San Diego California
(858) 487-6467

7 Dangerous Short Sale Myths

There is a lot of information – and mis-information – out there about foreclosures and short sales. And not knowing which are hard facts could put your home and family in a perilous position.

Eileen Smith, a REALTOR® from Tucker, GA cautions “Don’t let one of these myths land you and your family in foreclosure”:

“A short sale can be an excellent solution for homeowners who must sell, and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale – This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall – ‘You have more month than money.’ A lender will want to see that you cannot afford, or soon will not be able to afford, your mortgage.

3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale – While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure – This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes. The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales. there is time available until the foreclosure is complete.”


 

  1. Mediation

    We offer Foreclosure Defense Chicago, Strategic Foreclosure, Loan Modification etc. Whether or not a person qualifies for a Chapter 7 bankruptcy is determined by using the “means” test. In basic terms, the means test looks at an individual’s income and expenses and allows the Bankruptcy to proceed if the numbers fit within a set of guidelines. Foreclosure Defense Mount Prospect
    Thank you.

  2. carlsbad realtor

    Thanks for sharing your thoughts about Poway Real Estate.
    Regards

  3. callblove.com

    Желаем Вам самого прятного
    – секса по телефону !

    Here is my blog post Секс По Телефону (callblove.com)

  4. agen vimax asli

    Have you ever thought about publishing an e-book or guest authoring on other sites?
    I have a blog based on the same topics you discuss and would love to have you
    share some stories/information. I know my audience would enjoy your
    work. If you’re even remotely interested, feel free to shoot
    me an e-mail.

  5. Leo Papelian

    What’s up, after reading this awesome piece

  6. Martina Neubecker

    of writing i am as well delighted to share my know-how here with colleagues.

  7. Brittaney Avitabile

    here! Good luck for the next!

  8. Jacquelyn Asken

    Don’t wear seat belts lest you drown in your own urine?

  9. Tia Radcliff

    What’s up, after reading this awesome piece https://php665.com/

  10. Calandra Longoria

    Black on black in the Charg I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini https://php665.com/

  11. OK카지노

    With thanks! Valuable information!

  12. Basil Falgout

    I got what you mean,saved to fav, very decent site. https://php665.com/

  13. Chadwick Oehmig

    With thanks! Valuable information!

  14. OK카지노

    What’s up, after reading this awesome piece https://php665.com/

  15. Dorthy Vallie

    With thanks! Valuable information!

  16. Keesha Tompsett

    Hello. impressive job. I did not anticipate this. https://php665.com/

  17. Young Labarbera

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  18. Henry Landherr

    Don’t wear seat belts lest you drown in your own urine? https://php665.com/

  19. Nana Skutnik

    With thanks! Valuable information!

  20. Jules Versteegh

    I’m quite certain I’ll learn lots of new stuff right https://php665.com/

  21. Pa Pennick

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  22. Dewayne Baytos

    With thanks! Valuable information!

  23. Kyle Grandy

    Hello. impressive job. I did not anticipate this. https://php665.com/

  24. Starla Vanderstappen

    With thanks! Valuable information!

  25. Avery Bumpers

    With thanks! Valuable information! https://php665.com/

  26. Foster Simonet

    With thanks! Valuable information!

  27. Josef Conejo

    Awesome! Its in fact amazing paragraph, I have got much clear idea regarding from this piece of https://php665.com/

  28. Neely Kannard

    With thanks! Valuable information!

  29. Erline Thoburn

    Don’t wear seat belts lest you drown in you own urine? https://php665.com/

  30. self-help quotes

    Self-Help Books Self-Improvement

    7 Dangerous Short Sale Myths | Marie Jo Atkins San Diego North County Inland

  31. Elijah Mayorga

    Black on black in the Charg I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  32. christian dating advice for women

    End Things

    7 Dangerous Short Sale Myths | Marie Jo Atkins San Diego North County Inland

  33. Yvonne Grothoff

    This is a impressive story. Thanks! https://php665.com/

  34. BotLike

    autolike, Auto Liker, Status Auto Liker, Facebook Liker, auto liker, autoliker, Photo Auto Liker, Autoliker Facebook, Auto Like, Status Liker, Increase Facebook Likes, facebook auto liker, Facebook Auto Liker, Facebook Autoliker, auto like, Working Auto Liker, Autoliker, Photo Liker, Autoliker, Fb Autoliker

  35. Free relationship help chat

    http://Www.Qhnbld.Com

    7 Dangerous Short Sale Myths | Marie Jo Atkins San Diego North County Inland

  36. online psychic reading

    Top Dating Advice Podcasts

    7 Dangerous Short Sale Myths | Marie Jo Atkins San Diego North County Inland

  37. ปั้มไลค์เพจ

    เพิ่มไลค์แฟนเพจ, ไลค์เพจ, เพิ่มไลค์เพจ, ปั๊มไลค์เพจ, ปั๊มไลค์แฟนเพจ, ปั้มไลค์แฟนเพจ, ปั๊มไลค์เพจ facebook, เพิ่มไลค์เพจ ราคาถูก, ปั๊มไลค์เพจ, ปั้มเพจ, ปั้มไลค์เพจ

  38. Riley Doig

    With thanks! Valuable information!

  39. Cayla Sokolowski

    I like the helpful info you provide in your articles. I will bookmark your weblog and check again here regularly. https://php665.com/

  40. รับเพิ่มไลค์แฟนเพจ

    ปั้มไลค์แฟนเพจ, รับเพิ่มไลค์แฟนเพจ, เพิ่มไลค์, เพิ่มยอดไลค์

  41. Heike Skolnick

    With thanks! Valuable information!

  42. Rosana Doelger

    Hello. impressive job. I did not anticipate this. https://php665.com/

  43. Luis Rotanelli

    Don’t wear seat belts lest you drown in your own urine?

Leave a Reply

T (858) 487-6467

F (858) 451-1846

16710 Bernardo Center Dr.

San Diego, CA 92128

Email Me

CA BRE Lic. #01186585