This is a series of posts - The Myths of a Short Sale.
Myth #1
YOU MUST BE BEHIND ON YOUR PAYMENTS IN ORDER TO QUALIFY FOR A SHORT SALE.
Not TRUE. -- This is a short sale myth.
It is not true that you must be behind on your mortgage to qualify for a short sale. Lenders look for three things: a “verifiable hardship,” such as a job loss, pay cut, job transfer, divorce or serious illness; a monthly cash-flow short-fall or pending shortfall and insolvency; or lack of liquid assets that would allow you to pay down your mortgage.
Frequently home owners have waited too long prior to reaching out for help. Home owners burn through tier savings, use credit cards to cover mortgage payments, etc. Don’t wait, if you think you are going to
Last month we successfully negotiated a Short Sale in Tracy, CA. The homeowner had been transferred and never missed a single payment. This may not be the norm, it is however possible.
More Seller Short Sale Questions answered here.
Posted at TracyRealEstateGroup.com posted with permission
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