Each lender has their own guidelines and requirements
that you have to meet in order to get your short sale approved.
Simply stating, 'My house is worth less than the loan and I donâ€™t want to pay any more,' will not be acceptable.
For some lenders if you are on time and there is no hardship.
You can certainly attempt a short sale, True .
Some lenders won't consider a short sale without hardship, But if the option for the lender is accepted, the short sale, or accept the keys, , they'll often choose the short sale. If you continue to make the payments on time through the short sale , .
One thing be prepared for a possible cash contribution. The better the income/Assets, and with a lack of hardship, the more likely they are to seek a higher amount in order to release the lien.
If your having a hardship you have to prove it.
Call me for a no obligation Consultation to see if Short sale is your best option.
I will help you throughout every step of the short sale process
Evaluate your situation, and utilize the best tactics to a successful short sale
I will negotiate directly with the lenders or loan service providers on your behalf.
Through my experience in processing short sales I know what lenders seek out when submitting a short sale package.
Through my aggressive marketing plan find a buyer to meet the lenders or loan service providerâ€™s requests.
Give me a call or send me an email to set up a FREE consultation.
You can email or call me with any of your questions regarding the foreclosure and short sale process.
Cecilia Rodriguez Pre foreclosure Short sale Specialist.
951-858-5797 Lic # 01505884
Prudential California Realty
Prudential California Realty
DRE Lic, 00954654
A short sale can be done on any home.
It is simply up to the lender to approve or disapprove of the short sale.
A short sale is a negotiation to get the lender to accept less than is owned as opposed to going to foreclosure.
The agent you choose to hire for the short sale has to up on negotiating and hang in there and keep trying to get the bank to accept.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992
In order to be approved for the short sale, you will need to follow some guidelines, which vary depending on the lender you used. Be prepared to submit a hardship letter detailing the circumstances behind the short sale; Current financial condition of the seller, ie; pay check stubs, bank statements, a personal financial statement. Additional, they may require a monthly budget assessment. Lastly, a signed, valid purchase and sales contract, preliminary HUD-1 settlement statement and a preliminary estimate of proceeds to the lender.
You can do a Short Sale, Really depends on several things. Your financials, hardship, etc.
If you prove to the lender your having a financial hardship you could be approved.
There are programs out there where you can do a principal reduction. So think about it this way. If you could reduce your mortgage to the current market value and you could then afford the home would you still want to sell or would you want to keep it??
You should make your decision based on all facts , potential tax liabilities from forgivness of debt income.
If you want to keep the home you may qualify for a modification. Lender do want to work things out if it makes sense.
Best of luck.
925 699 5041
Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of-foreclosure
Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like your job, yes employers are checking credit records these days.
Your credit score will be reduced by 200-400 points, short sale a little less 100-200 points.
All forms of foreclosure stay on your credit report for 10 years.
After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure with Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure with Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period was just upped from 2 to 3 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.
In addition to the waiting period, most loans require a minimum down payment of 10% and a minimum FICO score of 680. The home purchase must also be the principal place of residence, not a rental nor a vacation home.
Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.
Confer with lender determine all particulars you would need complete the package based on their requirements
Lynn911 Dallas Realtor