Home > Blogs > New York > Albany County > Short Sale Myths

Clairfbeeiii's Blog

By Clair F Bee III | Agent in Albany County, NY

Short Sale Myths

LIE #1: You have to be behind on your mortgage payments to do a short sale. Being behind on your mortgage payments clearly demonstrates hardship to your lender, but it’s not the only way. Divorce, employment, military service, and death are all possible hardships. You don’t have to stop paying your mortgage to do a short sale.

LIE #2: Banks don’t want to do short sales.
Banks do. A foreclosure is more costly to a bank than a short sale. However the banks are overwhelmed with applications for financing and re-financing so they don’t often move like we expect them to move. The best thing to do is to follow up, follow up, follow up. Find out what they need, get an experienced professional to help you and follow up.

LIE #3:
Obama is going to save me. You must save yourself. The federal government does have programs like
HOPE  for Homeowners or Making Home Affordable Program to help owners.  But you are responsible for your life and your home. If you qualify for help, then get it. If you don’t qualify, don’t sit on your butt and let the bank take your home. Short sale your house to avoid foreclosure.

LIE #4: Short selling my home is embarrassing.
What’s more embarrassing then getting a letter from a bank informing you that they are taking your house away an auctioning it off to the highest bidder. Often bidders show up at your door before the auction informing you that you are about to lose your house and they have come to “help” you. Wow.

LIE #5:
It’s too late. It’s not too late. A good professional can forestall a foreclosure. You can delay and freeze a foreclosure to complete a short sale. You have ways. You have options. You need the will, because there is a way.

Clair F Bee III
Keller Williams Realty
Capital District


Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer