Your pre-foreclosure and short sale questions answered:
Q - Help! I need to sell my house, but owe more than the property is now worth. But my circumstances have changed and I can’t make the payment. How do I qualify for a short sale?
A - The simple answer is that you probably already qualify, since you state that your circumstances have changed and you can no longer make your mortgage payments.
What is the reason you can no longer pay? It sounds as is you already have a verifiable or documentable hardship.
If someone CANNOT make their mortgage payment, they will usually qualify for a short sale, particularly if they are otherwise insolvent. (Note: insolvent simply means their total debts are greater than their assets.)
If you are in this situation, and you have no other assets that you could liquidate in order to satisfy your mortgage debt, you should contact an experienced and certified real estate professional who specializes in short sales. A Short Sale Specialist will already be familiar with the requirements and procedures of many lenders and can provide you with expert guidance through a long and often trying process.
It will take some time and cooperation on your part, but when you finally get that approval letter from your lender, releasing you from the mortgage debt, it will all be worth it.
Got a question? Ask me. Send me your question via email, and I'll gladly get the answer to you.
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