I am behind on my mortgage….will a short sale be best?

Lady considering a short sale in Kalamazoo MIAre you behind on your mortgage?  Do you think you will be going behind soon because of a change in your circumstances (for example, a job loss or change?)

Do you want to know…if a Short Sale is a good option for your property????
Answer this first set of questions….

  •  Can the house be sold for enough to pay off what you owe on it, pay the real estate commission, closing costs, taxes, and other costs of sale?  (Call the Veenstra Team and we will give you a free analysis to provide this information.)
  •  Do you have the means to solve the financial situation on your own? Do you have money available in a bank account or equity in another property that you can use to catch up or pay off your mortgage(s)?
  • Has your temporary financial hardship been resolved and do you have enough money to catch up for the money you are behind?
  • Do you intend to stay in the house until someone kicks you out?

If you answered yes to any of the above, you may NOT be a good Short Sale candidate, and you should pursue other options.

If you answered NO to any of the questions above….. then answer these questions

  •  Are you willing to move out of the house after it is sold?  You don’t need to move right away (a short sale can take from 2-12 months to complete)
  •  Have you attempted a loan modification or forbearance with your lender and were not successful?
  •  Is any foreclosure sale or sheriff’s sale more than 30  days away?
  •  Do you owe more on the house than the house is worth in today’s market? (The Veenstra Team will help you to get this answer – call us today for a free analysis)
  •  Does the house have more than one mortgage on it?
  • Do you have a home equity loan?
  •  Does the house need so much work that you will not be able to sell it for what is still owed on the property?
  •  Might the house be difficult to sell for what you still owe because of it’s location?

…If you answered yes to any of these questions above, your situation  may warrant a short sale.  There is no cost for us to come and give you the information you need to make the right choice so call us today.