Are Banks still eager to approve short sales?

Top 3 Reasons Homeowners are choosing to short sale their home.

As the housing crisis evolves so has the reasons homeowners are needing to short sale their property.

The 3 reasons homeowners are asking for a short sale today vs. just several years ago are…

1. Unaffordable Home Repairs – As most homeowners know upkeep on homes can become very costly and never seem to really go away, at least that is the case for me. Owning a home with little to no equity makes it also very hard to justify the cost of a new roof, renovation or general repairs that your property may need.

2. Non-Principal Reduction Mortgage Modifications – Most homeowners who received a home loan modification did not get a principal reduction. If you are one of them it is likely they lowered your rate for several years so that you can afford your payment only to have that rate recast higher and now you are back to a payment that you cannot afford.

3. Completed a Bankruptcy but property still in my name – This is a very common occurrence that we see. As many of you are aware banks either don’t have the ability to foreclose possibly due to lost paperwork or just have not got around to it yet. In this case your attorney may of advised you to complete a short sale so the liability associated with owning that property that may be sitting vacant is no longer yours.

Other reasons homeowners are asking for a short sale today are loss of job, curtailment in income, illness or having to relocate for work purposes or to care for an ailing family member. Whatever the reason late or current on your mortgage if default is imminent or you are about to be foreclosed, your bank will more than likely consider you for a short sale.

The first step we always say when you are considering a short sale is to learn the process so you know what to expect. Depending on the banks process Short selling your home can either be a timely process or actually move very quickly. Understanding how long your bank will take is very important so that you can plan properly.

We can help you learn how to short sale your home…

1. We have created a Free Short Sale Guide which can be downloaded by clicking here Short Sale Guide

2. You can call us directly and speak to one of our founding members who will explain the process and even help you call your bank to find out what short sale program you may be eligible for. Call 1-888-262-6933

 

Please note we are not a real estate firm. Our core business is in the processing of your short sale and your bank will allow for our costs. There is NEVER any out of pockets costs to you for us to help you.