Is a Rialto Short Sale Better Than a Foreclosure?
By Mike and Adie Realtors, Realty Masters & Associates
((909) 476-9600 www.WeLoveMorenoValley.com)
A lender-approved Short Sale is a better choice than a Foreclosure. Home prices have dropped and a growing number of Rialto homeowners are finding their homes worth much less than the mortgage amount they owe to their lenders. You may find yourself in this situation because: You purchased your Rialto home at the peak of the local market, just before prices began to drop; You took out an interest-only or pick-a-payment option loan and your monthly payments did not reduce the principle owed – as your Rialto home value dropped, the amount you owed on it grew; You tapped into your home’s equity with a second mortgage or home equity line of credit (HELOC) that now exceeds the value of your Rialto home. Know that Foreclosures are not just a Rialto problem, Foreclosures have become a Nation...
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