What does it mean to be short-sale, foreclosure resource certified? It means that I understand what the short sale lender wants, how to interact with them and how to navigate these choppy waters for all parties involved.
Just because you owe more on your house than it is worth doesn't mean you will qualify for a short-sale. Many agents don't quite understand this and they put your listing in the MLS, take offers, get under contract and then go forward with the short-sale lender. This leads to a time-consuming disaster!
The first part of qualifying for a short-sale with your lender is having a valid hardship. Lenders may entertain a short-sale if any of the following are true: job loss, business failure, illness and medical costs, divorce or death of a spouse and natural disasters.
Say you have one of those hardships, then we need to decide if you'd prefer to stay in the property or not. Either way you need to contact the lender and discuss your options. A lender could cut your rate, defer a few months of payments, take a deed in lieu of foreclosure, foreclose or entertain the short-sale scenario. At the same time the homeowner decides whether or not to continue paying the mortgage payment! This is a very sad thing to say but some lenders still won't seriously discuss helping you unless you've been late on some payments. Before you go down that path however, CONTACT YOUR FINANCIAL, TAX AND LEGAL PROFESSIONALS!
There's a lot more that happens after you speak to the lender but too many variations to blog about. Foreclosure is bad, short-sales are a little better but no matter what, you simply have to use an attorney to cover your behind no matter what path you go down. It's also a very good idea to get the ball rolling before you blow through your savings or retirement. Once that money is gone, it is gone.
I am recognized by the National Association of Realtors as being certified as a short-sale, foreclosure resource. E-mail me for more information. BrianTrible@gmail.com
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