If you are trying to get out from under one mortgage in order to buy a new home without using your money or selling your home you must remember that you have made a commitment to pay your mortgage payments to your mortgage company. If you find your home is valued less than what you owe on your mortgage, you have several options. The DiMora Team are real estate experts in the Novi and Northville neighborhoods we know one option is that you can always rent your existing home and then you will have to qualify for both mortgage payments when purchasing a new home. You can sell your existing home with a short sale with the approval of your existing mortgage lender. This will affect your credit scores so you will not be able to purchase another home for a year from the closing date of your existing mortgage as long as your are current on your mortgage payments during the process. Another option would be a foreclosure and you would need to sign the deed in lieu of over to the mortgage company. This will also affect your credit and you will not be able to purchase another home for three years. Check out below to see what sold in Crosswinds West in August 2015:
39930 Crosswinds, Novi: 2 bedrooms, 2.1 bathrooms, 1,134 sq. feet, 1 car garage, Sold Price: $130,000
Crosswinds West Home Sold
August 2015
22162 Edgewater, Novi: 2 bedrooms, 1.1 bathrooms, 1,100 sq. feet, 1 car garage, Sold Price: $142,000
Crosswinds West Home Sold
August 2015
If you choose the last option, be sure to check with your mortgage lender to see if they will file a judgement against you for the balance between what you owe and what the home is sold for. For more information on Crosswinds West, or similar Northville or Novi neighborhoods such as Country Place, Lakewoode Parkhomes and Highland Lakes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.