I spoke with an attorney today about a soon (she hopes) to be divorced client that would like to list her home as a short sale. Since Wisconsin is a marital property state...the decision is not hers alone. The house was listed for what we believe is six figures over the market value by the previous realtor who listened to the husband who was trying to cover the indebtedness of a first and second mortgage and then of course add a little so they could "start over". That's how you determine a sale price in any market...based upon what you NEED and WANT...not what the market indicates, hmmmm ?
The woman is in charge of paying the mortgage with the support she gets from her husband which also supports their children. The home is old, no insulation, windows with rotted frames...less than energy efficient and with the warning of winter not far behind...it will be more expensive than ever to heat. I asked the attorney if he was aware of the dire straights his client was in financially...did he know that she was borrowing money from relatives to put gas in the car and food on the table and paying the mortgage at the expense of not paying other bills. Did he understand what a Short Sale is ? He sort of skirted the question....well yes, he did understand that the market was not what it was...that home values had fallen. But that did not mean, according to the lawyer, that she should not pay the mortgage...I guess until she ran out of relatives.
DO NOT BORROW MONEY TO MEET MONTHLY EXPENSES
This is the reality of a short sale...the mortgage(s) have become more than can be paid...the living expenses for the family exceed their income and are causing financial hardship. Pulllleez if you find yourself unable to pay your mortgage....give us a call...we will try to find a remedy first,....and if there is none, a short sale is a consideration...not using relatives as lenders. Inquiries are confidential, call us...no matter where you are in the country and we will refer you to someone who can help you. You are not alone....and we do understand that sometimes "life gets in the way" and it seems very overwhelming and you need to "stop the bleeding" financially. Let us help you - locally: 414-525-0563; outside the area:877-525-0563.
