There are many misconceptions about short sales. While this process has traditionally been a loss mitigation tool for the bank, it is quickly becoming a viable option for many borrowers that are "up side down" on their home.
One of the largest misconceptions is that you need to have 30 day late mortgage payments to qualify for a short sale. Most banks look for a reason as to why they would issue a short sale. Because every home owner has their own reason; loss of income, divorce, job transfer, over extended, added dependant, and so on, there are no set rules as to whom a short sale is approved for.
If home ownership is a goal of yours after a short sale, then maintaining timely payments (12 months before and during the short sale process) will be required in order to be consider for a new mortgage immediately following a short sale.
If you have been advised to miss payments to help qualify for a short sale, it might be a good idea to contact an attorney to at least discuss your situation. There are attorneys that that will give 1 hour consultations for free. They will tell you that you have no more leverage with late payments than you do with timely payments. If you are missing payments, now the bank actually has the leverage because you have given them the legal right to foreclose on you should the short sale negotiation fail or take longer than anticipated. It is a good idea to have attorneys negotiate the short sale.
Three things to think about as you move forward with the possibility of a short sale. 1) Do you have a goal to own a home again? 2) Are you being advised to miss payments? 3) Do you have a real estate attorney that can give you advise on legal ramifications of a short sale(Realtors provide real estate advise)?
For more information for financing a home after a short sale please contact:
Thanks,
Troy Schuricht
CFS Mortgage Corporation
7720 N 16th st Suite 325
Phoenix, AZ 85020
602-354-0537- office
602-241-9912 - fax
http://www.bankeradvantage.com/
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