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When you find it difficult to pay your mortgage payment, a Short Sale is an alternative to bankruptcy or foreclosure and of course if you can qualify for a loan modification that could possibly be your best viable solution.
Short Sales are not short. It’s a long process but as real estate professionals we try very hard to make it as stress-free as possible.
Not all homeowners qualify for a Short Sale. You need to ask yourself these questions in order to determine if you might qualify.
- You owe more on your mortgage than what the house is valued at in today’s real estate market
- You are having trouble paying your mortgage payment
- You have no or little assets in order to pay off the mortgage
- You have a hardship.
Examples of what a hardship is:
- unemployment
- divorce
- medical
- bankruptcy
- death
As a CDPE, I go over all these things with you and ask you to provide receipts of bank statement, your 1099 and many more receipts for the bank to determine if they feel you are qualified for a Short Sale.
It is always a good idea to speak with an attorney before attempting a Short Sale since a real estate agent cannot give legal advice. You need to be aware of any tax implications and see what is best for your particular situation.
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