qualifying for a short sale: Seller Ruins Credit on False Short Sale Information - 05/22/09 10:06 AM
Yesterday I received a phone call from an elderly seller who wanted to do a short sale. She had bought a waterfront condo in Destin four years ago, and paid over $800,000. Today, the unit is worth around $350,000. Mrs. Seller told me she had three "friend" investors convince her to buy, who promised to help with the payments. She put down $50,000 and her son put down $75,000, but she took the mortgage in her name alone. She told me the "investors" bailed, and had never made one payment. Mrs. Seller said she had "had enough" so needed to do a short … (17 comments)
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qualifying for a short sale: "I Want to Do a Short Sale" Says the Seller - 10/04/08 11:32 AM
I get calls daily from property owners in my Destin FL area who want to do a Short Sale. These are the bullet points from my qualifying conversation with them:
Your lender will want to know what your hardship is. What has changed from when you first took out your mortgage until today -where you can no longer keep up with the payments? If it's not loss of income, unemployment, relocation, medical expenses, divorce, mortgage rate increase or similar, then you probably don't qualify for a Short Sale. Is your monthly net income less than your total monthly expenses? Include … (25 comments)
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qualifying for a short sale: Qualifying The Short Sale Seller - 07/18/08 03:19 PM
Yesterday I got a referral to a Short Sale seller. The agent who referred her was not familiar with Short Sales and thought I could help. I called the seller. The phone conversation went like this:
Wendy: "Why do you need to sell the house?"
Seller: "It is really too much for me."
Wendy: "In terms of...?"
Seller: "The market value has declined and we pay too high a mortgage. We can rent a house like ours for less, and I want a different house."
Wendy: "Can you afford your mortgages payments?"
Seller: "Yes."
Wendy: "You don't have a hardship. The … (19 comments)
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