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strategic default: Do I have to stop paying my mortgage in order to get a short sale approved? - 03/27/12 09:30 AM
Do I have to stop paying my mortgage in order to get a short sale approved? The answer to that can be yes, no or maybe so.
While most lenders have not laid out specific rules saying you must be in default to qualify for a short sale, it has been traditionally more difficult to get a short sale approved for a paying client.
However I have noticed more flexibility in this, especially in the last several months. While some investors will still require a default in order to be approved into a short sale, many will not. Keep in mind your lender - Bank of … (3 comments)
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strategic default: Do I have to be destitute to qualify for a short sale? - 08/04/11 11:43 PM
Do I have to be destitute to qualify for a short sale?
The short answer is…NO. You do not have to be destitute in order to short sell your CT home. In fact, as a CT short sale agent, many of my clients are actually well to do, have good credit, good income and can in fact pay their mortgage. They simply need or want out and a short sale is the only realistic option. I consider these sellers “strategic” short sellers. Not all short sellers are scraping by.
What you can expect as a strategic, as opposed to a “necessary” short seller:
Extreme … (1 comments)
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strategic default: Things NOT TO DO before your short sale is approved and closed - 06/06/11 10:51 AM
Things NOT TO DO before your short sale is approved and closed
Lately I've noticed an increasing trend towards investors heavily scrutinizing my clients financial and credit information when making approval decisions on Connecticut short sales and asking for seller contributions much more often than before.
Some of my clients are really in tough shape financially and have already ruined their credit, spent whatever savings they had and are facing foreclosure. Those short sales for the most part are still very easily approvable.
This problem would apply much more to those short sellers who have good income, credit, assets, and who have not yet or have just defaulted on … (1 comments)
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strategic default: I plan to sell short. Should I make my mortgage payment anymore? - 12/27/10 11:01 AM
I plan to sell short. Should I make my mortgage payment anymore?
This is by far the most popular question asked by my Connecticut short sale clients. It would also rank as my least favorite question as the truth is I do not feel it is my position to advise anyone to, or not to, pay their mortgage. In fact, you'll be hard pressed to find any professional (lawyers included) to directly advise you here. This is a personal decision that you will have to make yourself. I will however give you the consequences of the action either way so that you … (41 comments)
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strategic default: Is FORECLOSURE really a four letter word? Rate of strategic default continues to grow. - 05/11/10 10:28 AM
Is FORECLOSURE really a four letter word? Rate of strategic default continues to grow.
Tired of carrying that house? It seems more and more folks are just saying no to making their mortgage payments and are choosing instead to simply walk away.
It is now estimated that 1 in 5 mortgage defaults is strategic. Strategic default is when the homeowner has the ability to pay, yet chooses not to and walks away simply because they feel that the home is no longer a good investment.
In this recent 60 minutes episode several people openly discuss their strategic default without shame. It is my opinion that … (1 comments)
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strategic default: What will happen if I don't make my mortgage payment anymore? - 01/18/10 06:23 PM
What will happen if I don't make my mortgage payment anymore?
Are you considering or have you made the decision that you cannot or will not pay your mortgage any longer?
Here's what you can expect:
What will happen:
Your credit score will start dropping with the first missed payment and will continue to sink. After about a month or two of nonpayment your lender's collection department will start calling you repeatedly at all hours of the day and they will send threatening letters. After about 3-6 months of non payment your lender will start foreclosure proceedings. The time between that and … (0 comments)
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strategic default: 2010: Year of the strategic default? - 12/04/09 12:52 PM
Everywhere you look these days someone is talking about strategic default....more and more people are strategically discontinuing payments on their overleveraged homes and short selling or simply walking away.
I believe we have only seen the beginning of this.
Loan modifications do not address the real problem of heavy negative equity and are sure to fail most of the time. Even if the homeowner lowers their current payment they are left more trapped than ever. There will be no quick recovery this time. Years later when there is a need to HAVE TO move, the original problem of being upside down remains and the … (16 comments)
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Minna Reid, CT REALTOR®, Short Sale Agent
Berlin,
CT
More about me…
CG Real Estate
Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023
Cell Phone: (860) 416-1255
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