What is a Short Sale? Are you right for a short sale? Can wwwRudolphthehomebuyer.com help you?
A short sale is essentially selling your home for less than what you owe on your current mortgage. It is a timely process and there are many reasons it does not work out…but there are reasons it can. I will go over those below.
Benefits to a short sale:
You avoid foreclosure and hurting your credit
The bank recoups a large portion of their loan without the headache or uncertainty of having to formally foreclose on you.
Steps of a short sale:
I submit you a signed offer for your house with a funds verification letter
You take that offer and submit that as well as other paperwork – depending on your lender – but more than likely:
- short sale agreement
- Hardship letter outlining your situation
- Income verification and monthly expense verification
- Other – modification rejections etc.,
Once your lender has the necessary documents they will review – it can takes weeks or months for a decision – they will either accept the offer, counter the offer, or reject the offer.
Why would they reject the offer?
- They are losing to much money in the transaction
- They feel as though you can actually afford the payment
- They feel they can recoup funds other ways – if you have private mortgage insurance for instance – they will ask to collect on that
So if you are facing a foreclosure – give me a call and I will do my best to give you the options available to you.