Robert Pratt,
Broker, Chicago, IL
The answer is most definitely NO you cannot be current on your payments
to do a short sale, you MUST be delinquent or your packet will never be
approved. If a bank sees you making your mortgage they don't have much
proof that you're not able to.
to do a short sale, you MUST be delinquent or your packet will never be
approved. If a bank sees you making your mortgage they don't have much
proof that you're not able to.
Web Reference: http://www.dreamtown.com
Linda Gardiner,
Agent, Bangor, ME
Hi Sarah,
You have already received some very good responses. Short Sales can certainly prevent a loan from going into foreclosure and will have much less impact on your credit long term. To be successful in a short sale you need three key elements. 1) You must be truly deserving of the lender considering a short sale payoff. 2. You need to prove to the lender what the property is only worth the offer that you bring in 3. Prove to the lender that you are working with a competent agent.
I am in the 04444 zip code if you would limke to contact me for futher help or information.
Linda Gardiner
Town & Country REALTORS
1-800-639-4905 ext 161
You have already received some very good responses. Short Sales can certainly prevent a loan from going into foreclosure and will have much less impact on your credit long term. To be successful in a short sale you need three key elements. 1) You must be truly deserving of the lender considering a short sale payoff. 2. You need to prove to the lender what the property is only worth the offer that you bring in 3. Prove to the lender that you are working with a competent agent.
I am in the 04444 zip code if you would limke to contact me for futher help or information.
Linda Gardiner
Town & Country REALTORS
1-800-639-4905 ext 161
Carmen Di Biase, ABR, SFR,
Agent, Rockland County, NY
Sarah,
The key to a successful short sale is not whether or not you pay your mortgage but whether you have a true hardship situation; loss of job, illness, divorce etc. It is up to the mortgage company to decide to allow a short sale based on the case you make for yourself and the purchase offer presented. Do not arbitrarily stop paying your mortgage.
The key to a successful short sale is not whether or not you pay your mortgage but whether you have a true hardship situation; loss of job, illness, divorce etc. It is up to the mortgage company to decide to allow a short sale based on the case you make for yourself and the purchase offer presented. Do not arbitrarily stop paying your mortgage.
Anna Brocco,
Agent, Nassau County, NY
If you stopped making your payments, one would have to assume you can't pay and are having financial difficulties that prevent you from paying--If you plan on doing a short sale, do so in the near future--contact a few realty offices, interview a couple of agents and choose the one you like best--short sales are not by all means fast sales and a good agent will be your best guide.
Steven M Dyer,
Agent, 04841
Hi Sarah,
The short sale process is very tricky! Make sure you are dealing with a professional Realtor who makes short sales a part of their business! It is essential that you and the Realtor keep in close contact with you bank. They will require a lot of documentation and the Realtor can coordinate all of that for you! Give me a call if you need any help!
Blessings!!
Steve Dyer
Keller Williams Realty
(207) 975-9330
steve@TheMidCoastGroup.com
The short sale process is very tricky! Make sure you are dealing with a professional Realtor who makes short sales a part of their business! It is essential that you and the Realtor keep in close contact with you bank. They will require a lot of documentation and the Realtor can coordinate all of that for you! Give me a call if you need any help!
Blessings!!
Steve Dyer
Keller Williams Realty
(207) 975-9330
steve@TheMidCoastGroup.com
Web Reference: http://www.TheMidCoastGroup.com
