600. Is Your San Bernardino Mortgage Underwater? Here’s What to Do About It


We Buy Houses in San Bernardino, California! When your mortgage is underwater, that’s not an ideal situation for a San Bernardino homeowner.

When a home mortgage is said to be “underwater,” it means that the homeowner owes more on their mortgage loan than the current market value of their home. In other words, the outstanding mortgage balance exceeds the home’s appraised value or the price it could sell for in the current real estate market.

In a perfect situation, when the amount you owe on the mortgage loan is more than the property’s current market value, it’s best to ride out the changing real estate market and stay in the home for several years to allow equity to build. However, many motivating factors lead homeowners to sell, such as moving long distances to be nearer to family, a sudden job relocation, or difficulty making payments. In addition to the typical stresses of life, selling your home can be extremely stressful, expensive, and time-consuming. It may also be the largest financial transaction of your life, and naturally, you want to make the best deal possible, despite your circumstances. 

Understandably, sellers feel overwhelmed when faced with a mortgage underwater; however, when you understand your choices, you can move forward and confidently make decisions. A few options are available if you’re facing difficulty making payments. If you should find yourself with a San Bernardino mortgage underwater, read on as we explore what you can do about it.

Lender Options

One option for those with a San Bernardino mortgage underwater is to discuss the options your lender can provide, such as a loan modification, short sale, or submitting a deed in lieu of foreclosure. It’s best to enter any of these processes with your eyes wide open to the realities of what a lender will require of you. In addition, you should understand how your efforts will affect the outcome and the negative consequences, including the effect on your credit score and why you should avoid foreclosure. Professional buyers, like those at Homesmith Group, can help you understand your options and weigh the pros and cons of each course of action. At Homesmith Group, our professional buyers work with a policy of total transparency because we want what is best for the seller; we’re proud of our work helping San Bernardino sellers deal with problems selling their houses.

Direct Sale

Or, if you have a San Bernardino mortgage underwater, you could directly sell the property and avoid the hassles of negotiating with your lender, the paperwork, and jumping through hoops to meet deadlines and satisfy the lender. When you make a direct sale, you also avoid spending any cash out of pocket to prep, make repairs or pay for costly marketing expenses and real estate commissions. Professional buyers like those at Homesmith Group buy houses in as-is condition and take on all the risks. At Homesmith Group, our professional buyers never charge commissions at Homesmith Group, and no hidden fees await you at closing. You won’t even pay closing costs because of our full-service in-house team of industry specialists at Homesmith Group. This built-in team of local pros allows us to work quickly and efficiently and provide Inland Empire sellers like you with a mortgage underwater with a guaranteed closing date, often within days. Or talk to one of our local professional buyers at Homesmith Group about selecting the best day for your move.

A direct sale to one of our professional buyers at Homesmith Group is the best way to sell if you have a mortgage underwater in San Bernardino or anywhere else in the Golden State. We make selling directly easy for sellers at Homesmith Group with straightforward contracts, and an offer you’ll agree is fair.

At Homesmith Group, we’re your neighbors who live and work alongside you here in Greater Los Angeles, and we want you to feel good about working with us long after closing. That is why the professional buyers at Homesmith Group will talk to you with no obligation and allow you to compare what you would profit from each option and decide what works best, given your current personal and financial situation. Contact Homesmith Group at (855) HOMESMITH (466-3764).

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