CDPE Short Sale Myth #6

A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and it is important you understand the reality of this process if this is a solution that you feel meets your current needs.


6. The Bank Would Rather Foreclose than Bother with a Short Sale

We know you have heard this; you may have even heard it from an overzealous collections agent working for a lender. The reality is that banks do not want to foreclose on your property. Banks, investors and event the federal government have all publicly said that if a person is qualified for a short sale the deal needs to be considered.

The qualifications are:

  1. A. Financial Hardship – There is a situation that is causing you to have trouble affording your mortgage.

  2. B. Monthly Income Shortfall – You have more month than money! A lender will want to see that you cannot afford or will not be able to afford your mortgage soon.

  3. C. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Posted by Clay & Kathie Kime - CDPE at 2/21/2009 11:56 AM
Categories: Virginia Short Sales, Foreclosures, Certified Distressed Property Experts in Virginia, Housing and the Economy, Virginia Pre-Foreclosure, Housing Market
Tags: CDPE Virginia Avoid Foreclosure Pre-Foreclosure Short Sale Scams Wall Street and Housing Short Sales
 

What did you think of this article?




Trackbacks
Trackback specific URL for this post
  • Trackbacks are closed for this post.
Comments
  • No comments exist for this post.
Leave a comment

Comments are closed.