by Roberta Murphy—Carlsbad, CA
What Should I Pay First: My Mortgage or Credit Card Bills?
If your mortgage balance is more than your San Diego home is worth and you are faced with paying one or the other, consider paying credit card and other bills first.
This coming from a real estate professional may surprise you, because we have all heard:The most important bill you pay is the one that keeps a roof over your head. If you rent a home, that may hold true, but perhaps not if you own your home and it is a potential San Diego short sale or foreclosure.
We are now advising some of our struggling real estate clients to pay all credit cards and revolving debt in a timely (if not compulsive) fashion and put the mortgage payment on hold–especially if they are facing short sale or imminent foreclosure and unless a loan modification is in process. (If you are in loan modification process, follow direction from your mortgage lender without missing a step.)
But, what if you could get out from under your crippling mortgage with a clean credit report and a FICO score that would allow for the near-immediate purchase of another home at today’s realistic prices and at low interest rates? What if short sales and foreclosures could be expunged from your credit reports? What if your losses on one home could be made up with the purchase of another?
Sound too good to be true?
We thought so too, but believe we have found a solution to the problems that occur when credit reports and FICO scores are destroyed by short sales and foreclosures. We have located a law firm that has a 100 percent success rate in getting these negative reports legally expunged from credit reports–and have already assisted 200 homeowners in doing so. The cost is pretty reasonable: $1975 for first mortgage and $725 for second mortgage (if any) plus $81 in filing fees. A full refund is guaranteed if they should be unsuccessful in getting this information removed–which hasn’t happened yet..
From start to finish, the process takes about 95 days.
We have already started contacting our prior clients who have gone through the loss of their homes to advise them of this new road to hope. To be able to erase the damaging effects of a short sale or foreclosure could be invaluable for future and current employment, credit costs and the ability to purchase another home in today’s buyer’s market.
For our new clients, we have established a system for a successful San Diego short sale that is accompanied by full expungment of that sale on credit reports. All too often, many so-called short sale experts list and sell these homes and leave the seller crippled with a disabling credit report.
It is our passionate goal to have our clients emerge from the short sale process in better condition than when they started–and to be in a position to take full advantage of today’s buyers market in San Diego. If you would like to discuss the short sale of your San Diego area home without having it affect your credit rating, please feel free to call Mike or Roberta Murphy at 877-818-8197 or 760-402-9102 to discuss your options. All information will be kept confidential.