Foreclosure or Short Sale
“We were at wits end and desperate, my husband had lost his job and we couldn't survive on my salary alone. John and I wanted to do the right thing and honor our commitment. We had tried mortgage refinance but we owed more on our home than we could sell it for, we tried to work with Bank of America on a mortgage modification but they never answered us so it seemed that a loan modification was not going to work for us. Short sale of our home did not seem to be the answer; we had heard so many stories about how difficult but foreclosure seemed worse. Frankly we were embarrassed, our block was littered with foreclosure homes but it was hard for us to walk away. Out of the blue a flyer appeared on our door talking about options and we called Hugh Lilly at PMZ Real Estate and to make a long story short our home received 7 offers in the first 5 days of being on the multiple listing service and closed escrow in 49 days. Now we have a fresh start, John is back at work and our credit has only been minimally impacted." John and Gina
John and Gina are not alone, it is difficult to know what to do, which direction to go. Short sales are starting to dominate the multiple listings in Ca real estate. For the last three years homes for sale in California have been foreclosed homes. Over 50 percent of Stockton homes and Lodi Homes are short sales. Banks such as Wachovia, Chase and Bank of America are seeing that short sales and loan modification are viable alternatives to foreclosure.
Walking away from your home is not the answer, the state of California and the federal governments have passed legislation to help the distressed home owner. A short sale will have less impact on your credit and give you a fresh start and you will be able to buy a home in two years rather that the five to seven years with a foreclosure. The Lilly Group at PMZ real Estate has helped home owners and consulted with them on loan modification and short sale vs. foreclosure. Call Hugh at 209-479-9222 for your options. Visit our web-site at www.hughlilly.com or e-mail us at the lillyteam@comcast.net. We offer a Fresh, Bold and Innovative approach to real estate and solutions.