First quarter data from 2009 reflects that 20% (Zillow.com) of all homeowners in the United States are in this situation. Being underwater is a term used meaning, if you were to sell your home in today’s real estate market, you would need to bring money to the closing table, unless your lender agrees to take less than is owed.  Some areas of the states including California, Las Vegas, Nevada and two areas of Florida indicate even higher numbers than 20%.  The local Jacksonville, Florida market sales data reflects about forty to fifty percent of all sales are either homes in the Short Sale process (pre-foreclosure) or they are bank owned, the foreclosure has already taken place.  Then it is called an REO property.
So what should you do if you are nearing this situation?  You have lost your job, have to transfer to get a better job, getting a divorce, or in any situation that will impact your income negatively?

First, call your lender immediately and explain exactly what is happening with your financial situation.  Banks will sometimes go for a loan modification, however, they are less likely to do this if you have already missed payments.  Additionally many loss mitigation specialists or loan work-out specialists are over- loaded with files due to the market as it is.  So it will take some persistence and negotiating on your part, and possibly on the part of an experienced real estate agent to get their attention and reach an agreement.  However, do persist even if there is a slight chance they will work out some kind of settlement.  It is better than having a foreclosure on your credit report.
Currently I have several listings in the Short Sale process, so if you are needing someone to talk with about the Short Sale process, feel free to give me a call.  The price in your area or neighborhood will reflect whether the sale price will be lower than the dollar amount you owe on your property.   I can do the research and let you know the area market price.  I can also help you make contact with the lender to see how they will respond to a Short Sale process being put in place.

You can reach me by clicking on the blog entry box to the right to send a message or send an email to gracehughesjax@gmail.com.  Call me at 904-233-1341 with questions.

My web site is: http://FindaPlaceWithStyleNgrace.com.

Tags: Homeowners, Housing Market, Jacksonville Beach Buy a House, Jacksonville Beach Buyers, Jacksonville Beach Condo, Jacksonville Beach Foreclosed Homes, Jacksonville Beach Foreclosures, Jacksonville Beach Home Appraisals, Jacksonville Beach Home Buying Process, Jacksonville Beach Real Estate Market, Jacksonville Beach Short Sales, Jacksonville Real Estate, Real Estate Agent, sale at auction, Sell a House, Upside Down Real Estate

Posted on Thursday, August 6th, 2009 at 3:34 pm and is filed under Appraisal, Foreclosure Property, Foreclosures, Homes, Housing Market, Questions and Answers, Real Estate, Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.