Highland Homes for Sale, are you considering selling your home as a Short Sale?
The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed. There are a number of solutions available to remedy the situation:
· Short Sale/Payoff
· Forbearance agreement
· Loan Modification
· Deed in Lieu of Foreclosure
A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender. To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial hardship. A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term:
· Separation or Divorce
· Medical Bills
· Inability to work due to health reasons
· Death of Spouse
· Job Relocation
· Reduced Income or Unemployment
· Business failure
To qualify for a short sale the borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt. The property owner is required to do the following when starting a short sale:
· Sign a listing agreement with a Realtor
· List the property for sale
· Cooperate with access, showings, offers and with Realtor
· Vacate the home following close of title
· Agree not to finance or otherwise encumber the property
· Be responsible to maintain the home in “Show” condition
· Be responsible for minor repairs to the home
· Be a responsible homeowner until close of title and vacancy of home.
When you are considering a Short Sale, make sure you consult a local experienced Realtor to assist you through the process.
Check out the IDX Websites with Homes for Sale in the following locations:
StateofUtah homesforsale – HomeSellingUtah
Comments(0)