Alpharetta Short Sales: Real story. Man wipes out 300k in mortgage debt and Lives to tell the Story

Alpharetta GA – I know a guy that wiped out 300k in mortgage debt. I’ll call him Tom. The name and some of the details have been changed to protect his privacy. Tom owed a lot of money on his house. He owed 600k on a first mortgage and then another 300k on a second mortgage.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Tom’s income dropped dramatically. He almost lost his home. He finally got a new job and was able to pay the first mortgage payment. Because they were closer to foreclosing, he found a way to pay them. But, he didn’t have enough money to pay the second mortgage.

So Tom didn’t pay the second mortgage. He was doing everything he could to save his home. The second mortgage called Tom a lot. “If you don’t pay us, then we will file for foreclosure“, they would say. Twelve months went by and no one filed for foreclosure.

Tom was quite surprised. “I had no idea when the sheriff was going to come out and kick us out”, Tom told me. We told him that most second mortgages never file for foreclosure. (Here is why they hardly ever do. In a foreclosure, the first mortgage gets paid off before the second mortgage gets a dime.)

In Tom’s case, his home’s value had dropped below the 600k he owed to his first mortgage. This meant that if the second mortgage did foreclose, then they would only lose more money. That is not a winning business proposition.

We also told Tom that he could probably settle with his second mortgage for five to ten cents on the dollar. That means he can eventually settle for $10,000 to $20,000. We first talked to him over a year ago.

Today, Tom still hasn’t made a single payment on his second mortgage. He has caught up all the payments on his first mortgage. In addition, he has been able to get back on his feet financially. He expects that he will settle with the second mortgage in a year or two. The first priority is getting all his other finances completely in order.

This story illustrates that you are not doomed. Many people owe more than their home is worth. They are able to short sale and get rid of the debt. Or, they can use creative strategies to reduce the level of debt. You can get your finances back in order with a little work and time.

Do you want to short sale your property and never pay the bank another penny? I can help you do that. Call me at (770) 866-2561 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can e-mail me at rlorans@gmail.com.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Alpharetta Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Roland Lorans.

Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .

Phone: (770) 866-2561. rlorans@gmail.com.

View My homes for sale at .

Roland Lorans specializes in loan modification assistance and short sales in Alpharetta Georgia . Alpharetta Loan Modification Help, Alpharetta Short Sales. Alpharetta Short Sale Realtor. Short Sale Realtor. Alpharetta GA Short Sales. Alpharetta Realtor.

We specialize in Alpharetta GA Short Sales and the greater Metro Atlanta area, and We can help you find Your way through the Short Sale process with dignity and support, as We have with many people so far.

Loan modification and short sale services to avoid foreclosure, lower mortgage payments, reduce principle balances, re-structure mortgages, avoid bankruptcy. Call Today and Get Your FREE $29.95 EBook or Audio File $$$ Contact Us Today! The Consultation is Free:
Roland Lorans TEAM
Better Homes and Garden Real Estate Metrobrokers
2725 Hamilton Mill Road, Suite 2400 Buford, GA 30519
Office: (404) 843.2500
Direct: (678) 406.8451
Fax: (678) 765.5050
Email: Roland.Lorans@Metrobrokers.com
http://www.RolandLorans.com/

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