Most of the sellers I have had contact with are good people who fell upon hard times and many of them are embarrassed about the down spiral of their credit. It is unfortunate that many of them have to borrow money or exhaust their savings just to pay their mortgage dues, in hopes to postpone the inevitable and most undesirable circumstance. There are also people who couldn’t care more and just walks away. These are the people who will least likely be qualified for short sales. They just leave the keys and run after they have milked the system for all they can.
IMPORTANT TIP: Lenders cannot force homeowners to liquidate their 401Ks or certain retirement accounts but they can turn down a short sale should they see that the assets are too much in their retirement accounts. While the homeowner’s retirement savings might be safe, if their lender insist on having them pay a deficiency on the sale of their home through short sale, their lender has the legal right to pursue them.
Should you decide to proceed with the short sale, then have following questions ready for your Gainesville Short Sale Agent:
– How much have you paid for your house?
– Have you escrowed your taxes and insurance?
– Is this your primary residence?
– Have you lived in this house for at least two years out of five years?
– Have you ever been relocated for work?
– When was the last time you made payments for your mortgage?
– Are you current on your HOA?
– How many loans does this property have?
– Did you get the loans when you bought the house?
– Did you take out an 80/20 loan, 80/10/10 loan? (those are usually HELOCs on the 20/s and the 10/s)
– Have you refinanced the house since you bought it? When was that?
– Did you take out a home equity line of credit (HELOC) after you bought the house?
– What did you do with the loaned money from the equity line?
– What improvements have you made on the home?
– Have you taken before and after photos of repairs made from HELOC loan?
– What is the present condition of your house?
– Was your house tested for Chinese Dry Wall?
– Who do you pay to for each loan?
– Does your lender have mortgage insurance on the house?
– Have your lender sent any notices or letters?
– Have you ever been served with summons and complaints?
– Do you happen to know the owner of your note?
– How many of your family members live in the house?
– Are there grown children or unemployed relatives living in your household?
– Do you have a parents or grandparents living with you?
– How long have you been unemployed? (if unemployed)
– Do you have medical bills? How long have you been in the medical condition?
– What is the complete address of the house you need to short sale?
– Have you tried selling your house?
– If your house have been listed, how long was it listed and for how much?
– Do you have personal retirement accounts? If yes, How many?
– Do you still have any other money available anywhere?
– Do you have any other properties?
– If this is not your primary residence, is this rented out?
– Do you have a statement of profit and loss for this rental?
– Were you able to file last year’s tax return?
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.