Can I do a short sale even though I can afford my mortgage payments?
Over the last few years I have seen short sales here in Connecticut change quite a bit. In the earlier years the average short seller was facing a financial hardship and was usually in foreclosure and desperately seeking a better solution. Nowadays I rarely have a client actually in foreclosure or in danger of it. Most my clients simply have a need to sell and lack the funds to make up the negative equity to get out of the home. Many are divorcing, moving out of the area, retiring, upsizing, downsizing or know a life change is inevitable and are planning ahead. Some just want to cut their losses as they have realized there will be no quick recovery and waiting it out is no longer a realistic option. They understand the ramifications of foreclosure and are seeking a better way - usually via a strategic short sale.
Many of my CT short sale clients can in fact afford their payments, and many are even current. I frequently get these types of shorts sales approved. Short sales that lack financial hardship are definately more complicated and need to be handled by a qualified short sale professional who understands and can navigate the pitfalls, but they are by no means impossible. You dont have to be destitute to be have a short sale approved.