Good luck to you Brooke.
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You do not have to be behind on your mortgage in order to do a short sale. You will have to supply bank statements, etc to show ALL of your assets, and the bank may feel that a short sale is unacceptable at this time. Email my attorney who has done hundreds of short sales Michaeljweber@yahoo.com if you have any further questions. The first person you should contact however is your accountant. Short sales are not in the best interest of everyone.
Is your home already listed with a Realtor? -or- are you doing this on your own.. big difference. Realtors that work part time do not really grasp the short sale process and get confused. ( hence the daily changing condition statement) Your Realtor will be / should be acknowledged by you to the bank to deal with them on your behalf and all the questions can be answered through your realtor.
But yes, it can still be accepted.. I had a client that owned a property and confided he was "about" to be in trouble with it.. he was nervous, we submitted all the necessary initial paperwork to the bank ( that I supplied outlines for) that stated to the bank (in January) ... as of April 1... I will NOT be able to pay this mortgage any longer and I will default on this loan and here is why...guess what..
We listed, got an accepted offer 100k under list and closed within 39 days. This also has a lot to do with the communication of a Realtor that understands the process and communication necessary to make the transaction happen.
You may want to contact Bill Holt of Keller Williams:
Profile URL: http://www.trulia.com/profile/id/305723
I have had several cases where the lender will consider a short sale even if you are not behind in payments. This is becoming more common as banks try to work with sellers. A hardship must be shown and they will then possibly consider.
My team specializes in short sales and bank negotiations. Call or email me if you want to discuss your options further and have questions.
This question is best answered by your bank (haa, trying to get a straight answer is not always easy!) or an attorney EXPERIENCED in short sales. Us realtors can provide you with input, but each bank is different and with the ever changing conditions (at times, daily) the info we may provide can be outdated almost daily as our business is selling homes.
Love and Peace,
Francesca, Realtor, ePro
You should start that dialogue with your lender because it varies from bank to bank. However, like everyone else has said, a short sale is a tool to help banks avoid foreclosing and getting stuck with a property and more often than not it is hardship based.
If you've found a way to keep paying and/or you've got savings or other assets to tap into then most banks are going to try to shift the burden back to you as opposed to taking the short end of the stick
Then you have to prove that you are unable to meet the minimum requirement payment of the mortgage then apply for a short sale. Procedures can take a least six month or more.
The best for you is try to work things with your bank.
Globe Wide Realty