Is your home "under-water"? 4 things you should consider before you do anything!
By Joe and Molly Murphy, Put our Team to work for your Family
(Coldwell Banker)
If you own a home in Sarasota or Bradenton. you could be on of 44% Sarasota and Bradenton homesowners that is UNDERWATER! That's almost half! As a local Real Estate Expert in Sarasota and Bradenton I have compiled my "top 4 considerations". If you owe more than your home's value, you have three choices. Keep on paying your mortgage. Try and get the bank to modify your loan through HAMP Move. If you stop paying your mortgage eventually you will move. Either as a foreclosure (involuntary) or a short sale. ONE Can you afford your current lifestyle? Is 31%, or more, of your income going to home mortgage expenses? Then you might be struggling to afford your home. Reseting arm mortgages, layoffs, pay cuts, and unforeseen expenses could all cause your expenses to exceed your income. If...
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