Home : Blogs : Cameron Novak - Featured Short Sale Specialist : Cameron Novak's Corona Real Estate Blog

Do I have to be behind on my mortgage payment to qualify for a Short Sale?

This is one in a series of blog entries dedicated to Short Sales and the Short Sale process from the homeowner's perspective.

Many home owners ask, "Do I have to be behind on my mortgage payment to qualify for a Short Sale?". While many homeowners (and even real estate agents) believe that you DO have to be behind (delinquent) on your mortgage payment to have the bank consider a short sale, the fact is that you CAN get a short sale approval WITHOUT being delinquent.

Many banks will indicate that they will not approve a short sale while the owner is current, but I believe this is an attempt at testing the owner's desire to keep his/her credit intact. In this situation, it is important that an experienced short sale agent represent the homeowner in the negotiation process. Many experienced agents know how to best handle the situation. Additionally, many have a book of regular contacts at various banks, which can assist in speaking with the decision makers at those banks.

I am an experienced Short Sale Agent who regularly assists sellers in Corona & Riverside, California. I can also help in other surrounding cities (Mira Loma, Norco, Lake Elsinore, Wildomar, Chino Hills, etc.) which I can refer to you, but I believe in working with ONLY those sellers I can help most effectively. If you own in Riverside or Corona, please give me a call.

Cameron Novak
Corona & Riverside Short Sale Agents
The Homefinding Center^TM
Corona, California
951-212-7479

Posted by Cameron Novak - Featured Short Sale Specialist on 04/04/2009 12:37 PM

Comments (7)

Short Sales in the Home Selling Channel

late payment short sale, short sale when current, short sale when delinquent

Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sales
Post is included in group: California Short Sales, REO's, and Foreclosures

7 Comments on Do I have to be behind on my mortgage payment to qualify for a Short Sale?

APR

Here in my area of Monmouth county NJ, I am finding that increasingly non-default homeowners (who are on the verge of being delinquent) are looking to get out of their negative equity homes and do a short sale. The challenge they face as you mentioned is getting the lenders to agree to a short sale before the situation becomes really dire. I agree...in some instances more banks and lenders are becoming more flexible with the criteria for approving short sales.

Amber- Thanks for taking the time to stop and share. Now get back out there and sell some homes.

APR

Hi Cameron:

Up here in Canada we don't have an official category like 'short sale'. We just call up the Bank on an individual basis and say "here's what's happening".

What we would like to ask you as a AR newbie and actually newbie as a techy....how did you get your signature to look so realistic?

Thanks Al and Peggy Cunningham

I have also completed a number of short sales with non-delinquent sellers. The key seems to be drawing attention to the file. They are definitely getting easier!

Al & Peggy- I wrote my name about 30 times with different colored pens. I then scanned the page, opened the file up in photoshop, cropped out the one I liked, and saved it as a picture. I then insert it whenever I post online or send an email.

Good luck with AR, it's a great place to stay in touch.

APR

I am working with my first homeowner who is NOT delinquent on her mortgage and we are pursuing a short sale. Do you know if Wells Fargo requires owners to be delinquent?

It seems like the rules keep changing every week!

APR

I just sat in on a panel on short sales and even the panel couldn't agree on to having to be delinquent or not - the rules do seem to be changing. This can certainly be a long drawn out process at times.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?