“Do I need to be behind on my mortgage to short sell my home?” This question is very common and something that we hear ever single day. The answer to the question is no, you don’t have be behind on your mortgage to short sell your home.
Understanding How Short Sales Work
The reason why you don’t need to be behind on your mortgage to short sell your home is because, loan servicers in 2013 are more inclined to work with borrowers. This is especially true if they can analyze the borrower’s situation and see that they will be facing a financial hardship in the coming months, if they are to continue paying their Mortgage payments. The reason for this is because foreclosures are taking an increasingly longer period of time due to the number of foreclosure properties along with a decrease in county officials to process the orders.
Who Doesn’t Qualify For Short Sale?
Homeowners who are facing the prospect of choosing short sale vs. foreclosure must be facing a real financial hardship due to issues like: unemployment, prolonged illness, incarceration or death of primary income earner.
Lenders will likely not approve short sales if the borrower is facing financial hardship because they are getting a divorce or are in debt due to poor financial decisions like purchasing expensive electronics, going on a vacation etc.
Hire A Short Sale Agent Today
One of the benefits of deciding to short sell your home is that short sale is free, it won’t cost you anything to hire a Short Sale Agent because, your agent will only get paid once your Short Sale has been approved. Keep in mind though that it will affect your credit. However, with proper financial management and credit repair, you may be able to buy another home in as little as three years.
To get your Orange County short sale going today contact the experienced team of Real Estate Agents at Fred Sed & Associates today by calling (949) 272-0125.