Living in Contra Costa County

Maybe. Maybe not. Some lenders/investors will require that you are 30 days late to receive short sale approval and some won't. As a Florida Short Sale Broker who has handled lots of successful Florida Short Sales I still haven't figured out what triggers the "You must be late" requirement.

Just recently I've experienced:

• One seller was told they needed to be 30 days late. These Sellers have a legitimate hardship and are selling their primary residence due to major medical issues and job relocation. This is a Fannie Mae loan being serviced by Nationstar. We are currently asking for an exception. Illness and death are two hardships that enable the rules to be bent or broken when it comes to short sales. These two hardships normally take priority. So I'm optimistic that the 30 day late "rule" will be waived.

• Another Seller just received approval from SunTrust on 1st and 2nd mortgages. These sellers have missed no payments and they do not have a hardship. Plus they received full Waiver of Deficiency and did not have to participate in the loss!! This too is a Fannie Mae loan. Needless to say they are very happy.

• My third example is a very high income and high asset individual who is doing a short sale on an investment home. He has also has not missed any payments and just received approval last week form Wells Fargo. The seller is making a fairly large cash contribution but is receiving full Waiver of Deficiency.

When you look at these real life examples it shows that the one seller that should of been approved without missing payments is having difficulties. The other two, that are both Strategic Short Sales, didn't have to miss payments at all.

So......do you have to miss payments to do a short sale? I have no clue. And I don't think the lenders do either.

My suggestion? Make the payments if you can afford to do so. Don't drain your savings, use credit cards or harm your family to do so. Look towards the future. Does this help?

Are you facing foreclosure in Florida?

 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Hi folks. Short Sales. Why do I spend so much of my time messing with these things? Isn’t it true most people are just doing them to avoid honoring their promissory note? They borrowed the money....they should pay the mortgage. Deadbeats!

I closed on a Short Sale a few months ago. The Seller had owned the house for 27 years. It was the retirement home for him and his wife of many years. After 30 years of hard work they were finally able to retire and move to Florida, pay cash for a home and enjoy their twilight years together.

All went according to plan for 20+ years. Then one day Mrs. Seller was diagnosed with cancer. After several years of surgeries and treatments she finally had to be sent to a nursing home. Her husband, now almost 80, could no longer take care of her.

Mr. Seller was forced, by high medical bills, to place a mortgage on their home for $175,000. Less than 2 years later the money was gone and tragedy struck again……Mrs. Seller died.

Seeing his wife of 55 years suffer was just too much to handle. Mr. Seller, distraught, had a stroke. He too had to be admitted to a nursing home. He was 82.

Through all of this Mr. Seller still hung on and continued making mortgage payments. By the time I was contacted to help sell the property the value had dropped to $73,000. Instead of continuing to throw good money after bad he decided to go forward with a Short Sale. Deadbeat!!

I mess with Short Sales because real people need me.

Are you facing foreclosure in Florida?

 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

 

Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.