Many distressed homeowners that are considering a short sale often wonder if they have to be late on their mortgage to complete a short sale. According to many Las Vegas short sale realtors, the simple answer is no. There have been some cases where a homeowner will complete a short sale without ever having missed a payment because their hardship wasn’t completely due to financial issues. Many homeowners think that they have to have a financial hardship to complete a short sale, and while this is partially true, there are other hardships, such as divorce, job transfer, or family illness, that can qualify you.
One of the main things that your lender will want to see, however, when looking at your short sale package is your monthly net income and any expenses that exceed that. While you may not think that your monthly bills exceed your net income, it’s important to take EVERYTHING into consideration, such as gas, insurance, any extracurricular activities; all of these things add up and can create financial strain on a household. If all of these things combined exceed your monthly net income, your lender will more than likely consider doing a short sale on your home.
Some investors do require that you be late on your payments in order to qualify for a short sale, or if you’re not late, you need to be able to prove that you becoming late on your mortgage in the near future is unavoidable. If you are curious to see if your investor falls into this category, check with a short sale realtor in the local area to find out more.
There are ways to complete a short sale without every being late on your mortgage, so if this is a concern of yours, it’s best to consult with a Las Vegas short sale realtor that can supply you with the information that you need.
If you are contemplating doing a short sale or are thinking about contacting a Las Vegas short sale expert to see if a short sale is best for you, now is definitely one of the best times short sale your home for multiple reasons. The first of these reasons is one that we have covered before on this website and that is that banks are offering relocation assistance and monetary incentives to distressed homeowners that are willing to short sale. Many lenders are being more accommodating to homeowners to get short sales approved so that they can get those loans off of their portfolios before the end of the year.
Another reason that you should contact a short sale expert to start your short sale is because there are currently more buyers than sellers in the Las Vegas real estate market. Because of this, the chances of you getting a better price for your home and the chances of it selling quickly are higher.
One last reason as to why this is the best time to short sale your home, and perhaps one that will save you the most money, is that the Mortgage Forgiveness Debt Relief Act expires at the end of the year. You may be thinking you have until December to complete your short sale, and while this is true, a short sale typically takes four to six months to complete, so now is the time to get started to ensure that your home is closed before December 31, 2012. If you would like more information on the MFDRA and to potentially see how much money it could save you in the long run, we recommend talking to a short sale expert for all of the details.
Doing a short sale on your property is almost always a better alternative to foreclosure and currently the many incentives, over abundance of buyers and the MFDRA are all just added benefits. If you are at all interested in doing a short sale or are interested in finding out more information about any of the previously mentioned benefits, talk to a Las Vegas area short sale expert before it’s too late.
If you are interested in short selling your home but are wondering when the best time to do so is, the answer is now according to Las Vegas short sale realtors! Currently, there are many short sale incentive programs being offered to homeowners that short sale their properties and here is some information on a few of them. Some of these programs are dependent upon different things, such as who owns your loan, if you live in the property or not and how long you have lived there.
One of the more well-known short sale incentive programs out there is the HAFA program. HAFA offers up to $3000 in relocation assistance if your lender participates in the program and your loan is not owned by Freddie Mac, Fannie Mae, FHA or VA. There a few stipulations to this program, such as your mortgage had to have originated before 2009 and it needs to be below approximately $730,000 on a single family home. One important thing about the HAFA program is it can be an investment property, however the $3000 in relocation assistance will go to the renter and not the homeowner. There are a few more terms with the HAFA program, so check with a short sale realtor if you are interested in taking advantage of this program.
If you have a Freddie Mac or Fannie Mae loan, they both also offer $3000 in relocation assistance, but the home must be owner-occupied. If you have an FHA backed loan, known as the pre-foreclosure sale program, offers up to $1000 in relocation assistance. If your servicer is Bank of America, however, you could receive up to $4000, which is decided on an individual basis.
There are many different short sale incentive programs out there right now, so if you are interested in doing a short sale and would like to take advantage of one of the programs, contact a Las Vegas short sale realtor today to see if you qualify.
Many distressed homeowners often wonder if doing a short sale is the best move for them financially and if their situation would even qualify them for a short sale. So, what types of homeowners do short sale specialists actually help? Quite honestly, short selling your home isn’t always the right solution for some homeowners, however, there are numerous short sale specialists in the Las Vegas area that are here to help you determine if a short sale is the right decision for you financially. If any of the following situations apply to you, we recommend you contact a Las Vegas short sale specialist to further discuss your situation and options in order to avoid foreclosure.
The first situation, according to area short sale specialists, is if a homeowner is behind on their mortgage and is also unable to pay all of their other monthly bills. If this situation applies to you, doing a short sale would help you get rid of some of your lingering debt. There are also certain situations in which a homeowner feels as if falling behind on their mortgage is likely to happen in the very near future. If you feel as if foreclosure is imminent, contact a Las Vegas short sale specialist to help.
Another common situation for people that short sale their homes is because they have had a significant change in their lives, such as job transfer, divorce, family illness or retirement. You don’t always have to be behind on your mortgage to short sale your home.
If one of the aforementioned situations applies to you, please contact a Las Vegas short sale specialist at your earliest convenience. You don’t have to struggle with your mortgage or deal with significant life changes on your own. There are many realtors in the area that are experienced in helping homeowners that have been in similar situations, so don’t hesitate to contact a short sale specialist today.
It’s been in the news recently that GMAC has filed Chapter 11 bankruptcy and many Las Vegas homeowners that are considering a short sale or are in the process of one are wondering how this is going to affect them. One would think that a lender filing for bankruptcy would make a huge mess of things, however the good news is that it shouldn’t! According to area short sale realtors, when a lender files for bankruptcy, although there can be some minor roadblocks, it’s typically business as usual.
After talking to some Las Vegas short sale realtors that currently have GMAC short sale files, everything has been going well with them so far. The organization and communication in their online platform hasn’t dissipated at all and neither has their processing times. It is still up in the air what could happen if their bankruptcy filing is approved, however, in the mean time things are still going with with GMAC short sales.
If you are currently in the middle of a GMAC short sale and find that you are having problems with your specific file, it’s always best to ensure that you are working with a short sale realtor that can provide you with the best experience and knowledge of the short sale process. An experienced short sale realtor will also have many contacts and relationships established within a lender or financial institution, so if things do start to go south, they can still reach out to the people that have the most influence. This is especially true when your lender is going through the bankruptcy process. If you have a GMAC mortgage and are considering a short sale, don’t let their bankruptcy filing deter you. Get in touch with a Las Vegas short sale realtor to begin the short sale process or to find out what’s best for your specific situation.