The only issue here is determining whether or not you actually have equity in your home. As stated in other parts of this book, this determination is not necessarily an easy task in today's fluid real estate environment.
Nonetheless, if you need to sell your home because you cannot afford it, you will likely put it on the market and list it through a real estate company.
Based on the feedback you receive from the market (other Realtors® and buyer interest) you will adjust your asking price accordingly. Dropping your asking price under what your loan balance is, places you into short sale territory. The bottom line is that the market determines your price and if that price provides you a profit, great!
To reiterate, if you think there is even a chance that you will be in a short equity position, MAKE sure you hire a qualified Realtor®. Contact us for a Free Home Valuation to see if you have equity today.
You will also want to contact a Certified Public Accountant as there may be tax ramifications with a short sale. National and State exemptions are currently not the same.
TAKE ACTION NOW and contact us today for your personalized foreclosure prevention consultation.
The information contained in this report is deemed to be accurate but is not guaranteed.
Sources: "The Foreclosure Bible" and the California Association of Realtors®