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Answers (6)
- Angela Ordway, "aordway"
- Contributions:53
Contact your lender and request a HAFA application. Good luck.
- Juliet Constantine, "Short2SaleAgent"
- Contributions:26
I would look at the cost to rent vs your mortgage payment. If you sold the property, if the rent is substantial less, then you might consider selling the property if you are unable to meet the mortgage obligation.
You will be able to buy another home within 2 years with Fmna. If you any help, I specialize in short sale. I am in California. Is this a condo?
You will be able to buy another home within 2 years with Fmna. If you any help, I specialize in short sale. I am in California. Is this a condo?
- John Valdez, "John Valdez"
- Contributions:419
It all comes down to if you can prove "Financial Hardship". You can still prove financial hardship even if you haven't missed a payment. I have a client that was using their savings for a year to live on and were able to short sale the home and they never missed a payment.
- Dean Lob, "Pacific Platinum"
- Contributions:36
Completely up to you. The Mortgage Relief Act of 2007 is good till 2012.
- Craig Lawler, "Craig Lawler"
- Contributions:238
Simon,
One thing many sellers do not realize is you will not be approved for a short sale just because you don't want the house anymore or want to sell it just to get rid of the monthly payments.
You must demonstrate a financial hardship, such as loss of job, income, etc. Also, if you do have money available, the lender will less likely not approve a short sale. So, you basically need a dire financial hardship and are doing the short sale to avoid a foreclosure.
If that is your situation (financial hardship and trying to avoid a foreclosure), you can consider a short sale. If that is not your situation, and you don't need to sell, you can just keep your house, keep making the payments as you agreed to do, and not damage your credit.
Remember the value of your home only matters when you go to sell it.
One thing many sellers do not realize is you will not be approved for a short sale just because you don't want the house anymore or want to sell it just to get rid of the monthly payments.
You must demonstrate a financial hardship, such as loss of job, income, etc. Also, if you do have money available, the lender will less likely not approve a short sale. So, you basically need a dire financial hardship and are doing the short sale to avoid a foreclosure.
If that is your situation (financial hardship and trying to avoid a foreclosure), you can consider a short sale. If that is not your situation, and you don't need to sell, you can just keep your house, keep making the payments as you agreed to do, and not damage your credit.
Remember the value of your home only matters when you go to sell it.
- D. Scott Secor, "D. Scott Secor"
- Contributions:86
If you have the capacity to pay your mortgage and have no reason to move, it is advisable to "stay put".
If you have experienced a reduction in income or suffered some other hardship, you may want to contact your lender to explore the options. Among them is a short sale, where the lender takes a write down on the loan balance. You may also qualify for a loan modification that would effectively reduce the interest rate or the loan balance without requiring you to sell or move. Such loan modifications are extraordinarily rare.
Statistics also indicate that a significant percentage of those who are able to secure a loan modification are in default within a year, and ultimately wind up in foreclosure.
Destroying your credit should ALWAYS be your final option.
If you have experienced a reduction in income or suffered some other hardship, you may want to contact your lender to explore the options. Among them is a short sale, where the lender takes a write down on the loan balance. You may also qualify for a loan modification that would effectively reduce the interest rate or the loan balance without requiring you to sell or move. Such loan modifications are extraordinarily rare.
Statistics also indicate that a significant percentage of those who are able to secure a loan modification are in default within a year, and ultimately wind up in foreclosure.
Destroying your credit should ALWAYS be your final option.
short sell
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