If you bought a home in the Colorado Springs area from 2004-2006 & are behind on your payments, you need to read this series!
In Part 1, we learned what a short sale is. Now in Part 2, we'll discuss the requirements to be considered for a Short Sale in Colorado Springs and El Paso County.
To qualify for a short sale, you must pass the following tests:
1. Has your home's market value dropped?
- Due to slow or declining local real estate conditions
- NOT because of neglect or intentional damage
2. Are you late or will soon be late on your mortgage payment?
- Due to forces beyond your control
- NOT because of poor spending habits
3. Were you truthful on your Loan Application
- Lenders have access to your original application
- If you committed loan fraud, your lender will not look kindly on your case
4. Do you have a Hardship?
- Injury
- Illness
- Job Loss
- Relocation
- Medical Bills
- Adjustable Rate Mortgage payments increased and you're unable to refinance
- Etc.
What is NOT a Hardship?
You can afford your monthly payments, but you...
- Simply want a different house
- Don't want to own your home anymore
- Don't want the house payment anymore
(If that's the case for you, then I recommend keeping your home (or renting it) until the market swings back up.)
If you've passed each of these tests, then you're a very good candidate for a short sale.
Speak with a professional about your situation to find out for sure.
The next installment of our Short Sale Series: Short Sales in Colorado Springs & El Paso County will cover the Pros and Cons of a Short Sale. It's not a complete Fairy Tale Ending, so find out the Bad that comes along with the Good.
Contact me if you'd like to know more about the Colorado Springs short sale process or are considering listing your home as a short sale.
Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 1 - What is a Short Sale?
Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 3 - Pros and Cons
Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 4 - The Short Sale Process
Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 322-4645
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Jamie specializes in Colorado Springs homes for sale, Colorado Springs Military Relocation, and Colorado Springs Short Sales.
"Get an Expert You Know & Trust"
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