Getting Divorced and Cannot Afford Your Mortgage?
Unfortunately, this is becoming a common reality for many couples. You get married and buy a house that requires both of your incomes for the mortgage. A few years later, you decide to separate or get divorced and do not know what to do with the house because neither of you can afford it on your own! In many cases, there has already been financial stress. Because of the market fluctuating, you may owe more on your home than it is worth and you may be beginning to worry about foreclosure. What a stressful situation to be in on top of going through a divorce!
Good News and Bad News
The good news and bad news is you may qualify for a short sale. A short sale is basically getting the lender to agree to take less than what is owed on the home. To qualify for a short sale, you must prove a hardship, and divorce qualifies as a hardship! The bad news is, a short sale will be reflected on your credit score for a couple of years but is definitely less of an impact than a foreclosure would be!
What should you do next?
The sooner you contact a short sale specialist, the better. Beginning the process of a short sale as soon as you can is the best option for you! This helps get early communication with your lender, and helps get your home on the market and hopefully sold before you have any bigger financial issues that lead to foreclosure. You will want to research realtors in your area and find one that has good experience with short sales. These realtors have the knowledge it can take to save you from heading towards a foreclosure. They will be able to give you understanding and advice along the way to get your home sold and you on your way to recovery during this difficult chapter of your life.
If you or someone you know in Northern Virginia has questions about a short sale, please give our team a call. We have sold over 300 short sales. We have the knowledge and expertise to help get you out of this situation quickly. We would love to help answer your questions and start the process as soon as possible!
Jennifer Young Homes
Keller Williams Realty
