Knoxville Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale
This is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it’s not true.
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Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place.
1. The homeowner owes more on their home than it is worth.
2. The homeowner has a verifiable hardship that will force them to miss their payments in the near future.
In these cases, the lenders know it is better to liquidate the home as quickly as possible. A faster sale will reduce their losses on interest and property taxes.
In addition, an owner occupied home usually sells for much more than a vacant home. Sure, the lenders don’t like short sales.
They hate losing money. (Don’t kid yourself.) But, they know that when a loss is inevitable, then it is best to do what they can to reduce the loss as much as possible.
That is why they will approve short sales when the homeowner hasn’t missed a payment yet. In fact, they will probably even negotiate loan modifications with homeowners who haven’t missed a payment either.
Thinking about a loan modification?Our loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at [email protected] to request a Free Copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at [email protected]. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 865-696-9002
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