In this video, I go over three things to consider when doing a Short Sale When You Are Current On Your Mortgage.
Can you do a short sale even if you’re current on your mortgage? The answer to that is yes!
There’s a misconception that you have to be delinquent on your mortgage in order to do a short sale and that is incorrect. However, there are three things to consider when doing a short sale when you’re current on your mortgage and I’m going to talk about that right now.
The first item is you have to be under water of course in order to do a short sale. What does that mean? That means that your mortgage balance on your mortgage has to be more than what the property is worth minus any fees associated with selling that property.
Number two. In order to do a short sale you have to have some sort of hardship. Some hardship for example, in a situation where you’ve relocated due to a job and you now have to carry two mortgages or your mortgage and a place that you’re renting so you know there’s a situation where your expenses have increased and you’re carrying two mortgages or two payments. There can be a situation where you became unemployed and/or you have a reduction in hours. So basically your income has reduced. Whether you’re making forty thousand a year or whether you’re making four hundred and fifty thousand a year, there can be a hardship in both of those situations.
Number three on ‘Can You Do A Short Sale When You Are Current On Your Mortgage’, which is I think is an important aspect of when you’re in a situation when you’re current on your mortgage, whether you can do a short sale is that the short sale lender will look at your financial situation, look at your income and expenses and they may even pull your credit report and be able to figure out exactly what is the likelihood that you’re going to default on that mortgage. The answer is that if the bank sees that you’re most likely going to default on their mortgage then the bank is going to approve that short sale.
I hope this video was helpful. If you have any questions or you need help with the short sale of your house please give us a call or fill out the form below on our website.
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