How Do I Qualify for a Short Sale Dateline Stockton June 18, 2010
How Do I Qualify for a Short Sale?
That's a great question, and you should ask it before you go into foreclosure and it becomes a bank owned property. It has taken a long time for many banks to realize doing a short sale is less costly than doing a foreclosure. Many time the banks are ahead 25 % over a foreclosure. A great many people do qualify for a short sale The qualifications are not that difficult for a Short Sale. Wachovia has been a leader in pioneering a great short sale model and Bank of America has recently announced that they are going to pursue short sales.
The first step to determine if your are a Short Sale candidate is to determine if you do not have equity in your primary residence or investment property. Home Sellers are not able to sell their home because of the lack of equity in their home and are unable to pay off the mortgage. Many home owners in Stockton, Lodi and San Joaquin County are in this position and much of the real estate for sale are short sales. A great deal has changed in California real estate in 2010 and experts predict that the short sale will become the dominate source of real estate listings on the MLS and home buyers are actively considering them in their real estate search.
If you find that you are in the position owing more on your home than it is currently worth on the real estate market and financially your mortgage is a hardship or realize that your property will not gain equity any time soon you may consider a strategic default; you are an excellent candidate for a short sale. You are behind on your mortgage payment and are unable to keep up with all of your monthly obligations.
Is a Short Sale a good choice for you?
If you find yourself in any of the following positions then the time is right to consider a short sale to resolve your situation.
1. You are not currently in arrears on your mortgage but you are exhausting you funds and in the future it is very likely you will default on your mortgage obligation.
2. You are not currently in arrears on your mortgage nevertheless have to or would like to move. Some of the reasons to consider a strategic default are job loss, reduced income, retirement, relocation for a job, health or breakup of family relationships. Staying in your home is a poor business decision financially .
The Lilly Team @ PMZ are short sale specialists a have developed a successful program to help Stockton and Lodi home owners. There is no fee for this valuable service, the bank pays all fees. Call us at 209-479-9222 for you no fee consultation or register at www.hughlilly.com.