What You Should Know Before Contacting Your Atlanta Short Sale Agent
By Chris Bain | November 11, 2010
I have gotten several inquiries lately from people who wanted to short sell their home
…but who had no idea what they were really asking for. That in and of itself is not so significant because the short sale process is typically fairly complicated and daunting, but these inquiries were unique in one way. All of these people could afford their mortgage and they had no need to sell their home! The reasons I heard basically boil down “I don’t want to pay this much anymore since my home isn’t worth what it used to be”.
These people were all in an “upside down” situation. They are not alone as there are many many more out there. What they failed to understand is that being upside down in your mortgage isn’t the only qualifying factor for lenders to agree to a short sale on your home. There isn’t a short sale agent in Atlanta that can help you if those are your only qualifying reasons.
Two Things That are Used to Qualify a Potential Short Sale Candidate.
1.Iminent Default – Based on your financial situation you are, or soon will be, in Default on your mortgage. This has to be documented.
2.Hardship – You have to be in a situation that contributed to your financial problems. This could be a variety of things such as loss of a spouse, divorce, or job loss for examples of some common reasons. Each situation is unique and your circumstances will be looked at by the banks.
Some Useful Info To Look at If You are Considering a Short Sale.
Here is a link to the Treasury/HUD website on elegibility for HAMP. Home Affordable Modification Program. One of your first steps before a short sale should be to see if you can have your loan modified.
Here is also some information about HAFA on the same website. Home Affordable Foreclosure Alternatives. If your lender is part of this program you may be entitled to some benefits if you are unable to sell your home. Just remember that in most circumstances, a short sale is much better for you and your future than a foreclosure.
If you are trying to short sell your home and need a short sale agent in Atlanta, we can help you.
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