Short Sales in Manhattan New York - New York Part 3

By
Real Estate Agent with Douglas Elliman Real Estate

Get the facts about Short Sales in Manhattan New York or short sales for anywhere in the state of New York. PART 3

Do You Qualify For A Short Sale: Most lenders will consider allowing a Short Sale if there has been a change in circumstance after the loan was initally obtained which prevents the borrower from making payments. 

Some of the possible reasons:

  • Loss of income
  • Divorce
  • Job Transfer
  • Medical Bills

Have you been making your mortgage payments?  If so, some lenders will not approve your Short Sale. Most lenders are overwhelmed with these short sale files before yours from mortgagors that cannot pay, and you are paying.  That does not mean you won't be approved,  if the source of payment is from your retirement fund, or getting cash advances from your credit card to make payments and etc, that can be approved as hardship.  Important to remember, not making payments will affect your credit.  It's a personal decision for you to make.

The lender will want a Hardship Letter explaining what happened to cause the inability to keep up with mortgage payments.  An unsatisfactory reason would be "the market has declined".

Having Short Sale in Manhattan New York - New York is complicated,  SELLERS or BUYERS please read our series in order to better understand what a short sale is and how we will proceed on with the short sale. If you are thinking about doing a short sale in Manhattan New York city market, call Eileen Hsu or Morgan Evans at (212)321-7122 for futher details and your confidential short sale intake evaluation.

Copyright © 2009 By Eileen Hsu, All Rights Reserved.  *Short Sale in Manhattan New York - New York Part 3*  

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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Eileen, you are right the hardship letter may help but a market decline doesn't qualify.

Mar 07, 2009 03:21 PM #1
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June Stark
Elite Realty-Luxury Homes & Condos On & Off the Strip - Las Vegas, NV
Las Vegas Condos & Luxury Homes Expert

I am finding that the banks are now hiring asset managers to manage the short sales.  What a pleasure when the bank/asset manager sets the pricing and helps facilitate the sale!

Mar 08, 2009 07:31 AM #2
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Eileen Hsu

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