Posted on: 08th Jul, 2009 07:59 pm
can i do a short sale on a home even if i already missing 2-3 months of mortage payment
it's definitely something to go for, altio.
This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating. You may qualify if:
1) the "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value,
2) the loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date;
3) you are able to sell your house within 3 to 5 months (depending on what your lender agrees to). An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs.
1) the "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value,
2) the loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date;
3) you are able to sell your house within 3 to 5 months (depending on what your lender agrees to). An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs.
3rd point as suggested by robertsmith will help you much better way as I predict.
i'm not quite sure i understand the reference to "seller-paid closing costs." that's money the bank won't get with a short sale...they might not like that.