Home Selling in 94591>Question Details

Csr, Home Seller in 94591

Will a bank consider a short sale if we're still making payments? We're way underwater on our mortgage but can still make our payments. Is?

Asked by Csr, 94591 Mon Oct 5, 2009

there any way to negotiate with lenders? Or do we just ride it out?

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Tim Garton’s answer
Yes, most short sale banks if they know there is a hardship coming your way but you are current they will honor a short sale at that time. Its a case by case scenario. The short sale banks do not want a strategic defaulter.
0 votes Thank Flag Link Thu Oct 3, 2013
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013

There has been much feed back that refers to a hardship; in some situations for example if someone has a security clearance and they could loose their clearance if they become late on their mortgage that could be the hardship; there are many scenarious that constitue a hardship. Seek out a professional that has recieved training in dealing with these issues. I am a local agent in your area and am available for a no obligation consultation.

I wish you the best and hope you connect with someone that can help provide you with the resources you need.

Deborah Souza
0 votes Thank Flag Link Sun Nov 1, 2009
Good Morning,

It seems to me that you are not in trouble at this time. How long have been to
that house is it long enough or just bought for few years? Is this your first time
home? Again if you have a good source of income the bank will not approved
as Short Sale, what they are looking is you have hardship then you are qualified
as candidate for short sale....
0 votes Thank Flag Link Sun Nov 1, 2009
Hello CSR,

Yes. You do have options available to you ranging from a loan modification to make it more manageable to short sale and other options in between. As a Certified Distressed Property Expert (CDPE), I have assisted many home owners in similar situations. Don't be discouraged and find a professional Realtor that has received the training and knowledge to advise you on all options availabe.

Deborah Souza
Web Reference: http://Www.deborahsouza.com
0 votes Thank Flag Link Sun Nov 1, 2009
Only bank can make that decision for you . Truly lender don't want your property. However can't speak on behalf of your lender,

Good luck sorry hear about your situation

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911

0 votes Thank Flag Link Thu Oct 8, 2009

If you can affort to make your monthly mortgage payment and cannot demonstrate a legitimate "hardship" the bank will unlikely entertain a "short sale" arrangement.

An attorney may best be able to speak to your individual personal situation.

Good luck
0 votes Thank Flag Link Tue Oct 6, 2009
It would not be a wise decision to miss a payment even though there are a lot of people out there who may be telling you to do otherwise. I suggest you talk to your bank first and see what your options are. As for being underwater forever, dont worry about that. Even with dips (this last one was the biggest), homes have always appreciated in value. If you still need further assistance, you can call or email me directly. Thank you

Kamal Randhawa
"Straight answers all the time"
0 votes Thank Flag Link Mon Oct 5, 2009

Here are some things to keep in mind.

Short sales are for those that are headed to foreclosure. In order to do a short sale, you need to be in a hardship position and now or very soon will not be able to make the payments. You can not have any assets that could go towards making payments.

Loosing value in your home stinks, but house values will come back around at some time. If you plan on being in this house for a while, the value could come back. It won't be soon but in a few years it could. If this was a home that you planned on being in for years to come, then just keep going along as you would have. Try not to dwell on what the market is doing right now.

If you are headed towards foreclosure then get in touch with the bank and see what can be done. Good Luck
0 votes Thank Flag Link Mon Oct 5, 2009
We just have one mortgage. I really hate missing payments to start the short sale proceedings because technically we CAN pay. I just feel like we'll be underwater forever. Paid $450k and homes are going for $250-300k in our neighborhood. I feel like there is no way out.
0 votes Thank Flag Link Mon Oct 5, 2009
Hello Csr,

Since you are still able to make payments, it will be very difficult for your bank to allow a short sale. I provide free loan modifications for people in distress so if you like, I would be happy to discuss your options with you. I agree with Patrick though about your first step being contacting your bank. Do you have two mortgages or one?? It might be easier for you if you were dealing with just one bank. Good luck!

Kamal Randhawa
"Straight answers all the time"
0 votes Thank Flag Link Mon Oct 5, 2009
If you stop making payments, the bank can start foreclosure proceedings with as little as 3 missed payments. There are requirements for a short sale. The main condition is being in a hardship position. There are other factors as well. Talk to your bank and see if anything can be worked out.
0 votes Thank Flag Link Mon Oct 5, 2009
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