The only real criteria for a short sale is - you must have a hardship. you do not necessarily need to be behind in payments to have the bank consider a short sale on your home. If you can't make your payments and have fallen behind because of a hardship, this is what matters- The Hardship. A short sale is when you sell your home for less than is owed and the bank absorbs the loss or "shortfall", the difference between what is owed and what is available from the proceeds.
What constitutes a hardship
Illness, unable to work
Medical bills
Job loss
reduction in hours or pay
divorce
relocation
Why will a bank consider this- The bank will consider a short sale to avoid the costly process of foreclosure.
Are there any fees to the Homeowner?
There are NO fees to the home owner, I have a team in place with a short sale attorney to represent you and my marketing of the sale of your home. All attorney and real estate fees will be paid as part of the closing and deducted from sales price. The Attorney will also get in writing that the mortgage company will forgive the loss (in other words they wont have a bill collector chasing you for the loss. There are NO consultation fees to explore your options.
If you are interested in more in depth information, please contact me Now.
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