Posted on Mar 9, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek and I am your short sale specialist in the Roseville and Sacramento area. Thank you for checking out my blog today. I use my blog to provide valuable information to Roseville and Sacramento homeowners on their options for avoiding foreclosure in this tough housing market. If you are behind on your mortgage or already considering a short sale please stop by my website or contact me directly to discuss your options.

For my blog topic today I wanted to talk about renting your underwater property as an alternative to completing a short sale. I have numerous clients ask me if this is a viable option for staying current on their mortgage instead of going through the short sale process. This may seem like a great short term solution but there could be problems for you down the road. First of all, if the rent paid each month is not enough to pay your mortgage you will still be paying money out of pocket for a home you have no equity in. Another important factor to consider is how your renters will treat your home while renting it. The wrong tenet may cause severe damage to your home causing even more out of pocket expenses for repairs and upkeep. If there is damage and you need to make repairs you may lose that rental payment and have to pay even more out of pocket to cover the entire mortgage. Anytime there is a negative cash flow situation on your property it is in your best interest to talk with a short sale expert about the different options you have.

While renting is an option, if it’s still costing you money out of pocket each month then a short sale may be your best option. On my website you can find a great new product that can help you make this decision called the Short Or Stay Calculator. This free tool will show you how long it may take to start building equity in your current property. After using the Short Or Stay Calculator give me a call to discuss your results and what your next step should be. Thank you for your time and have a great day.

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