Utah County Bank Owned Properties
Utah County Short Sale Properties
The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed. There are a number of solutions available to remedy the situation:
•· Short Sale/Payoff
•· Forbearance agreement
•· Loan Modification
•· Deed in Lieu of Foreclosure
A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender. To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial hardship. A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term:
•· Separation or Divorce
•· Medical Bills
•· Inability to work due to health reasons
•· Death of Spouse
•· Job Relocation
•· Reduced Income or Unemployment
•· Business failure
To qualify for a short sale the borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt. The property owner is required to do the following when starting a short sale:
•· Sign a listing agreement with a Realtor
•· List the property for sale
•· Cooperate with access, showings, offers with Realtor
•· Vacate the home following close of title
•· Agree not to finance or otherwise encumber the property
•· Be responsible to maintain the home in "Show" condition
•· Be responsible for minor repairs to the home
•· Be a responsible homeowner until close of title and vacancy of home.
When you are considering a Short Sale, make sure you consult a local experienced Realtor to assist you through the process. Good Luck.
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