Today many homeowners find themselves upside down in their property and in financial hardship due to a challenging economy. They are uncertain as to what to do, and realize they cannot maintain the monthly payments for a home that is worth less than the actual loan balance. Some have turned towards a loan modification, but unfortunately a great number of homeowners who apply will not qualify. Are there any helpful answers to resolve this situation?
Some who need to sell property which has devalued are doing a Short Sale. A Short Sale is the ability to sell the home for the fair market value, yet the bank accepts less than what is owed on the mortgage.
A number of homeowners are turning to Short-Sale Certified Realtors to facilitate their Short Sale. One of the criteria a bank looks at is a seller's hardship. A legitimate hardship can be found due to one or more of the following reasons: unemployment, reduction in job hours, death of a spouse, decline in business if self-employed, a medical or recent disability or illness, relocation, military obligations, and divorce.
In a Short Sale you cannot walk away with any monies from the sale, but are generally free from the "non-recourse" debt against the property.
A Short Sale is not like a Foreclosure. A Foreclosure is detrimental to ones credit score. A Short Sale is not reported on a credit report as a Short Sale but is usually reported as a "debt settled" which is generally less damaging to one's credit.
How long could this process take? What information will you need to submit to find out if you qualify for a Short Sale? Are you not even sure what questions to ask? Please feel free to call with no obligation. We are here to provide you with options and possibilities.