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I can’t pay my mortgage, my house isn’t worth what I owe, what can I do? New Milford, CT Real Estate Talk.

January 29, 2011

I can’t pay my mortgage, my house isn’t worth what I owe, what can I do? New Milford, CT Real Estate Talk.

Short sales new milford ctThere is something you can and should do. Get in touch with a Realtor® who can assist you to sell your house “short”. Be very careful to find someone who understand the short sale process, who has been successful in getting short sales approved and closed, someone who will tell you the truth about the value of your home as it relates to the current real estate market.

Tough talk ahead. I see homes listed all the time for more than they are worth in today’s real estate market. Believe me, when I have a buyer interested your home I am now investigating EVERYTHING! Not only am I checking at the building department to make sure you have permits for all those updates and additions you have done, but I am also taking a few extra steps. BEFORE my clients put an offer to paper, I am checking to see if I can figure out how much you might owe on your mortgage, how many mortgages you have, I am actually checking to see if there is anything on file with the CT judicial system, in case the foreclosure action has been started.

If I have a potential buyer for your home. I will be advising my buyers not to put an offer in on your home if you are listed too high, if there is no notation this is a short sale. Short and sweet. If you, or your agent do not want to admit that you are in a short sale position, we are moving on. I am seeing homes like this languish on the market, expire… and then… foreclosure. THIS DID NOT HAVE TO HAPPEN!

You are having trouble paying your mortgage, you call in a few agents, this is what you might here from some, but not from me.

  • How much money to you need to get out of the sale?
  • What price do you want to list at?
  • Let’s throw it on at what you need to satisfy the debt and see what happens.


Some may not even ask you if you are in trouble or what you owe! I am asking everyone what you owe up front. I have to know. If you want to list your house high and run the very real risk of losing it to foreclosure, I am not the agent for you. If you want to hear the truth, please feel free to contact me. Foreclosures are expected to rise 20% in 2011 overall. Why not do everything you can to avoid this?

Short sales in New Milford CT can and do work. First, you have to face the reality that you owe more than your house is worth. Next, you have to face the fact that prices of homes are down in our area, so what you want or need to get out of the sale of your home in New Milford CT has NO relevance to what it is worth. NONE. This is the hardest concept for struggling home owners to grasp. The goal of a short sale is to sell you home as quickly as possible for the best price possible. The current real estate market and the condition of your home will determine the best price possible.

You do have other choices if you can no longer pay your mortgage.

  • You can contact your lender and try to do a loan modification. If you no longer have the ability to pay, this probably won’t work.
  • You can ask the bank to take the house back, called a deed in lieu of foreclosure. You won’t be “on the hook” for the balance left after your lender sells your home, however it can cost you up to 250 points on your credit score.
  • You can do nothing. The lender will eventually foreclose, you could be responsible to pay the difference between what you owe and what the house sells for, and your credit score can take a bit hit.

I would suggest you contact an attorney to discuss all the options available to you, including bankruptcy. If you and your attorney determine that a short sale would be the best way to go, contact a Realtor® who has successfully negotiated short sales. They can and do work.

If you live in the greater New Milford, CT area and are no longer able to pay your mortgage, call me at 203.460.1775. I will discuss your short sale options and give you the names of some local attorneys who can discuss your best options with you, I have been successful at closing short sales. But so something! More than anything else, please remember that you are not alone.

I can’t pay my mortgage, my house isn’t worth what I owe, what can I do? New Milford, CT Real Estate Talk.

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