Missed mortgage payments to qualify for a Short Sale
Do you have to miss mortgage payments to qualify for a Short Sale?
This is likely a critical question that you’d like to have answered if you’re considering selling your home as a Short Sale here in South Florida.
First, and simply put, “NO” you do not have to be late on your mortgage payments to qualify to sell your home as a Short Sale. I can pretty much bet that you have been told that you must be late on your mortgage payments. I’m sorry that this false information is being thrown out in the faces of many Short Sale Sellers. If those who are spewing such wrong information had any knowledge of Short Sales they could simply look by starting at the government backed program of the HAFA Short Sale. With the HAFA program you can be late on your mortgage payments or you can demonstrate that times are tough and you will likely be late in the future. Outside of the HAFA government backed Short Sale program, you also do not have to be late or even facing imminent struggles. Each homeowner is unique and it is quite possible that your Lender(s) would agree for your Short Sale approval when you are current on your mortgage payments. Keep in mind, the greater your financial security the greater likelihood of your Lender wanting you to contribute in the loss in the way of a promissory note.
I have helped many Sellers in selling their home as a Short Sale when they’ve been current on their mortgage payment and the Lender has forgiven them of their deficiency balance. Don’t always listen to those touting to be a Short Sale Specialist claiming that you must be late on your mortgage payments to do a Short Sale as it it simply, not true, as each case is different and your case may be too!