Requirements of a Short Sale?

Question

What are the basic requirements for a short sale? Do I have to be late on my payments? Am I not qualified for a short sale if I have lost my job...but have money in the bank? Or, does a lender expect me to drain my entire savings before they will agree to a short sale?

Answer 1

1. morgage holder gotta agree tu yu sell hous for less $ than oe on morgage.  This is the big stumbel-blok.

2. Most houses bout tu be forkloesed, morgage is > wot yu kan get if yu sell the hous.

3. yes, banker spekt yu tu pae the morgage til yu go broke.

4. In praktis, em hu tri for a short sale...it fall apart 90% av the time & hous get forkloesed & banker bi it bak at ackshun.

Answer 2

Of course you are expected to use your savings to pay for your mortgage.  Yeesh, did you expect that the lender should allow you to keep monies safe from them because you lost your job ?  The notion of a short sale is one which is ONLY granted when the lender sees no other way out of the mortgage.  It's not there to protect your other assets.

Answer 3

You can always talk with your lender about their various payoff programs.  However, generally speaking, they will not be willing to do a short sale unless you mortgage is well into default.