Do I Qualify For A Short Sale? The answer to that question is sometimes hard to determine especially if your just doing some initial research online, the best way to get that question answered is to call a professional, call somebody who is extremely knowledgeable about short sales. I offer free consultations and we can talk about your situation and I can give you a very clear picture and definition as to whether or not you qualify for a short sale. If you aren’t ready to speak with someone yet however here’s a couple of thing to consider, the first is this, you have to understand a short sale is designed and geared for people who have a legitimate hardship or have an impending hardship, now that may be financial, it may not be. So let’s say for example you want to attempt to do a short sale but you want to stay current on your payments. Well the bank may still grant you a short sale if you have a circumstance where you know you are going to lose your job in a couple of months and we can document that. I have had clients who were a married couple and they could afford the payments together but separately they could not and they wanted to stay current through the process and we could prove to the bank that they were getting a divorce and wouldn’t be able to afford separately. The bank may grant them a short sale while they were staying current. Other examples might be clients of mine who have been in the military and are getting transferred and cannot rent out the house for what the mortgage payments are and need to sell it because they were going to be renting somewhere else. That is a legitimate hardship reason as to why you can do a short sale while staying current on their mortgage.
Now if for any reason you are behind on payments whether it be by choice or circumstance, well I can tell you that is almost an automatic qualifier for a short sale. You have to understand that when payments aren’t being made, the bank looks at it from the perspective of, we aren’t getting paid, this is a short sale vs foreclosure scenario for us to weigh out. Many times the hardship factor isn’t as important. So if again if you’ve missed payments 2, 3 or 4 months whatever it may be, it’s almost an automatic qualifier and I haven’t had any client EVER who has been behind, that’s been denied a short sale or an opportunity to do one. So that kind of boils it down to the basics there in regards to, are you making payments or are you not. If you are making payments and wanting to do a short sale, we need to be able to prove to the bank that further along down the road you aren’t going to have any money and you aren’t going to be able to afford the payments or something along those lines. If we have a legitimate excuse and can get it to the right people at the bank, we are sometimes able to get those done as well. I’ve done short sales with every bank out there where the client has stayed current, but in today’s market it is getting a little bit more difficult so we have to clearly document and define those hardships that are going to be impending and prove that to the bank.
If you have any further questions or want to know more specifically about your case give me a call, I offer free consultations. I will assess your situation based on your bank and what you have going on and I can probably tell you whether or not you will qualify for a short sale. Thank you very much for watching this video my name is Kurt Wannebo, with San Diego Real Estate & Investments, also known as Short Sale Kurt.
If you have any further questions give me a call.
Thank You very much for listening to this. This is my presentation on Do I Qualify For a Short Sale.