Do banks approve short sales in employment re-locations? Many homeowners who are upside down in their CT home but able to keep up their mortgage payments and are just riding it out come to a crossroads when they need to move for work. While their payments may be comfortable, coming up with tens or even hundreds of thousands of dollars to break even on the mortgage is not. Unfortunately there are few choices:
Acquire the money to pay off the loan- Become unwilling landlords
- Attempt a short sale
Acquire the money to pay off the loanFinding the money may be an option for some who wish to take a loan or liquidate other assets. Many more become unwilling landlords, which backfires a good portion of the time and then they are forced to sell later in more difficult circumstances. The other option is to attempt a short sale.
The good news is most lenders readily accept employment based relocation as a qualifying hardship for a short sale. The bad news is that for these short sellers, as well as most others who are current, with income and assets – they are highly likely to be asked for a cash contribution or a promissory note in order to get their short sale approved.
Key to avoiding or minimizing such requests lie in the presentation of the short sale to the lender and the skill and experience of the person negotiating the short sale on your behalf. As always – choose your short sale agent wisely!
Last Updated on September 19, 2017 by Minna Reid
Will short sale effect your credit for future homes buying ?
Yes a short sale will negatively affect your credit. More on the here: https://reidrealestategroup.com/will-short-sale-affect-credit/