What if I don’t qualify, can’t afford my home, and owe more than it’s worth?

Real Estate Agent with Berkshire Hathaway HomeServices - C. Dan Joyner 21498

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe and avoid foreclosure.

The qualifications for a short sale include any or all of the following:

*Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

*Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

*Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.



The process of a short sale can be complicated; If you would like help navigating the process, contact us today. Together, we can identify all possible options and assist you in the execution of a short sale transaction.
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If you are looking to buy or sell a home in the  Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.


Sheila Newton   
Sheila Newton Team 
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors
864-225-1205 (direct)
864-940-6377 (mobile)


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Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Hi Sheila, Do you ever wish that some of the folks we interact with on AR were in your physical neighborhood?  I feel like if I wanted to show a buyer a foreclosed property or short sale, I'd want it to be listed by you!

Jun 24, 2011 02:48 PM #1
Patrick Harvey
West USA Realty - Scottsdale, AZ
We make it right for you!

Sounds like, "do a short sale and rent or find owner financing!" I hear this all the time. Most people end up renting.

Jun 24, 2011 02:49 PM #2
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

Mona - Awww .. you are so sweet.. thanks.. I really appreciate all your kind words .. :) I wish you could be selling some of my short sales !!! :)

Patrick - If you have a seller do a short sale, they can actually buy fairly soon.. some short sales can be done before they are even late on a payment. Once done, the short sale is reported on the credit report as "paid as agreed" in most cases and the credit isn't affected. ( now if they were behind, the credit is affected some, but only a few points due to the late payments.)

Jun 24, 2011 02:54 PM #3
Shar Sitter
Rooms With Style - Minneapolis, MN
Home Staging and Redesign Minneapolis/ St. Paul, M

Some think they can just do a short sale and don't realize they just can't do it because they owe more than the value.

Jun 24, 2011 04:56 PM #4
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good evening Shelia, very important information for home owners in trouble to understand.  It is not that easy.

Jun 24, 2011 05:05 PM #5
Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.
eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC
Talk To or Text Peter 250-213-9490

Hi Sheila,

We are so fortunate, not to have many forclosures and short sales are all but none existing here, we really feel bad for the sellers if and when we get to deal with a foreclosures, but most of the time we are able to prevent it for them. (Canadian Rules are very different)

Jun 24, 2011 05:27 PM #6
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

Hi Sheila - thank you for such succinct and easy-to-understand information about short sale qualification.  Hopefully many members of the public, as well as agents, will read the post - and then call the Sheila Newton Team!

Jun 24, 2011 06:40 PM #7
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

Hello Sheila, people need to have access to proper information and be proactive to have some hope. Too often people just throw their hands up and wait for bad things to happen.

Jun 25, 2011 05:21 AM #8
Barbara "Barb" Bodnar, Licensed Associate RE Broker
Coldwell Banker Residential Brokerage - Yorktown, NY
Coldwell Banker Residential Brokerage

Sheila...good information.  Consumers do need to make sure they are in the right hands when participating in a short sale. We know how important the teamwork is to effectively help clients.

Jun 26, 2011 05:23 AM #9

We are trying to due a loan modafication and the lender wants us to be 3 months behind before they will begin to look at doing the loan modafication. This doesn't make since to me. Any suggestions. We are going through a hardship. I am unable to work due to medical issue's.

Jul 27, 2011 10:51 AM #10
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

Lynn- is your loan a fannie mae or freddie mac backed loan? if not, you may be able to do a hafa short sale and not be behind if you have a hardship.. call me if you like and I will be happy to give you more info, or if you want email me.



Jul 28, 2011 01:22 PM #11
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