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Can I Short Sale When I Can Afford Payments?

In today's real estate world, just about anything is possible if the lender and homeowner agree upon it, but the lender is generally always in control. Thus, if you want to short sale even though you could still make the payments, you should consider your options before doing anything -- especially stopping payments. If you stop payments but can still afford them, you might not get the desired outcome (short sale); if things go bad, you might find yourself in legal trouble for fraud.

Now, if you can afford payments but it's putting a strain on your finances, you could be in a position to do a short sale or re-negotiate the terms of your mortgage. In cases like this, document your financial hardship, go over it with a real estate attorney, and present it to your lender. Common sense note: It always helps if you're polite but firm. Remember, banks would rather keep payments coming in than deal with the overhead and hassle of foreclosure. If you're willing to be reasonable and you provide the proper paperwork, there's a good chance they're willing to be reasonable.

Let's look at the other side of this. What if you simply wanted to move? If you have a legit reason -- your job has moved and the commute is killing you or you need to tend to a sick relative -- the lender might be willing to short sell but it's really a case by case basis. They may simply tell you to rent the place out while you take up residence elsewhere since you can still make payments. Financial hardship is really the primary driver to short selling, and if you can still afford payments, you're behind the 8-ball on this one.

If you're still considering it, please, by all means, consult a real estate attorney for your own safety and peace of mind prior to making any drastic moves.

Thanks for reading my post, Israel Gonzalez


Israel is a Real Estate Broker at Beale Properties

Phone 831-636-8858  Email Israel@ighomes.com


Israel Gonzalez specializes in loan modification help and never pay the bank another penny. Homes for sale in Hollister CA, Hollister Short Sales, Hollister Foreclosures, and Hollister Distressed Properties.

www.bestreohomes.com  www.nicereohomes.com

The views published here are the opinions of the writer and are not a substitute for legal counsel.


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