Home Selling in Rome>Question Details

Maria, Home Owner in Rome, NY

hi, i have a question i have a house under my name but it's my sisther-in-law she can't no longer do the payment i want to do a short sell.

Asked by Maria, Rome, NY Sat Sep 17, 2011

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4
Maria

Seek legal counsel regarding your specific situation and contact an experienced short sale agent, like myself, in your area.

Discuss your finances with your Realtor prior to listing your home in a short sale situation. Short sales are a lot of work for everyone involved, including the Seller, but it may very well be worth your efforts. At the end of the day you know what you can afford and what is right.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Sun Sep 18, 2011
If your name is on the title to the home, then you are the owner, and you will be the one to have to start the short sale process. Is there a chance you could rent the home out to someone else? If so, I suggest doing that first, before resorting to a short sale. A short sale will hurt your credit, and you mill not be able buy another home for a minimum of 3 years. If you are really in financial trouble, you should speak to a representative at your bank and explain the situation. They will advise you on whether they have any short sale programs that you can do up front, like HAFA, or they may suggest a mortgage modification, where you will receive temporary relief from paying the full mortgage payment each month, say until you could find a renter or sell.

Let me know if you need help finding a real estate agent in your area to help you.

Kim Boulter
Healthy Realty
843-640-7799
kimkboulter@gmail.com
http://www.kimboulter.com
0 votes Thank Flag Link Sat Sep 17, 2011
Hi Maria,

The person who initiates the Short Sale is the person on the loan. If that is you, then you should hire a Realtor in your area to assist you. You will need to prove financial hardship to your lender(s) before they will even consider approving a Short Sale for you.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Sep 17, 2011
If the mortgage is in your name, it is you that will be requesting the short sale.....realize that to do a short sale, you have to demonstrate a hardship in making the payments (may be job situation, or change in circumstances), and the bank has to approve the short sale. Your sister-in-law really has little, if any impact on the bank approving a short sale.
0 votes Thank Flag Link Sat Sep 17, 2011
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