Hypothetically, let’s say your boss transfers you to a new city. One of your biggest worries may be the prospect of having to sell your home during a housing slump. Even if you have been making timely payments, this is no time to take on two mortgage payments but you know it may be difficult to sell your home. This is just one scenario. People need to sell their home for other reasons, such as divorce or needing a bigger place for a growing family; or needing a smaller place after retirement. So, you may be wondering; “Do I have to be late on my payments to qualify for a short sale?”
Thankfully, the answer is “NO”; you do not need to be late. Our company has completed many short sales even for a seller who was never late on so much as one mortgage payment. The object of getting a short sale approved is to prove to the bank that there is a hardship. A classic hardship includes a job transfer. If you’re wondering if it affected their ability to buy a new home with a short sale on their credit, the answer is ‘yes’ because of the fact they were never late on their payments.
To read the entire article please click here: http://savemyutahhome.com/2011/07/hey-i-make-my-mortgage-payments-on-time-but-i-want-to-short-sale-my-home-is-that-possible/