Short Sale Assistance For Homeowners
If you’re in financial trouble and struggling to keep up with your mortgage payments, a short sale could be an option. This process allows you to sell your home for less than what you owe on the loan and usually results in your lender agreeing to forgive the difference.
However, this type of home sale can be a long and complex process for both buyers and sellers. It also may take weeks or months for the lender to approve a short sale. In fact, many people who submit an offer end up canceling the deal because it takes so long to get a final answer.
Short Sale Assistance for Homeowners: Get Expert Help Today
Avoid Foreclosure with a Short Sale, you must prove that you’re having financial hardship and aren’t capable of continuing to pay your mortgage. This is accomplished with a letter of hardship and supporting documentation, which includes bank statements, income tax returns, paycheck stubs, and other financial records.
A common mistake is to list the property too low. The lender may be hesitant to approve the short sale if it believes the seller is attempting to defraud the company by lowering the price too much. The lender also won’t agree to a short sale if it believes it can recover more money from foreclosing on the property than by approving a sale.
In addition to a short sale, you might consider a deed in lieu of foreclosure or bankruptcy as ways to address your mortgage debt problems. A qualified real estate agent can help you navigate your options and decide which is the best fit for your situation.…