By and large a short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. We often refer to it as ‘underwater’ . In the past, it was rare for a bank or lender to accept a short sale. Today, however, eventhough there are no guarantees, due to overwhelming market pressures, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the help of the Obama administration have also improved the chances of getting a short sale approved.
Lets be technical, here's a more of a short sale definition:
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- Financial Hardship– Your financial situation has changed from when you bought your house through today, causing you to have trouble affording your mortgage.
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Monthly Income Shortfall– In other words: "You have more money going out than coming in." A lender will want to see that you cannot afford your mortgage.
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Insolvency– This occurs when you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough right, to be fair it is a complicated process that takes the expertise of experienced professionals. Our Team is Certified Distressed Property Expert, SFR and HAFA Specialist and I am ready to identify all possible options you have as a home owner and, when possible, assist in the short sale.
Understanding your options now could mean all the difference in saving your credit and allowing you to live without this concern in the future.
If you have questions or feel you may qualify for a short sale or simply have questions about the process, please contact me for a free consultation. 661-309-3195