July 28, 2020 at 7:42pm | Jack Lara
If you are facing financial difficulty in keeping up with your house payments you need to be proactive.

  1. Notify your lender.
  2. Work with your lender to make payment arrangements.
  3. Ask for forbearance.
  4. Rent a room out.
  5. Refinance to a lower interest rate
  6. Sell your home.   
When it comes to selling your home then the questions become:

  1. Can you sell your home at a high enough price to payoff your loan(s)?
  2. Will there be enough money to pay your selling expenses?
  3. Will you have enough money to move to a more affordable place?
  4. Do you have the funds to make repairs to get your home ready for market?
Guidance is, what I would say, is a definite requirement for you to get.  You need to seek the help of a real estate professional that has handled your type of situation numerous times.  There is no cut and dry answer because your situation is unique although there are some shared similarities with other homeowners.   And some of these similarities and my experience with those with similar circumstances can help me solve your problem(s).

Perhaps the ultimate answer will be a short sale of your home.

  • What is a Short Sale? When the amount owed to the lender is more than what the house will sell for. This causes a shortage amount. This leaves a remaining balance owed to the lender. The lender is the servicer of the loan on behalf of the actual owner of the loan and is known as the investor.  It is ultimately up to the investor to agree to take less than the entire balance of the loan.
  • What if there are two mortgages? A short sale can be done on both mortgages.
  • Can non mortgages attached to a property?   I have dealt with this type of situation many times.  These types of liens are filed against the individual and when you sell your home these liens/debts will need to be satisfied for the title to your home to be insurable for next homeowner. 
  • Can investment properties be short sold? Yes!
  • IRS Liens against your real estate?  Yes...Release of the lien tied to the real estate is possible to complete the sale. It does not alleviate you from the amount owed to the US Treasury.
Homeowners struggling come from all walks of life: Investors, Pensacola Beach, Rural Homes, Milton neighborhoods, Pensacola neighborhoods, Pensacola North Hill Historic District, from engineers, sales people, fire department, retirees, divorcees, and more walks of life.

                                                                                          Investor's Multi-Family                                                                                                   Retiree in Milton

                                                                                          North Hill in Pensacola

A solution starts with your call for assistance.

Jack Lara, Broker-Associate
(850) 616-6377

1313 Creighton Road
Pensacola, FL 32504

Joaquin Alberto Lara LLC., Better Homes and Gardens Real Estate, Main Street Properties



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