How to Sell a House When It's Worth Less Than the Mortgage Options for "Underwater" Homeowners and Investors

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ISBN: 9780470418611 | 0470418613
Cover: Paperback
Copyright: 3/9/2009

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The crash in housing prices and other economic forces have left millions of property owners "underwater"-owing more on their mortgage than their property is worth. If you're one of them, trapped in a home you can't sell and pressured by mortgage payments, the situation can feel hopeless.

Downloadable Forms	p. vii
Introduction	p. ix
How Did So Many of Us End Up with Underwater Houses	p. ix
What Happened to Real Estate Prices?	p. x
Easy Money Home Loans	p. xiii
When Lending Guidelines Loosened-The Beginning of Our Current Problems	p. xvii
Meet the Authors	p. xix
Acknowledgments	p. xxii
Options for "Underwater" Property Owners
Is Your Home Worth Less Than the Mortgage?	p. 3
How to Estimate the Value of Your Home	p. 4
What Banks Want	p. 6
Introduction to a Short Sale	p. 7
Other Options for Underwater Homeowners	p. 8
What Happens If I Walk Away from My Property?	p. 11
Stop Making Payments, Move Out, Let the Bank Foreclose	p. 11
Deed in Lieu of Foreclosure	p. 13
How to Protect Yourself	p. 14
Your Losses Don't Stop with Foreclosure	p. 15
Mortgage Forgiveness Debt Relief Act	p. 19
If You Are in Financial Trouble, Deal with Your Emotions First!	p. 25
The Typical Mindset of People in Distress	p. 25
How It Feels to Be Trapped	p. 31
Putting Your Pride Aside-The First Step to a New Life	p. 34
How to Get Free from Your Property and Get on with Your Life	p. 36
Aggressive First Steps to Get the Highest Possible Price	p. 39
Try to Sell the Property Yourself before Calling a Real Estate Agent	p. 39
Using a Real Estate Agent	p. 41
What If My House Is Underwater but the Payments Aren't Late?	p. 44
Try a Loan Modification: Negotiating a Lower Monthly Payment with Your Lender	p. 47
Loan Modification	p. 48
Forbearance Agreement	p. 52
Government Programs and Mortgage Relief Organizations	p. 57
Mortgage Relief	p. 58
Financial Relief	p. 61
Short Sales: How to Sell a House When It's Worth Less Than You Owe
The Short Sale Solution	p. 65
When a Short Sale Won't Work	p. 67
Short Sale Requirements	p. 68
Short Sales for Investment Properties	p. 71
How to Approach Your Bank	p. 73
How to Ace the Broker's Price Opinion	p. 75
How to Put Together Your Own Short Sale Package	p. 79
Requirements for Financially Distressed Homeowners	p. 81
Requirements for Solvent Homeowners	p. 84
Putting the Package Together	p. 85
Sample Contract for Sale and Purchase	p. 85
Sample Comparable Sales	p. 86
Sample Pictures of Disrepair	p. 86
Sample Net Sheet	p. 87
Sample Investor Letter	p. 87
Sample Repair List	p. 87
Making Sure Your Package Is Complete	p. 88
Sample Short Sale Package	p. 89
How to Work with an Ethical Investor to Short Sale a Property	p. 105
What Should an Investor Do for Me?	p. 106
How to Negotiate with Investors	p. 117
Closing Any Deal-What You Need to Get in Writing	p. 123
Get Everything in Writing from the Bank, Investor, or Real Estate Agent	p. 124
What to Expect from the Closing Agent	p. 126
Check Your Credit after the Deal Is Done	p. 128
Other Options and Issues for Underwater Homeowners
If Nothing Else Works, Consider Bankruptcy	p. 133
Bankruptcy-How to Buy Time	p. 135
Will Bankruptcy Help or Hurt My Credit?	p. 138
Temporarily Renting Your Home	p. 143
Section 8 Program	p. 160
Don't Go Broke Trying to Save Your House	p. 165
Don't Go Broke	p. 166
Living with Negative Cash Flow	p. 168
Living with the Emotional Stress	p. 172
How to Rebuild Your Credit	p. 175
Credit Repair Services	p. 176
Steps to Rebuilding Your Credit	p. 181
Formula for Paying Off Credit Cards	p. 183
Is There Life after Financial Disaster?	p. 187
How Do I Avoid Disaster Again?	p. 188
Will I Be Able to Invest Again?	p. 190
Sharing Your Experience with Other Distressed Homeowners	p. 192
Consider Becoming a Real Estate Investor	p. 193
Index	p. 195
Table of Contents provided by Ingram. All Rights Reserved.

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How to Sell a House When It's Worth Less Than the Mortgage Options for "Underwater" Homeowners and Investors

Summary

Author Biography

Table of Contents

Supplemental Materials

FREE SHIPPING

Rent More, Save More! Use code: BBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

How to Sell a House When It's Worth Less Than the Mortgage Options for "Underwater" Homeowners and Investors

Summary

Author Biography

Table of Contents

Supplemental Materials

Digital License