Profile picture for mileyc22

Can I do a SHORT SALE to move closer to care for 85 year old mother. Not late on MTG

  • May 02 2012 - Watkinsville
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Profile picture for RealEstateCrew
If the market value of your home is less than what you own on the home and you need to move, a short sale is an option you will need to explore.  Keep in mind, that bank does not have to accept the short sale though.  If you need to move to take care of your mother, you need to explore all options if you feel this has to be done. 

Contact the lender who holds your mortgage to get started. 

Hope this helps,

Josh
  • May 05 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Explain your hardship to the lender, it may be acceptable.
  • May 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The rule for a short sale is to be able to show hardship.  I closed a short sale recently where the seller was never late on his mortgage but it was approved.  Call me I would love to discuss your individual situation.

  • May 02 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi Miley. If your mother is not well and you need to care for her that would likely qualify as a hardship in which your Lender would consider you eligible and you don't have to be late on  your mortgage. In my experience, I'd say the chances are great that a Short Sale would work for you. Just make sure you have a Realtor representing you that has has a strong track record with a high rate of closing Short Sales; ask her or him.  I wish you the best.
 Regards,
Lynn Pineda
Coral SpringsFL
Short Sale Specialist
  • May 02 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You would have to ask your lender. But my guess is it's probably not grounds for a short sale. But only your lender can make the call as it's their money.
  • May 02 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Friend,

That is a tough question to answer. Generally, banks will only do a short sale if you're late on your mortgage.  They simply do not want to own the house, and you've already shown that you can pay the mortgage.

Now, that doesn't mean they won't do a short sale.  You should call them.  But, the first person you talk to will likely say no.  You could go up the management chain for as long as you think is reasonable, write them, even contact your Congressman/woman.  (That last one may be extreme, buy you never know!)  Also ask them if there are other options for you other than a short sale.

Keep in mind that it does damage your credit.  You won't be able to immediately purchase a new home, and most mortgage programs require at least a 2 year wait, maybe 3 years.  The impact on credit scores declines year after year, but will remain on your record for 7 years typically.

Another thought: Could you move your mother closer to you?

Best of luck!
  • May 02 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.