Short Sales and the Hardship
I recently have had a few people contact me after about doing a short sale on their home. They have tried to modify their loan and they were disappointed with the results. They then stop paying their mortgage thinking they will do a short sale. They feel that they owe way more money on their home than it is worth.
The banks don't just accept a short sale just because.... do not stop paying your mortgage.
The banks want to see a hardship of somekind:
- Loss of job
- Divorce
- ARM Re-adjusting
- Death
- Injury or illness
or a myriad of other reasons. Using your house as revolving credit is not a hardship for a short sale. The hardship needs to be documented and make sense. You will have to fill out a monthly profit and loss statement and prove you are struggling to pay your bills. So please, please remember do not stop paying your mortgage just because your house is worth half of what it used to be worth.
Short Sales are a complex transaction and you should consult a real estate agent that is proficient in short sales and also contact your attorney or accountant. If you are facing foreclosure call Kevin Vitali to understand what options you have to foreclosure.
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
I pride myself in the quality of my work while helpingbuyers and sellers make dreams come true.
Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury