The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed. There are a number of solutions available to remedy the situation:
· Short Sale/Payoff
· Forbearance agreement
· Loan Modification
· Deed in Lieu of Foreclosure
A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender. To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial hardship. A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term:
· Separation or Divorce
· Medical Bills
· Inability to work due to health reasons
· Death of Spouse
· Job Relocation
· Reduced Income or Unemployment
· Business failure
To qualify for a short sale the borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt. The property owner is required to do the following when starting a short sale:
· Sign a listing agreement with a Realtor
· List the property for sale
· Cooperate with access, showings, offers and with Realtor
· Vacate the home following close of title
· Agree not to finance or otherwise encumber the property
· Be responsible to maintain the home in "Show" condition
· Be responsible for minor repairs to the home
· Be a responsible homeowner until close of title and vacancy of home.
When you are considering a Short Sale, make sure you consult a local experienced Realtor to assist you through the process. Good Luck.
Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Homes For Sale Provo Real Estate WS Orem Real Estate WS Utah Homes 4 Sale Alpine Real Estate American Fork Real Estate Cedar Hills Real Estate Highland Real Estate Lehi Real Estate Pleasant Grove Real Estate Utah County Home Values Utah County Realtor Utah County Realtors Provo Realtor Provo Utah Real Estate Eagle Mountain Real Estate Mapleton Real Estate Payson Real Estate Saratoga Springs Real Estate Spanish Fork Real Estate Springville Real Estate, Orem Real Estate, Provo Real Estate, American Fork Real Estate, Lehi Real Estate, Lindon Real Estate, Pleasant Grove Real Estate, Highland Real Estate, Alpine Real Estate, Eagle Mountain Real Estate, Saratoga Springs Real Estate Springville Real Estate, Mapleton Real Estate, Spanish Fork Real Estate, Cedar Hills Real Estate , Utah County Real Estate , Utah County Real Estate, Utah County Real Estate MLS, Utah County Homes MLS, Prudential Utah Real Estate, Loans MLS Search, Apply online, Utah County Real Estate Neighborhoods, Utah County Real Estate, Utah County Homes MLS,, Utah County Real Estate For Sale By Owner, Utah County Homes 4 Sale, Utah County Real Estate 4 Sale, Utah County Short Sales, Utah County Bank Owned, Utah County Short Sales UCRE, Utah County Bank Owned UCRE, Davis County Real Estate, Chandler Real Estate, Gilbert Real Estate, Mesa Real Estate, Tempe Real Estate, Queen Creek Real Estate, Tooele County Real Estate, Summit County Real Estate, Wasatch County Real Estate, Washington County Real Estate, Salt Lake County Real Estate, Weber County Real Estate, Springville Real Estate, Lehi Real Estate, American Fork Real Estate, Alpine Real Estate, Pleasant Grove Real Estate, Heber City Real Estate, Midway Real Estate, St. George Real Estate, Cedar City Real Estate, Park City Real Estate, Deer Valley Real Estate, Cache Valley Real Estate, Logan Real Estate, Brigham City Real Estate, Vernal Real Estate, Utah County Alpine American Fork Cedar Hills Eagle Mountain Highland Lehi Lindon Mapleton Orem Payson Pleasant Grove Provo Salem Santaquin Saratoga Springs Spanish Fork Springville Elk Ridge Davis County Layton Bountiful Farmington Centerville Clearfield Kaysville Salt Lake County Draper Holladay Kearns Midvale Murray Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville Summit County Park City Deer Valley Weber County Ogden North Ogden South Ogden Eden Roy Wasatch County Heber City Midway Cedar City Vernal Kanab Nephi Cache Valley Logan Brigham City Tremonton Washington County St. George Charleston
Comments(0)