real estate short sale
We have told that in order to start a real estate SHORT SALE you must be in default on your morg.Is this true?
This property is in South Fl. All that I read on the internet say’s you must be behinde two or more mortage payments to go foreward and have to show a real hardship. Tthis Condo has fallen in price by at least 30% . Does anyone have any experience with this issue?
First of all your bank has to agree to a short sale. A short sale is closing with less then you owe. Its your banks decision not yours. So they can do it anytime they want, even before foreclosure. Your bank doesnt want the property. So call them and say I need a short sale.
The bank will determine if they even allow you to do a short sale. They have to give you permission. But many wont do it until after notice of default. And many wont do it at all, they will let it go to auction.
I would call you bank and ask for the foreclosure department and start there. But remember you are not guaranteed at all the bank will let you short sale your property. Especially if they think you have assets.
Good Luck
How my 1st real estate short sale grossed me $98k