Do Mortgage Payments Need To Delinquent In Order To Do A Short Sale?
Most lenders will turn down your request for a short sale if the seller is currently making the payments. The only time they will consider it a short sale, is when the seller's payments are delinquent. This presents a particularly difficult dilemma for the seller. Sellers who keep their payments current are protecting their credit rating, but the lenders require delinquency to do a short sale transaction. However, lender guidelines change on a daily, case-by-case basis. We've heard of some lenders now approving short sales when the borrower is current on payments.
As Certified Distressed Property Experts we deal with banks, loan servicer's and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you've selected a firm with previous experience and expertise of local market trends.
For more market trends visit www.BaltimoreMarketTrends.com
Call the REALTOR® the banks call to sell their homes. Contact Aaron Rice today 443-244-0051.
Do you want to know what your home is worth in today's Shifted market?
Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp
If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today's ever changing real estate market.
If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.
Our Client-First Philosophy
There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.
That said, in my experience as a Baltimore real estate professional, I've also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.
This "client first" philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I've found that the latest technologies are enabling me to do everything I've always done, only much more quickly and efficiently. They've also helped me to extend the range of services I provide to my clients.
Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.
This process will result in the loss of your home.
Aaron Rice, CDPE, CRS, GRI, SHS
Baltimore Home Team
Keller Williams Realty
3301 Boston St. Suite 200
Baltimore, MD 21224
443-244-0051 Cell
aaron@baltimorehometeam.com
www.BaltimoreShortSaleTeam.com
;)
;)
Aaron - I recently closed a short sale with no income or asset documentation. The servicer was smart enough to know that they were facing an impeding loss and made a decision based upon the value they would receive on short sale now vs. the amount they would get after the trustee's sale. He was behind but I have heard of many situations where borrowers hadn't missed a payment but did have a true hardship.