Missing Payments Mandatory To Complete Short Sale

Short Sale Shift

Today we are going to speak about the number one inquiry that we listen to every single time that we deal with a short seller. Do I have to let pass a payment? The short sellers that we deal with that are already missing payments don't usually ask. Nevertheless, the ones that are being proactive regularly ask this question.

frequently the seller thinks that they can take cash out of reserves or take money out of retirement or have a loan of money from relatives. They suppose this may be essential to keep their credit score up. FHA in fact requires that the file is 31 days late. That is one of their requirements, that the property must be overdue in order to close. We are finding it more regularly. Investors are requiring the folder to be behind.

We think this may be the case since they have so many folders to deal with. So, they don't fret about the files that are up to date because they need to deal with the folders that are already late. We are also hearing that many banks are telling house owners that call the lender that they have to be late for the lender to even look at the file. This is correct for both loan modifications and short sales.

Is it feasible to get a short sale closed without being late? It may be doable if the circumstance is severe or it is foreseeable that the payments will be late. Increasingly however, we are finding that you have to be late to close a short sale.

Tune in once more tomorrow when we speak more about short sales and the procedure of closing a short sale. If you are mulling over the short sale as a solution to your current state of affairs it is better to be proactive than wait for the lender to mail that dreadful letter.

Minnesota Short Sale Shift can answer your questions. We are Minnesota's Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

Tagged with: foreclosure. • loss mitigation • Short sale

Filed under: Uncategorized

Like this post? Subscribe to my RSS feed and get loads more!