A short sale might be approved by your lender(s) if you need to sell (i.e. can no longer make your payments, etc). You have to be able to prove a financial hardship (i.e. loss of income, job transfer, health, etc.). If you cannot prove financial hardship, your lender(s) will not approve a short sale. Lenders will not approve a short sale just because owners owe more on their property than it's worth.
If you have a provable financial hardship, contact a local Realtor to assist you.
As I am a SFR speciaist, I would greatly suggest you initially contact an attorney who speciallizes in Short Sale Negotiation and your tax advisor. If you are looking for the name of an excellent short sale attorney feel free to contact me at the number listed below. With the Mortgage Debt Relief Act of 2007 being extended until the end of December, 2014 as part of the Fiscal Cliff this is an excellent time to negotiate for a Short Sale with your lender. However, the attorney will do all the negotiating on your behalf and eliminate a lot of stress for you. Let's say your principal amount is $300,00 and your current market value of your home is $180,000, the deficiency amount of $120,000 could be waived by your lender. Read about the Mortgage Debt Relief Act of 2007 to learn more in depth details.
If I could assist you please feel free to contact me at: 954-632-4666.
There are many options that home owners have and short sale is just one of them.
You'll need to go over all of your options, and see where you stand financially (there are many tax exemptions that could be useful), and you need to know all there is to know about tax consequences of a short sale. Hardship has to be proven to the short sale lender and it has to be verifiable (tax returns, W2s, bank statements, overall credit history situation are considered, as well as the financial spreadsheet that shows your current income and expenses).
There are 2 kinds of short sales: HAFA and a regular short sale.
There are specific qualifications to find out which to choose.
You have to have a very experienced agent helping you out with agressive marketing of your property, selecting a strong buyer who'll be patient (short sales are not short time wise), negotiating with the bank despite anything, getting your offer value accepted through the appraisal or bpo etc. etc.
The good new is - this definately can be done, if done right.
Irina Karan/Beachfront Realty, Inc. CDPE 305-904-2355 IrinaKaran@gmail.com
We can provide the assistance you need at no cost to you or the buyer. We also will provide you with the assistance of an experienced short sale real estate attorney free of charge.
Please contact me for further free information, no obligation.
VP Sales & Managed Property
Petrus Realty Group
Ft Lauderdale, FL
You don't necessarily need to be behind on your mortgage payments to get a Short Sale approved.
You can contact an experienced Realtor and she/he can help you and you should have any costs.
Also contact the servicer (the company you make your mortgage payment to) and ask about a Short Sale or loan modification.
Here is helpful info:
All the best,
Alma Rose Kee PA
Future Home Realty
Thank you - Cindy Schlee
you need to prove you can no longer afford your house payments, and explain how that came about, and be upside down in a your home loan, and not have cash or assets ( excluding retirement )
On my site it kind of goes over it and has some videos you may want to take a look at.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
If you want/need to go through with a short sale, find a local Realtor who has experience with these sorts of transactions (or at least is using a short sale lawyer who is). It normally takes 6-9 months to have a short sale go final.