Posted on: 26th May, 2009 09:56 pm
I moved out of my home and turned it into a rental. My tenant now want to buy it. It would require a short sale. My loan is w/ BofA. I'm currently 30 days past due. Should I come current or stay deliquent? I've heard it's eaiser if your deliquent?
All would depend on the lender. But if you stop makign payments for long time then there is possibility of bank forclosing the house.
If you want to short seel get the thigns in motion quick. Make sure to list your property and informthe bank that you are looking to do a short sale and you have an offer.
If you want to short seel get the thigns in motion quick. Make sure to list your property and informthe bank that you are looking to do a short sale and you have an offer.
Hi Guest,
Generally the lenders do not approve a short sale unless you are delinquent on your mortgage payments. But I would suggest you to stay current on your loan because no late payments prior to the short sale will make it easier for you to qualify for a new loan. I think you should talk with your lender and send them a hardship letter explaining your financial hardships and why you need the short sale.
Generally the lenders do not approve a short sale unless you are delinquent on your mortgage payments. But I would suggest you to stay current on your loan because no late payments prior to the short sale will make it easier for you to qualify for a new loan. I think you should talk with your lender and send them a hardship letter explaining your financial hardships and why you need the short sale.
contact lender so that the process will speed up.
you are delinquent now. you wish to sell the home.
what you need to do now is to contact your lender and ask them what they need from you to initiate this short sale. don't hesitate - don't get people's opinions first - just go ahead and call your lender to see what is required.
you are already delinquent (i know i'm beating a dead horse), so what difference does it make if you make no more payments or simply make one per month? just contact them if you wish to undertake the sale.
what you need to do now is to contact your lender and ask them what they need from you to initiate this short sale. don't hesitate - don't get people's opinions first - just go ahead and call your lender to see what is required.
you are already delinquent (i know i'm beating a dead horse), so what difference does it make if you make no more payments or simply make one per month? just contact them if you wish to undertake the sale.
Guest check with your lender and see if they are accept a deed in lieu.