Short Sales. .
Proving insolvency. . . with a hardship
As soon as you have decided that a short sale is your next step. . a key ingredient that will make a big difference is your hardship.
You must prove that you are incapable of paying off the entire mortgage and/or staying current with payments month to month.
Do you have a 401K and $50,000 in savings ?. . a lender will frown about your hardship.
Do you have the same job and the same salary when you first got your mortgage? where is your hardship?
Being underwater( owing more to the bank than your house's worth)
on your property is not a hardship.
The lender will perform another mortgage application process to discover if you are, in fact, your application is the same one you gave when you first applied for this loan.. . only this time is in reverse. You must prove that you can no longer afford the house.
An application in reverse. . .so they can see you can not afford yoru payments anymore.
To see if you qualify and see if a short sale is an option for you. .please read my eBook about SHORT SALES
The Team of Herboso & Associates is one of the leading short sale experts in Maryland To be great at short sales, a firm needs to be dedicated full time plus, to this endeavor. You have to understand that bank negotiations are very trying frustrating and time consuming. We have a FULL TIME negotiator on our staff to help us accomplish these type of results..
Please contact us for a free consultation to sell or buy a home.
Broker- Realtor- Short Sales Expert
Herboso & Associates llc
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