Steel Magnolias Realty, LLC
101 Colony Park Drive, Suite 300
Cumming, Georgia 30040
678.455.3699 Phone 678.455.3398 Fax
The Long and Short of Short Sales
A Short Sale has been referred to by more than one real estate professional as a dignified solution to a financial crisis. The reality is that many homeowners today owe more on their homes than they are worth and don’t know what to do. If you have exhausted other options like a mortgage modification or a refinance or simply can no longer afford your home due to the loss of a job or other hardship a short sale may be the solution for you.
Short Sale Qualifications
There are three simple qualifications almost every lender will want to see to qualify you for a short sale:
1. Financial Hardship: Most mortgage companies will want verifiable proof that a material hardship (affecting your ability to pay your mortgage) exists. Hardships can be issues such as a payment increase, job loss, income decrease, medical expenses and any other issue that is truly affecting your ability to pay.
2, Monthly Shortfall: Your lender will want to see that on a monthly basis your hardship is causing a monthly shortfall. They want to insure that your monthly income is less than your monthly expenses. This is a simple calculation that can be done by adding up all your expenses and comparing them to your total income. If your expenses are higher than your income you have a shortfall.
3. Insolvency: Your lender or servicer will want verification that you are insolvent prior to approving a short sale. Meaning, they want to be sure that you do not have the ability to pay down the balance of your mortgage, in liquid funds.
Short Sale Process – How do I get this done?
In order to successfully sell your property through a short sale you will need to fully cooperate with your real estate professional. Your assistance in this process will give you the highest likelihood of a successful outcome, a sale, and most importantly a foreclosure avoided.
Each day is important when you are exploring options on your mortgage – don’t wait one more day to determine the best solution.
We work with attorneys who specialize in Short Sales in an effort to insure that your Short Sale is handled properly and in the most efficient way possible.
If you believe a short sale might possibly be the right option for you, or should you need more information, please contact Betty or Bobbie. We are CDPE professionals and will guide you through the process.
If we may be of help to you, please contact us.
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