Should I short sale my home? The question of whether or not a homeowner should short sale their home is being asked more often these days. With the real estate market still unrecovered and the economy in many areas still faltering, the question is a valid one. However, selling the home may not be the best option.
If your shortfall is temporary and you know that you will be able to catch up on your payments; talk to your lender. They may be able to work with you, particularly if you will be able to make up the difference in a short amount of time. BUT, don't wait until you are 3 or 4 payments behind. As soon as you know that you are going to be unable to make your payment, contact the lender.
If you have gotten behind in your mortgage payments but you will be able to start making regular monthly payments again, but won't be able to catch up what is behind, you might want to consult an attorney. There may be options for this situation as well.
If you are unable to make your payments or know that in a very short amount of time this will be the scenario AND you know that this situation will not resolve itself quickly (and your mortgage company has told you that you are inelegible for a loan modification), thereby leaving you without any options, a short sale is probably the option you are looking for.
If you decide that a short sale is your best option, there are many real estate agents to choose from. Some have designations such as CDPE, MSSC, etc., while other agents have none. The lack of a designation does not mean that those agents aren't as educated as the others; it only means that those agents have chosen to continue in their business without have additional designations. The agent that you choose should be knowledgable about the short sale process and what type of documentation you will need to provide to the lender. They should also not try to provide you with information on potential tax consequences or any possible legal issues with a short sale, unless they are a tax professional or attorney as well as a real estate agent.
If you have any questions about this topic or anything real estate related, please visit my website at http://www.EastValleyFixups.com .
Comments(0)