Real Estate Really

13564 Cedar Run Herndon Va 20171

Bank Owned home is available for purchase. Great interior, move in condition. Contact me for more information on how to purchase this, or other bank owned properties

Are You Upside Down?

If you live in Northern Virginia, especially in counties west of the Washington Beltway, and,  you purchased a home prior to 2005-2006, the value of your home probably dropped 20-50% .  If you were one of the homeowners who put the minimum down payment of 0-10%, you are now upside down by 10%-40% of the home’s value.  If you purchased the home with an adjustable rate mortgage or teaser rate, you may be wishing to refinance your mortgage to a fixed rate so.

We keep hearing from the media that refinancing your home is a solution and possible remedy to foreclosure.  but there are problems with refinancing your property that nobody is discussing and in some cases, has resulted in foreclosure.  Its just not as easy or workable as you may think in today’s market.  Between appraisal issues, new lender requirements , debt-income ratio issues, and higher credit score requirements,  refinancing a property is virtually impossible and generally a property will end up as a short sale or worse, a foreclosure.  There are some ways around this, but it may require cash upfront. 

Life happens and there are worse things in life than being upside down on your mortgage.  But if you are, don't wait until the situation gets worse.  If you begin to default, call your servicer immediately and talk to them about your situation.  Then go and find a REALTOR who can help you sort out your options.