If you are having trouble making the payments on your Central Ohio real estate mortgage, you may be worried about foreclosure. You don’t have to have foreclosure on your credit record for the next ten years. Your lender may accept a deed-in-lieu but usually before that agree to that they will request that you attempt to do a short sale of your property.
What Is A Short Sale?
A short sale refers to the lender accepting a discounted payoff amount, or accepting less money than due to satisfy the loan. Not all lenders will agree to a short sale. Here are some tips on how to get approved for a short sale.
Call Your Lender
Explain to your lender why you are unable to make the payments and why you should be allowed to have a short sale for your Central Ohio real estate. You may be asked to submit documentation of your financial difficulties, including bank statements and tax papers.
Send In Documentation
The lender will request that you send in proof of your income and assets. They’ll want to know if you have any money in a savings account or a money market account. You’ll have to tell them if you have any stocks, bonds or any other real estate that could be liquidated to pay off your debt.
Once you have approval to hold a short sale, you’ll still need to submit more paperwork to the lender. Your real estate agent will provide the preliminary net sheet that the lender requires. This form will show what you expect to sell the house for and what the net profit will be after all loans are paid off.
After a buyer is found you may still need to provide more documents showing the offer and a copy of the listing agreement. The lender maintains the option to refuse to approve the sale if the terms don’t meet their requirements or if your paperwork is not in order. That is why working with an agent experienced in the process can be a benefit.
A short sale may be your ticket to avoid foreclosure on your Central Ohio real estate.
Ready to work with a professional real estate agent who can guide you through the complicated process of a short sale? Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com
KEYWORD: Columbus, Reynoldsburg, Gahanna, New Albany, Pickerington, Canal Winchester, Ohio real estate
LINKS:
1. Deed-in-lieu: http://www.nolo.com/definition.cfm/Term/3DEC1C75-225E-4AF0-8CB7B778DB615B27/alpha/D/
2. Assets: http://www.investopedia.com/rotate.aspx?sp=0&backurl=http%3A//www.investopedia.com/terms/a/asset.asp
3. Avoid foreclosure: http://www.hud.gov/foreclosure/
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