If you are behind on your mortgage or it is likely you will be soon, it’s time to get some information to figure out which way to go. One option is to sell through a short sale.
Who is a candidate for a short sale? Any homeowner that owes more money on their home than the market will pay for the home. To qualify, the homeowner must have suffered a hardship that has caused a situation where the mortgage is not or will soon no longer remain current.
Many homeowners do not realize that missing one or two mortgage payments can quickly create an emergency situation. The reason is simple, the lender will not accept partial payments on the mortgage. So once a couple of payments are missed, for many homeowners it becomes an impossible task to gather enough money to pay everything that is owed.
What are the options at that point? Either find the money to bring the mortgage current, sit and wait for the bank to foreclose or seek a professional Realtors® help to work toward finalizing a successful short sale.
The worst thing someone can do in this situation is to do nothing. We have a tremendous amount of information regarding short sales.
Although this might not always be the best option, we will explore everything possible with you so you can make an informed decision.
For detailed information about short sales, click Avoid Foreclosure