I'm often asked 'Do I have to be late in order to be considered for a Short Sale'? That is a great question that has a quick 'YES' answer usually associated with it. However, every situation is unique.
A 'Short Sale' is a sale that takes place when a mortgage lender, usually a Bank, agrees to accept less to settle the debt than the full amount contractually owed by the debtor. To be 'forgiven' of a large portion of a mortgage debt is a blessing for which a debtor may be very thankful.
In order to have your personal and unique situation answered correctly, the question should be addressed directly to the one who is holding the mortgage and thus has the ability to forgive a portion of the debt. Many times the answer will be 'YES, you do have to be behind in order to be considered for a Short Sale'. However, I know of several instances where the mortgage lender has agreed to forgive a portion of the debt without the homeowner missing payments. You've heard the saying, 'He who has the gold makes the rules'. That statement certainly applies here.
When you have further real estate related questions and need an expert real estate broker's opinion, please contact me at the number below or email me with your questions. When you're ready to sell or buy your next home I'd love the opportunity to work with you.
Mortgage 1st Realty, Inc.