Posted on: 13th Dec, 2009 12:33 pm
I have payed my home for 3 years never late but now i need to sell my home i am thinking doing a short sale.i would like to buy a less expensive home so my mortgage payments wouldn't be so high..can someone tell me steps to take.
Hi angel,
You will have to contact your lender and apply for a short sale. You need to write a hardship letter to your lender explaining your financial situation to him. Depending upon the financial situation, he would accept your request. However, you won't be able to buy a new home immediately after a short sale. You'll have to wait for 2-3 years and then apply for a loan. Also, your credit score would get lowered by 75-100 points.
Thanks
You will have to contact your lender and apply for a short sale. You need to write a hardship letter to your lender explaining your financial situation to him. Depending upon the financial situation, he would accept your request. However, you won't be able to buy a new home immediately after a short sale. You'll have to wait for 2-3 years and then apply for a loan. Also, your credit score would get lowered by 75-100 points.
Thanks
was told i could buy a property a second home as an investment and then sell my first home.
angel, you will need to engage the services of a competent, experienced realtor to assess the situation concerning your home. that realtor can help you in advising the lender of your desire and provide a rationale for it. the lender needs to be convinced that a short sale will give it the most "bang for the buck" in settling your mortgage debt with you.