Is your home fading away?

In today's real estate market you are not alone if you are experiencing periods of financial instability and facing numerous hardships in trying to keep up with your mortgage payments and paying your monthly bills.
Each day can be a struggle trying to cope with the unbearable stress and heartache knowing there is a possibiity that you might lose your home to foreclosure or may have to file for bankruptcy.
Do you know that foreclosure is not the only option? Don't let his happen to you because you didn't know what they are.
An alternative to foreclosure is pursuing the option of a short sale. A short sale is the sale of your home negotiated with a bank or mortgage compnay to accept less than what is owed on the property
Did you know that banks prefer to do a short sale over a foreclosure? Banks are not in the business of owning property and do not want to foreclose on you.
In order to qualify for a short sale, you must have a demonstrable financial harrdship. You will have to prove this hardship through a signed letter that will be submitted toyour mortage company along with other documentation.
What is an Acceptable Hardship?
A hardship can be defined as a material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage.
Examples of acceptable financial hardship are:
1. Loss of Job
2. Business Failure
3. Damage to Property
4. Death of a Spouse
5. Death of family members
6. Severe Illness
7. Inheritance
8. Divorce
9. Mandatory Job Relocation
10. Medical Bills
11. Military Service
12. Payment Increase or Mortgage Adjustment
13. Insurance or Tax Increase
14. Reduced Income
15. Separation
16. Too much debt
17. Incarceration
If you are finding yourself is a situation where you need to sell, owe more than your home is worth or have been late with your mortgage payments a short sale may be an option for you.
Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.
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Compliments of Donna Bigda