Home Selling in 90703>Question Details

Peaceandpow…, Real Estate Pro in Hurd, ME

Do you have to keep paying mortgage while in a short sale? When is a short sale not approved? Then what do you do when you don't want the house?

Asked by Peaceandpowerparenting, Hurd, ME Tue Jul 31, 2012

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No one can really tell you whether or not you should keep making your mortgage payments. However, majority of the time we find that homeowners are not able to make the payments and are in default on their mortgage during the short sale. Hard to say when short sales are not approved-- it really depends. Feel free to contact me.

Sara Mehrpouyan CDPE
Short sale & Foreclosure Specialist
Rodeo Realty
Direct 818-903-2040
Dre License #01712757
0 votes Thank Flag Link Tue Jul 31, 2012
NO!! 99percent of the time they get approved especially when the mortgage is not being paid. you do a deed in lieu .. call me or email me.
Thank you!!
0 votes Thank Flag Link Tue Jul 31, 2012
For a short sale to be approved you need to prove financial hardship. Hardship can be established numerous ways including relocation for employment. It can also be eminent hardship meaning events in the near future. It is best to sit down and discuss your situation with an experienced agent. It is wise to do so soon because the Mortgage Debt Relief Act is set to expire on 12/31/2012.
Good luck,
0 votes Thank Flag Link Tue Jul 31, 2012
There are a lot of reasons why a homeowner can no longer afford the mortgage payment. Banks would rather do a short sale rather than to foreclose a home. You need to sit down with a real estate professional who is experienced and can better explain the difference between a short sale and a foreclosure. Please get help and it is free.
0 votes Thank Flag Link Tue Jul 31, 2012
I assume you are the owner. Normally an owner has stopped paying the mortgage and is near foreclosure when they ask the lender to approve a short sale. A short sale is asking the bank to allow a sale and to lose money doing it. Banks don't like to do that for just no reason. To get a bank to allow a short sale there needs to be a hardship involved. Not making payments, medical issues, job related relocation or something other than the owner no longer wants the house for some (any) reason. If you are current on payments then the bank is not mad at you and probably will not allow a short sale unless there is a relocation required or some hardship. They will require a hardship letter and they will check to make sure you have no assets they can go after before they consider short sale. You can't just decide to short sale because you no longer want the house. You could offer the bank to take the house back and walk away, but this and short sale will wreck your credit for years.
0 votes Thank Flag Link Tue Jul 31, 2012
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