After you've Missed Your Mortgage the Last Three Years?
There are not as many short sales as before. . .still many homeowners are now being pushed in doing short sales because the lenders had enough!
Many homeowners quickly found out that a modification was a lengthy process that could keep them inside their houses while waiting for lost paperwork and many reviews.
Lenders were obliging. .
We are now getting many calls from people that have exhausted all their options until now. .
And they are being forced to choose.. .
As the second call for help came to me today. .surprisingly two in a row under the same scenario. .
The banks says. .
" Either DO a Short Sale or we will Foreclose!"
If you find yourself in the same predicament,
My advice is for you to control the situation and let a short sale dignify your exit from your house that carried you for so many months without payments. .
This is when you take control of your exit for an easy transition to a new location where you will choose to live. .
Every case is different,.
Every lender has its policies . .
But if the lender is suggesting to do a short sale after you've missed 3 years of mortgage payments. .
You should take that. .
. .unless you have the money to pay the entire balance off from all the mortgage payments you've missed paying. .
I asked the person that called me today. .
When was the last time you made a mortgage payment?
"Her answer was 3 years!"
Just to refresh you about the short sale process. .
The process of a short sale begins with identification of your current financial situation and the need to make a decisionThen comes the qualification period where you ask. .
"Do I qualify for a short sale?
This is when you should seek the services of a real estate short sales specialists agent.. .because even if your lender has already suggested to take the short sale route. .you still have to qualify and get a written approval
Watch the video below and learn more about the process of a Short Sale?