Can't Pay Your Mortgage Anymore?

Is this happening to you? You currently lost your job, cannot afford your mortgage payment or any monthly payments for that matter. You cannot refinance since there’s no equity!


What happens? You stop making payments, the bank makes attempts to collect and before you know it, you receive a notice in the mail indicating that your loan is in default and the foreclosure process has initiated.


Is there a solution? May we suggest a short sale.


What is a short sale? Short sale: Sale of a property in which the amount owed is much more than the current market value.


Why would the lender agree to lose money? The lenders will have to make a conscious decision to obtain a small return on the investment, rather than lose more money by going through a foreclosure proceeding.


How will this affect my credit? In general, a short sale alone will affect your credit score by lowering it 75- 100 points. This beats the damaging 250 points for foreclosure. You choose.


Will I ever be able to purchase a home after a short sale? You will be eligible to buy usually after two years following the sale.    


Who can I call to assist me with the process? Here at Tomea Inc. we are committed to excellence, but most importantly we are here to help. We are a friendly and knowledgeable staff. Call us at 619-232-1480 or email us at for a free consultation of your situation.

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