Do I have to be behind on my mortgage payment to qualify for a short sale?

This is a common misunderstanding when we speak to clients regarding the short sale process. In the recent past, there were many cases where a homeowner had to stop making their mortgage payment in order for the bank to respond to their need for help. Today, that has changed – in many cases you do not have to be behind on your mortgage payment in order to qualify for a short sale.

Mortgage companies look for three significant details when determining a short sale approval:

  1. You must have a variable hardship – such as loss of income, a forced job transfer, death, divorce, serious illness.
  2. A lack of monthly cash-flow, insolvency or possible shortfalls in the near future.
  3. No liquid assets which would allow you to pay down your mortgage balance.

Many homeowners who are in financial trouble wait too long before they reach out for help – even worse many spend their life savings to stay afloat or use credit cards to cover their mortgage payments. Don’t let this happen to you or anyone you care about. You do not need to be behind on your mortgage payment to qualify for short sale. Call me today – you may also qualify for up to $3000 in cash relocation assistance.

Want to learn more about short sales? Join The Russo Team on Saturday, March 17th at 10:00am for a free short sale webinar. Click here to register now. Seating is limited.

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