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How to Sell a House When It's Worth Less Than the Mortgage: Options for "Underwater" Homeowners and Investors Paperback – March 9, 2009
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From the Back Cover
Smart Options for Homeowners Who Owe More on Their Mortgage Than Their Property Is Worth
The crash in housing prices and other economic forces have left millions of property owners "underwater"—owing more on their mortgage than their property is worth. If you're one of them, trapped in a home you can't sell and pressured by mortgage payments, the situation can feel hopeless.
But you do have options. And giving up is not one of them. Whether you're a homeowner or an investor, there are ways to get out of this mess before it bankrupts you. The first step is to arm yourself with full knowledge of all the alternatives available to you. You may be able to renegotiate loan terms with your bank, or short sell your home, or even rent the property out—just don't wait until it's too late.
How to Sell a House When It's Worth Less Than the Mortgage explains all of your options, helps you pick the best one for your situation, and shows you how to get it done step by step. Inside, you'll discover the ins and outs of:
Estimating the real market value of your home
Understanding mortgage forgiveness and debt relief legislation
Putting together a short sale package to convince your lender to write down your mortgage
Finding a buyer yourself or using an agent
Negotiating new loan terms with the bank
Tapping into government aid programs
Surviving bankruptcy or foreclosure as a last resort
About the Author
Dwan Bent-Twyford, "The Queen of Short Sales," is the country's leading authority on buying and selling "underwater" properties. She runs popular boot camps for real estate investors and is a sought-after public speaker on real estate investing. She is also the coauthor of Short-Sale Pre-Foreclosure Investing, from Wiley.
Bill Twyford is a successful real estate investor, speaker, author, motivator, and teacher.
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When I ordered this book I did realize that the authors were trying to cash in on The Housing Crisis, but at the time there were not a lot of books on this topic; and I thought for ~$13 maybe it'll have a few bits of good information. I was completely wrong. This book is not worth the paper it was printed on, and certainly not worth the time it takes to read it.
The authors are a married couple with little formal education to speak of--in a state of destitution they discovered they could make a living as real estate agents. With the fall of the housing market they opportunistically began "helping" desperate home owners to dispose of distressed properties. They claim altruism, but their guise is very thin.
If you are the owner of a distressed property it would behoove you to hire a competent real estate attorney. Likewise, if you wish to read an informative book about dealing with a distressed property, it would behoove you to select a book written by an attorney or another person of similar credential. I have not yet found such a book, but am actively searching; and you should keep searching as well.
They also explain how to work with an agent or how to do it on your own depending on which route you want to follow. There explanations are extremely clear and anyone whether novice or expert will be able to easily follow what they have to say.
If you are one of the millions and millions of people in this situation, I strongly suggest that you get this book so that you will be able to understand the options that are available to you.