate Short Sales

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