Posts Tagged ‘Short Sale’
- If the Seller is current with their payments even though they may be upside down in their home.
- When there is no real hardship that has caused the delinquency of payments.
- If the property is a second home or an investment property. There have been some exceptions.
- When the Seller has filed for bankruptcy protection under Chapter 7 or Chapter 13.
- A recent cash-out refinancing of the home prior to the Seller deciding to
sell the home or the Seller has recent Home Equity Line of Credit.
- When the proceeds of the sale are not sufficient to satisfy the Lender in the first position and giving sufficient percentage to those junior liens after all closing costs are paid in full.
- Clouds on the title due to outstanding liens.
- The time frame for the sale process is not adequate to complete the sale.
- The Seller has access to enough funds to be able to satisfy the outstanding debt from the proceeds of the sale of the home.
- The Seller wants to receive monies from the sale of the home after the discounted payoff to the Lender and all closing costs.
- Potential zoning or building code violations.
- The Short Sale Submission Package is incomplete.
