How to List your home for a short sale is not as difficult as you might think. However, it can't be considered just because you want to move and can't get as much money for your home as you thought.
If your employment circumstances have changed, you may have to list your home for a short sale. either your hours have been cut, your job has been re-tasked causing you to have less hours or your job is re-defined, or you're under-employed, or you have even lost your job entirely. This could be considered a legitimate hardship by your lender(s).
You have had a medical emergency or recent diagnosis that prohibits you from working full-time, or at all. If your insurance coverage does not include a clause for lost wages, you may find yourself struggling to make any mortgage payments at all.
A short sale may be caused due to relocation to another area because of employer request, or due to the local economy. Hilton Head Island is primarily tourist and hospitality driven. Many of the local restaurants have dramatically cut staff and hours due to the drop in demand. National chains have transferred people to other locations that are thriving; in order to keep your job, you are forced to move.
If you have any of the above scenarios - or a combination, you may want to call your lender. Communication is key to determine whether a short sale is an option for you. You must outline your hardship since the lender(s) must approve the concept of a short sale before you can proceed.
If your lender(s) will agree to consider a short sale, you can proceed to Step Two: Short Sale Package.
Comments(0)