Many people believe that because they are underwater on their mortgage that the bank will be willing to negotiate a Short Sale with them. In almost every case it requires much more for the bank to take a loss of tens or hundreds of thousands when they negotiate a Short Sale with the home owner. In order for the bank to be willing to negotiate a Short Sale the home owner must demonstrate a hardship where they are no longer able to afford the current mortgage payment. These hardships include a job loss, reduction in income, health related issues, a divorce, or a job relocation.
If you are headed towards foreclosure or considering a Short Sale, contact us at (949)272-0125 for a free consultation on your options.