Do you have to be behind on mortgage payments to quality for a short sale?
I would like to sell my home and get a bigger place. Unfortunately, I owe more than what it is worth and really need the space (personal reasons). Do I have to be behind in my mortgage for my mortgage company to approve the short sale? There is no way I will get what I currently owe on it.
Oh, and no smart answers. I would like to get solid answers from professionals or from those who have experienced the same situation.
Thanks much
The truth is , it depends. It depends on the lender involved. Many times a lender will entertain a short sale based on the circumstances involved. If it means that your home value suffered a decline, but they can make more from the short sale than a foreclosure, they will. It all depends on the lender and the circumstances. As far as your credit, if you are in need of a short sale based on a hardship, you have a couple of options. 1. You can write to the 3 major credit bureau’s and have your comments posted to your credit report, or 2. You can appeal to the lender and ask that they report the account as satisfied. I have already worked a file where the lender did this so it did not effect the credit due to the fact that the customers were in a major car accident while on the way home and both could not work. The mortgage company worked well with us.
Call your lender and see what options they have for your situation.
Hope this helps, Good luck!
Florida Ft. Lauderdale loan foreclosure short sale attorney
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