Home Buying in Queens County>Question Details

The Pierre T…, Real Estate Pro in Fresh Meadows, NY

Do you have to be delinquent or past due to short sale your home?

Asked by The Pierre Team, Fresh Meadows, NY Mon Mar 5, 2012

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You should not have to be, but in reality, it's the only thing to grab the lenders attention.
0 votes Thank Flag Link Mon Mar 5, 2012
Shouldn't have to be. I've seen people who did a short sale without ever being delinquent on their mortgage. It just so happens that most people who find themselves in a situation were they short sale their house because they went through some sort of hardship that lead for them to be delinquent.

But a short sale in essence has no connection to being delinquent on your mortgage. It's more about the value of your house and tired in with what is owed on the existing mortgage.
2 votes Thank Flag Link Mon Mar 5, 2012
The answer to that question is NO, but the owner better be able to prove his/her hardship in a very clear way to your lender.
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0 votes Thank Flag Link Tue Mar 6, 2012
I hear all over the place that short sales are doable without sellers being delinquent. I believe that it can happen, and it's probably more likely in this current market (lenders are getting use to short sales). Although, I don't know of anyone who's actually done a short sale without being delinquent.

Let's face it, the banks can be hard enough to deal with getting a short sale through with a delinquent seller. What is their motivation if somebody is not delinquent. They are getting paid, so why would they give?

In any case, don't let me discourage you. I'm sure it's possible. It is likely going to be a challenge though.
0 votes Thank Flag Link Mon Mar 5, 2012
No. You will have to prove that there is no way to sell without short selling though
0 votes Thank Flag Link Mon Mar 5, 2012
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