Magno Salim,  in 33308

Can I short sale my home having no late payments?

Asked by Magno Salim, 33308 Wed Feb 15, 2012

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Answers

13
Yes, based on hardship.
AND based on new goverment programs just encated you may be able to keep your property and get your mortgage principal reduced, not just your monthly payment.

So would you rather keep your home if you can, or are you out of love with it and want a clean break-up.

Check this .gov website for details >
http://www.makinghomeaffordable.gov/Pages/default.aspx?gclid…

once open under News and Evens click on >
http://nationalmortgagesettlement.com

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Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Thu Feb 16, 2012
Hello Magno,

Thank you for your inquiry. While no one homeowner scenerio is alike when it comes to a short sale before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale.

*The Home's Market Value Has Dropped.

Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.


*The Mortgage is in or Near Default Status.

It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.


*The Seller Has Fallen on Hard Times.

The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.

A few examples that do NOT constitute a hardship are:

Bad purchase decisions. Blowing your paycheck on a home theater system with surround sound does not qualify as a hardship.

Unhappy with the neighbors. Even if every home on your block has turned into pot growing houses, that will not qualify as a hardship.

Buying another home. The lender will not care if you have decided the home is no longer suitable for you or your family.

Pregnancy. Increasing the size of your family or starting a family is not considered a hardship.

Moving into an apartment. If you decide to move out of your home, that is a lifestyle decision and not a very good reason to abandon your home.

Examples of hardship are:

Unemployment
Divorce
Medical emergency / sudden illness
Bankruptcy
Death

*The Seller Has No Assets

The lender will probably want to see a copy of the seller's tax returns and / or a financial statement. If the lender discovers assets, the lender may not grant the short sale because the lender will feel that the seller has the ability to pay the shorted difference. Sellers with assets may still be granted a short sale but could be required to pay back the shortfall.

For example, if the seller has cash in a savings account, owns other real estate, stocks, bonds or even IRA accounts, the lender will most likely determine that the seller has assets. However, the lender might discount the amount the seller is required to pay back.

Many entities profit from short sales, but there is no seller short sale profit.

Another alternative that has become pretty popular with home sellers who do not qualify to short sale that you might can want to consider is a strategic foreclosure. But first and foremost always seek legal counsel before attempting to pursue either. If you would like for me to put you in touch with an attorney I work with who can provide legal counsel send an email or give us a call.

Andre Shambley
Keller Williams Realty
786 704 8482
http://www.OnePlaceOpenHouse.com
1 vote Thank Flag Link Wed Feb 15, 2012
Is some cases if default is imminent, beat there are various comboinations of lenders, investors who own the loan, homeowners ect. Every situation is different
0 votes Thank Flag Link Fri Apr 27, 2012
Every situation and lender and investor has different guidelines, but sure in most cases you can short sale and be current if you can show imminent default
0 votes Thank Flag Link Fri Apr 27, 2012
Absolutely! You can be current on your payments and still short sale your property. It is a big misconception that only owners who are delinquent can qualify for short sale. Don't compromise your credit.
I personally have negotiated and closed 2 short sale transactions for owners who were still paying their mortgages. Read the testimonial on my profile and feel free to contact the person who actually took a time to write about her experience with me as her agent. And she is a lawyer! And real estate broker.
Anyway, if you have more questions, feel free to contact me. I am Certified Distress Property Expert and as such I have the training and knowledge to deal with short sale transactions of all tyes.

Iliana Ivanova P.A
Broker/Associate
CDPE

Riverview Realty
954-655-7375
0 votes Thank Flag Link Sat Feb 18, 2012
You should have a good short sale real estate attorney guide you through the process from start to finish. Any mistakes and you could easily get a judgement against you.
Web Reference: http://www.garylisa.com
0 votes Thank Flag Link Thu Feb 16, 2012
Hello Magno:
Yes, you can short sale your home without missing payments. Of course, by the time you begin a short sale, you can stop paying your mortgage because your credit will be compromised a little. However, the deficiency will be forgiven if it is your primary home, as long as you qualify, and you can get an FHA mortgage within a 3 year period. It is so much better to short sale than go into foreclosure.
I am very experienced with short sales and work with a very knowledgeable team. I am closing several short sales each month. I live and work in the 33308 area and have good and current market knowledge.
I can offer my advice with no obligation to you, if you wish to come to my office or I can visit your home.
I look forward to hearing from you.

Kind Regards,

Lynne Hale, Broker-Associate, CRS, e-Pro, CIPS
Century 21 Hansen Realty Inc
Call or text: 954-303-0071
Email: lynne@lynnehale.com
0 votes Thank Flag Link Thu Feb 16, 2012
Yes one can sell as a short sale without being behind in payments provided there truly is financial difficulty. It's best to work with an agent that works with an attorney that specializes in short-sale negoiations. Some attorneys charge money for their services, but I work with one that charges the lender for their fees and not the seller. Joe ERA Real Estate 954-557-3416
0 votes Thank Flag Link Thu Feb 16, 2012
Hello Magno,
there is a solution to every situation. Let's talk and find out the options. I have a lot of experience with short sales, I did many of them.
I'm a phone call away at 954 663-5018
Karin
Coral Shores Realty
0 votes Thank Flag Link Wed Feb 15, 2012
Geez!! You can only get a bank to approve a short sale if you can prove a hardship - NO HARDSHIP - NO SHORT SALE - YOU ARE RESPONSIBLE FOR YOUR DEBT. If anyone tells you another story they are just telling you another story. AND A HARDSHIP MEANS A REAL HARDSHIP.

If you have continued to make your payments it is likely that you do not have a hardship. Just because your property is "under water" is no reason for the lender to forgive your debt.

Certainly, speak with your legal advisors, real estate advisors, etc but if you have the ability to repay your debt, your bank will not see you as a hardship owner and therefore not a candidate for a short sale.
0 votes Thank Flag Link Wed Feb 15, 2012
Just Short Sale My House In California 5/17/2013, Was Never Late On My House Payment, But was up side down $150,000.00, sent a hardship letter to BOA saying that home was never going recover valve to before I retire in 7 years, BOA Allowed us to sell the house for the price of 120,000.00 the process started 3/17/2013 completed 5/17/2013
Flag Sun May 19, 2013
Lot's of different scenarios. Yes, you can short sale your home having not been late on payments. However, the bank will look at your income, if your income is high and they see that you can afford your payments it may make the short sale process difficult.

My suggestion would be to talk with your bank. Most banks have a short sale department that will help you through the short sale process. Of course the first step in the short sale process is to have your home listed. Banks are reticent to speak with you about the short sale process unless you are already listed.

If you would like the assistance of a Short Sale Certified Broker, please give me a call.

Whichever course you deicde to take, remember that there should never be a charge for real estate services during a normal short sale...the bank always pays the real estate commission.

Regards, and best of luck...kevin

Kevin M. Gallagher | GRI CDPE e-PRO SRES
Senior Consultant
Broker Associate



The Gallagher Group
KevRealEstate.com
Atlantic Properties International
3432 N. Ocean Blvd.
Galt Ocean Mile
Fort Lauderdale, FL 33308

c: 954-319-8575
c: 305-318-8778
o: 954-564-8182
f: 954-449-6447
0 votes Thank Flag Link Wed Feb 15, 2012
Can you list your home? Absolutely! Will the bank accept the short sale? Probably not. Considering you're a real estate agent, why don't you discuss a strategy with your broker?
0 votes Thank Flag Link Wed Feb 15, 2012
The short answer to your question is yes. If you are anticipating a loss of income or some other hardship in the near future it may be possible. That being said you should discuss in detail your situation with an agent experienced in distressed property sales. I am a CDPE (Certified Distressed Property Expert). If you contact me directly I will be happy to discuss your options with you.
0 votes Thank Flag Link Wed Feb 15, 2012
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