Comments on: Are Real Estate Short Sales Only An Option For Delinquent Homeowners?

By: Nancy B

Nancy B — Fri, 06 Nov 2009 22:30:14 +0000

If you *have to* sell, then, yes, you need to get your lender to approve a short sale. But, be aware, that if it does go through, and someone buys it, your credit will be in the tank! :0(
Also, banks involved in short sales are notorious for dragging their feet on approving offers. A lot of folks who start out trying to do a short sale end up in foreclosure because they cannot wait the long amount of time it takes. Some can take up to 6 mos to close or give an answer!
Just remember, even if you and your realtor think the offer is fair or good, the bank has the final word. If they don’t like it, they are going to say no.
Don’t expect anything *short* about a short sale when it comes to time frame. You could be paying this mortgage for another few months!

By: kemperk

kemperk — Fri, 06 Nov 2009 22:16:11 +0000

Most mortgage companies won’t allow a short sale if your income is such that you can afford your house payment. Since you changed jobs, you can probably afford your payment. Short sales are for people who have not only missed payments, but have lost their jobs.
I suggest you see a lawyer to find out how to get around this one. You don’t want the mortgage company coming after you to garnish your wages down the road.

By: Priceless 1

Priceless 1 — Fri, 06 Nov 2009 22:12:47 +0000

you have other options;
trade your house for one where you want to be. IT is called
a 2 or 3 way;
someone wants what you have, you find what someone wants
out of and a broker LIKE me [any broker] helps with the paper
work.
or…..sell Part of your house to an investor
and in 2-5 yrs, prices will be back up.
[prices in the last 4 yrs went up TOO fast, too high. They are
still dropping to where they should have been. Then, when
they get down to the real level of value, they will begin
climbing back up.]