Home Selling in Mayer>Question Details

Tod Miles, Real Estate Pro in Mayer, AZ

Requirements for a short sale? I have a primary & a HELOC(different lenders). Both need to agree to a short

Asked by Tod Miles, Mayer, AZ Tue Oct 28, 2008

sale? What happens if primary does, but HELOC lender doesn't? I just did a refi, and even with the smaller payment, I've forcasted going broke in about 6 months...how long after doing a refi does one need to wait to do a short sale? or is there no such requirement? any other requirements?

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You should contact your lender and HUD immediately. Your lender is going to require that the property be listed with a local agent. You will need to submit "proof" of your case. (financial statements, w-2's, etc.) Your lender is also going to want to do an appraisal on the property to determine its current market value. If your property's value is not below market value, you may check into a loan modification.

The sooner you contact your lenders, the better. Hire an agent in your area that specializes or works frequently with these types of situations. Short sales are not for amatuers.
0 votes Thank Flag Link Wed Oct 29, 2008
Your profile says buyer and seller.
If you short sale you are not going to be buying anything....you will not qualify for financing.

If you need assistance contact me via my Trulia profile and I will try to connect to a Realtor that is an expert in short sales who can analyze your situation.
0 votes Thank Flag Link Wed Oct 29, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
There is a lot of information on the HUD website that may or may not help you.
0 votes Thank Flag Link Tue Oct 28, 2008
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