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.
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.
Town & Country REALTORS
1-800-639-4905 ext 161
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 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!
Keller Williams Realty