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What to know about Utah short-sales.
What is a Utah short sale?A real estate short sale is a process where the lender allows a homeowner to sell a property for less than the mortgage balance. In a short sale the lender agrees to accept proceeds from the sale that fall "short" of the amount owed on the property’s loan. Lenders only agree to short sales if they receive a full and complete package meeting the specific guidelines of that particular lender.Why do lenders agree to short sales?Why would a lender agree to take less than what is owed to them? The foreclosure process is long and costly to the lender so, in most cases, the lender is willing to consider taking a loss through a short sale versus a significant loss through foreclosure. Many lenders look at a short sale as a better alternative to foreclosure.How can I qualify for a Utah short sale?Most short sales occur when a homeowner can no longer continue making the monthly mortgage payment. Although each lender has their own rules they follow when considering a short sale, here are some general guidelines:• The borrower must have a financial hardship (loss of income, reduction of income, death in family, divorce, job transfer, ... more
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