OC Short Sale Specialist Realtor - Do I Qualify for this?

* I am in foreclosure, is a short sale for me? Do I qualify for a short sale?

Each situation is different and must be evaluated individually. If you believe you fit the basic criteria of:

1. Property in foreclosure or default
2. Personal financial hardship
3. Little or no equity in the property
4. At least 60 days until eviction date
5. Unable to make the mortgage payments
6. Income is less that your expenses

e-mail us at FredSed@PGcoastal.com or call at 949-274-3733 if you have questions about your situation

*I am NOT in foreclosure and I have missed NO PAYMENTS, can a short sale work for me or do I qualify for a short sale?

The lender must be convinced that they will NOT BE REPAID without the short sale.

If you are not in foreclosure and you have not missed any payments, a short sale is likely and is possible. The key is to have a legitimate financial hardship that will keep you from making the payments. A short sale is not just an easy way out of a bad investment. If you are working and your house has just lost some value, that is just unfortunately a bad investment and you are responsible to pay the shortfall.

Short sales are when lenders agree to discount a mortgage for someone who has had legitimate hardships and who has little chance of paying the amount owed. You may be hearing stories that mortgage companies are hurting and they don't want these houses and are giving big discounts away. These stories are mostly urban myths and are not true. In fact, the opposite is happening. Since profits are down, lenders are getting tougher when negotiating prices. They are not letting properties go cheaply and without very good reason. They will try ANYTHING to get you to repay the mortgage in full. A short sale is only a last resort, but we do know how to get lenders to agree to a short sale.

Contact Fred Sed at 949-274-3733 with any questions about Short Sales and to see if this is the best option for you.