Posted on: 23rd Jun, 2009 02:51 pm
Is 2 months behind enough to do a short sale
Hi Guest,
Generally, if you are 3 months behind on your mortgage payments, the lender sends you a notice of default to start the foreclosure procedure. You can then talk with the lender and check out the possibility of a short sale to avoid a regular foreclosure. However, if you are in financial difficulty, the lender may allow you to short sell your property, even if you are not too behind on your payments.
Generally, if you are 3 months behind on your mortgage payments, the lender sends you a notice of default to start the foreclosure procedure. You can then talk with the lender and check out the possibility of a short sale to avoid a regular foreclosure. However, if you are in financial difficulty, the lender may allow you to short sell your property, even if you are not too behind on your payments.
Guest
To be on the safer side You want to be current on the payment before you can approach the bank for short sale.
Rather they want to see the property listed on the market for some time before you ask for short sale
Good luck
To be on the safer side You want to be current on the payment before you can approach the bank for short sale.
Rather they want to see the property listed on the market for some time before you ask for short sale
Good luck
Following are the prerequisite for short sale:
1) the "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value,
2) the loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date;
3) you are able to sell your house within 3 to 5 months (depending on what your lender agrees to)
1) the "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value,
2) the loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date;
3) you are able to sell your house within 3 to 5 months (depending on what your lender agrees to)