What all do I need to have a short sale done on my home I really don’t want the home to much upside down
Where are you located at?
good to meet you
The short process is fairly easy… To read a bunch of into go to www.foreclosure-shortsales.com
I’m in the northern va area I have a condo that is worth have of what I paid
Can you still afford the payments??? To many people just walking away because the house dropped in value. do you buy the home with an interest only loan or fixed? (I find this to be a big factor in determining to keep the home if you can afford payments)
Also did you finance your car , pay cash or lease??? If you financed the day you drove off the lot you lost at least 10%, did you think about selling it then???
In many ways we are lucky that our laws allow consumers to walk away from what is one of the most responsible things a person can do, that is buy a home. If not everyone would SS the home because of value our economy would be stronger.
If you have a fixed loan, value of the home is not to important, in 30yrs it will be paid off and you have CASH EQUITY…A nestegg, a place to call home when on a limited income…
I have a five year interest only. I think people r walking away from their homes is bc their new neighbor is paying less for a home bigger than theirs. The whole buy a home nest egg thing has expired the game is over and there are more headaches trying to keep then just letting go. Back then it was a buy and hold appreciate ever year. That’s not going to be happening for a good while from now yes owning a home still has benfits but not in the manner of the old ways.
Call your lender and discuss the situation with them. Then contact an investor in your area and let them know your situation.
If a short sale is a possible solution, they can get you an offer and along with your lender’s required short sale documents they’ll need, the investor can submit a short sale package to the lender.
Depending on what your financials show, what the BPO/appraisal comes in at, what the investor is willing to pay, what your lender will allow, and what you’re willing to agree to … all will determine if a short sale will be successful.