Short Sales

What can I do if I can no longer afford to make my mortgage payments?

If you’d prefer to keep the home, the first step is usually to attempt to refinance your loan. You may want to try reaching out to the company currently servicing your mortgage first, to see if you can renegotiate the terms of your loan to something that better suits both you and them. Alternatively, you could try shopping around other mortgage companies and banks to see if someone else can refinance with you. You could also contact us at here at Complete Real Estate and we would be glad to point you in the right direction to find a lender who can help you refinance a home in Connecticut.

What if I can’t refinance or I don’t want to keep the home?

You can always try selling the home. Yes, even if the market price is less than you owe on the house, you may still be able to sell it for less than you owe and still close out your mortgage. This is called a “short sale” because the home is sold at a loss to the company that owns your mortgage. Despite the name, these types of sales take longer than traditional sales so it’s best to start as soon as you can since mortgage servicing companies do not waste time when a mortgage is in default. At Complete Real Estate we have experience with these types of sales and we’re here to help you- schedule a free consultation with us to learn more about short sales and find out if it makes sense for you.