Mortgage payment behind?

• Are you behind on mortgage payments?
• Does your adjustable rate mortgage continue to go up?
• Is there a temporary hardship keeping you from making payments?
• Do you owe more than your home is worth?
• Have you tried to refinance and can’t?

What is a Short Sale?

There are situations in which keeping your home just isn’t feasible but that doesn’t mean you have to foreclose. If your home is impossible to afford and market conditions have lessened the value of your home, a short sale would allow you to sell your home for less than what you owe on your mortgage.

To conduct a short sale, we have to first negotiate with your lender and get them agree to it. From their perspective, it makes sense because it allows them to avoid a long and costly foreclosure process. Remember, the lender is looking to avoid foreclosure as it’s considered a last resort.

For you, a short sale represents an opportunity to sell the home for less than what you owe and lessen the impact to your credit altogether.

What the short sale process entails?

From the time you determine to pursue a short sale, there are a few things that you will need to do.

• List the home with an agent. An experienced agent that is familiar and skilled in conducting short sales.
• Submit a hardship letter. Your hardship letter is important. It’s your chance to explain your situation and make your case for having the lender accept your loss mitigation request.  I will be happy to provide a guideline on how to compose your letter to your lenders.
• Prepare the home to sell and allow showings. Working together to provide all necessary documentations to your lender/s and progress forward to ease your unfortunate situation.

Who qualifies for a Short Sale?

You may be thinking a short sale is the answer to your mortgage troubles. It’s very possible that it is, but there are some basic principles of a short sale qualification to consider. Here are three principle ways to qualify.

• Market value of the home has dropped. Most people looking at a short sale as an option have experienced a drop in home value to the point they now owe more than the home is worth.
• The mortgage is in default status or could be in the near future. With the current market being as it is, lenders are becoming more willing to consider a short sale even before the home goes into default. This helps them cut the problem off before it costs them more money.
• The seller has a hardship. With any loss mitigation program, documenting the hardship that has caused your current situation is required. Lenders might be particular about the hardship so it’s best to rely on a short sale  expert to help you with the letter.

If you think you qualify for a short sale, please don’t hesitate to contact me to begin determining a course of action. It’s important to remember that time is not on your side in these situations and the quicker you act the better chance you have of achieving a successful short sale.

Candace Robinson REALTOR®
HomeSmart Real Estate
(480) 202-3558 direct
(480) 889-3700 office
(602) 710-2393 fax
1745 S. Alma School Rd. Ste 115
Mesa, Arizona 85210
www.phoenixarizonarealestatehomes.com