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Short Sale Question: I Had A Temporary Income Problem. Do I Still Need To Sell My Home?
IL – You may be in a situation where your income dropped for a few months and then went back to normal. During that time period, your got behind on your mortgage and other payments. Don’t worry, this isn't a doom and gloom problem. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Many people missed payments for up to 18 months and still kept their home. In two cases that come to mind, their lender simply forgave the missed payments. They started fresh with payments very close to their prior payments. In one of those cases, the homeowner's payments were reduced by $1,000 a month. The key is to convince your mortgage company that you can still afford your home. You will need to prove a couple of things: First, that the problem that caused your mortgage payment disruption was clearly beyond your control. An example of this could be an illness, temporary disability, or injury. Second, you will need to prove that you are now in a good position to stay current on your payments and make some progress towards repaying the unpaid amount. (They sometimes ask for you to repay the missed ... more
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