MANY Jacksonville Home Owners are dealing with the fact that their home is worth less than they owe. In fact, a recent Jacksonville Business Journal article states that almost half of Jacksonville home owners who bought their homes in the past 5 years, now owe more than it’s worth.
Add the drop in house value to a hardship situation, and you have yourself a potential short sale scenario.
It’s tough. You’ve got a true hardship, loss of value in the home, and it’s hard to keep paying the bills. At this point, you need to get a handle on your situation sooner rather than later. The last thing you want is a foreclosure so you must act quickly.
Contact the bank! Ask to submit a hardship package & submit it ASAP! Find a Professional Jacksonville Realtor who does Short Sales. (Like me) READ all Short Sale INFO here.
The main point here is that it’s not the end of the world! It sucks, yes, but the housing bust has left many of us in the same position. It’s happening everywhere, on every street, in every neighborhood, so accept it and understand that life moves on.
The Good News:
- Credit Hit is only Temporary: Your credit report will be hit fairly hard, but not as hard as a foreclosure. Expect about a 200 point drop. If you pay all your bills on time, you will see a heavy rebound of your credit score within 6 months. Monitor your credit at myfico.com.
- You can Purchase another Home: Just not anytime in the next year to two years. I’m hearing 18 months more and more often, but set your thoughts on 2 years to be safe. You probably don’t want the financial burden of another home quite yet anyways.
If you find yourself in this position, contact me. We can work together to sell the home ASAP and you can get back to living!
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