Current on Mortgage Payments – Can I Do A Short Sale?
The question arises often as to whether a homeowner can proceed with a short sale even if they are current on their payments. What was once the norm is no longer the case. There are still thousands of home owners struggling to make their mortgage payments and many are doing so while sacrificing on other necessary daily expenses. And some are to the point they can no longer keep up the pace.
The evolution of the housing crisis has been ongoing and is constantly taking on new twists to help struggling homeowners. You don’t have to miss your mortgage payments to qualify for a short sale. What must be present is some time of hardship or imminent hardship – i.e. if things don’t change we will probably lose the home to foreclosure. It all depends on your lender.
Right now the lending institutions are implementing programs to help you save your home if that is in your best interest. There are loan modification programs, banks are offering incentives to help with relocation expenses for those homeowners who short sell their homes. Some banks are even willing to approve a principal reduction, which puts your mortgage in line with today’s market prices.
The first thing to do is talk with your lender to review all your options.And if the short sale route is the best for your circumstances, then contact a real estate agent to assist you in getting your home sold.
Regardless of the circumstances – help is just a phone call away.
Filed under: Real Estate
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