Facing foreclosure and wanting to sell, this Jacksonville homeowner soon realized he lacked the equity to sell his 2022 built home, and reached out to us for help. Find out how Reid Real Estate Group successfully settled his mortgage debt, getting over $100,000 of mortgage debt with Carrington forgiven, and helped him move on to better days!
The Problem: A Newer Jacksonville Home That Was Underwater
Our Jacksonville homeowner had only been in his home a few short years when his payments had become unmanageable and he was quickly slipping into foreclosure. He wanted to sell, but unfortunately, the new construction home he had paid $315,000 for in 2022, was now worth much less.
To make matters worse, he had purchased the home with a low down payment FHA loan, and now he lacked the equity to sell traditionally. There was simply no way to cover the mortgage balance or the closing costs of the sale. After exploring his options, he decided a short sale was the best choice to cut his losses and move on with his life.
Why Was a 2022 Jacksonville Home Already Underwater?
The early 2020's were a time rapidly rising prices in Jacksonville and home construction was booming. Not only was that the peak of the market but buyers of new construction also pay a premium for the privilege of having a brand new home.
New construction prices have been falling ever since, with home builders now offering similar homes for much less, with many more incentives and upgrades. Unfortunately this provides a dismal outlook for new construction home buyers that did buy during the market peak. They simply can't compete and often find themselves owing more than their homes could sell for.
The Problem: A Newer Jacksonville Home That Was Underwater
Our Jacksonville homeowner had only been in his home a few short years when his payments had become unmanageable and he was quickly slipping into foreclosure. He wanted to sell, but unfortunately, the new construction home he had paid $315,000 for in 2022, was now worth much less.
To make matters worse, he had purchased the home with a low down payment FHA loan, and now he lacked the equity to sell traditionally. There was simply no way to cover the mortgage balance or the closing costs of the sale. After exploring his options, he decided a short sale was the best choice to cut his losses and move on with his life.
The Problem: A Newer Jacksonville Home That Was Underwater
Our Jacksonville homeowner had only been in his home a few short years when his payments had become unmanageable and he was quickly slipping into foreclosure. He wanted to sell, but unfortunately, the new construction home he had paid $315,000 for in 2022, was now worth much less.
To make matters worse, he had purchased the home with a low down payment FHA loan, and now he lacked the equity to sell traditionally. There was simply no way to cover the mortgage balance or the closing costs of the sale. After exploring his options, he decided a short sale was the best choice to cut his losses and move on with his life.
The Problem: A Newer Jacksonville Home That Was Underwater
Our Jacksonville homeowner had only been in his home a few short years when his payments had become unmanageable and he was quickly slipping into foreclosure. He wanted to sell, but unfortunately, the new construction home he had paid $315,000 for in 2022, was now worth much less.
To make matters worse, he had purchased the home with a low down payment FHA loan, and now he lacked the equity to sell traditionally. There was simply no way to cover the mortgage balance or the closing costs of the sale. After exploring his options, he decided a short sale was the best choice to cut his losses and move on with his life.
The Solution:
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Last Updated on September 14, 2026 by Minna Reid
