Short sale is a way for home owner to avoid foreclosure on their homes and still be able to pay off their loan by settling with their lender.
Lenders vary in their requirements. Your first step should always be to contact your lender. However, most lenders require the following:
- Your payment is delinquent or is about to be. Most lenders will not work with home owners who are successfully making or can continue to make their loan payments. Each lender s policy is different, so if in doubt, check with your lender. Some will permit a short sale with no delinquency.
- You have a qualifying hardship. Examples that qualify are divorce, loss of a job, medical bills, excessive travel time to a job, etc.
- You have no other major assets. Lenders who see home owners with large bank accounts or assets are less likely to cooperate on a short sale. Retirement funds are not typically considered as an asset unless sizable.
- Note: Please PREPARE YOUR HOMEWORK CAREFULLY before you call and/or submit your documents to your lender to request for the short-sale
Please contact us if you need help - 100% of short sales get approved - at: 877-834-5678 or email your question at: Tonywilson@lawyer.com
Normally when you own a home 50/50 with a co-owner, at the time of sale, any & all proceeds are split down the middle, UNLESS, you had an agreement in writing with the co-owner at the time of purchase, as to how future sale proceeds would be split. Like, maybe they originally agreed to receive 20-30% of future sale proceeds.
I notice that over time, equity was taken out of the home at times of refinance, in a sense, you have recouped original down payment monies. 1/2 of the original down pymt, from what I can see amounts to about $14K.
I can create $14K in higher sale price from my property presentation & professional photography alone.
My office is in Huntington Beach, I could come by & talk to you some more about this & if you have it available, review with you, your original purchase documents.
Shoot me an email directly, if you'd like to talk about it further, I don't look back on this same Trulia posting for answers after mine or Replies beneath my answer.
Emily S. Knell
Realtor Since--- 1996
Realty ONE Group
BRE# 01211967... more
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.