Short Sales
Myrtle Beach Short Sales
February 6, 2009 by admin · Leave a Comment
Just because you are behind on your mortgage payments that does not mean you have to go into foreclosure.
Myrtle Beach foreclosures are more common now days. A lot of this has to do with the current state of the economy and the mortgage markets. But foreclosure is not your only option.
Many people who purchased in the last few years are upside down on their mortgages or owe a lot more than the property is worth today. Some Myrtle Beach Condo resorts have depreciated almost 50%. This means if you bought a condo 2 years ago (at the peak of the market) for $1 million dollars it could only be worth half of that today.
This is a difficult, stressfull situation to be in.
One of your biggest option is to do a short sale. A short sale is where the bank allows you to sell your property for less than what is owed. Not all banks are discounting major percentages off of their mortgages, but some are discounting them a lot. The difference between what you owe and what the bank is willing to accept is negoiable. We can’t guarantee is but in some cases the bank has just forgiven the difference allowing the property owner to get out from under the property.
For more information on Myrtle Beach Short Sales contact us!
