“My home has been on the market for a year. No luck! Buyers say I am over priced! The value of my house is now below my mortgage payoff. I’ve been out of work for 6 months and I'm behind in mortgage payments!! Help!!
You may qualify for a short sale. When your lender agrees to accept a payoff lower than the mortgage payoff it is called a “short sale”. In order for a lender to accept this short sale they consider the following:
- Are you deserving of this short sale? You first must describe, in writing, your hardship situation. This is in the form of a hardship letter. You will also need to prove no other financial resources which would allow you to pay the mortgage. Tax returns, previous pay stubs, a prepared financial statement, collection letters, default notices & past due bills are important. This proves you cannot pay the mortgage.
- Next you need to prove that the property is worth less than the mortgage payoff. A realtor of your choice, experienced in short sales can establish this with a CMA.
For a no cost, no obligation market analysis of your home, please email us at piketteamrealtors@hotmail.com.
Do not feel alone. Short sales are becoming more common in this tough economic environment.