Missing Payments Mandatory To Close Short Sale
Today we are going to speak about the number one query that we attend to every single time that we deal with a short seller. Do I need to miss a payment? The short sellers that we deal with that are already missing payments do not generally ask. However, the ones that are being proactive frequently ask this question.
regularly the seller thinks that they could take money out of savings or take cash out of retirement or borrow cash from relatives. They suppose this may be crucial to keep their credit score up. FHA in reality requires that the folder is 31 days late. That is one of their necessities, that the home must be late in order to close. We are finding it more regularly. Investors are requiring the folder to be behind.
We suppose this may be the situation because they have so many folders to deal with. So, they don’t worry about the files that are up to date since they need to deal with the files that are already late. We are also hearing that a lot of lenders are telling home owners that call the lender that they have to be late for the lender to even look at the file. This is true for both loan modifications and short sales.
Is it possible to get a short sale closed devoid of being late? It may be viable if the situation is extreme or it is foreseeable that the payments will be late. Increasingly however, we are finding that you need to be late to complete a short sale.
Tune in again tomorrow when we speak more about short sales and the process of executing a short sale. If you are contemplating the short sale as a solution to your present situation it is better to be proactive than wait for the lender to send that hideous letter.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
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