Do I Have To Be Behind On My Mortgage To Short Sale?

Hi, this is Chris Bowers and I’m the owner and team leader of The Bowers Team in Arizona. We’re one of the leading short sale groups in the Arizona area; in fact, lenders have been referring their customers to us that want to do a short sale on their home.

If you are wondering if a short sale is best for you, check out our short sale calculator located on our website. By entering in some basic property and home loan information, the calculator will instantly email you a report outlining when your home will become an asset again based on different rates of appreciation. It will also tell you how much it will cost to get you to that point.

I frequently get asked if you need to be behind on your mortgage to do a short sale on your property. Most of our clients are behind on their mortgage payments when doing a short sale, however we actually closed on a short sale this week where the homeowner was current on his mortgage the entire time the short sale was being processed. This particular homeowner was very adamant about staying current on his mortgage because he didn’t want his credit to be affected very much. He stayed current throughout listing the home, getting the offer on the property, negotiating with the bank and receiving an approval letter from them.

So essentially, yes, although most of our customers are behind on their mortgages when they do a short sale, you don’t necessarily have to be in order to short sale your home. Please give us a call if you have any short sale questions because we’re here to help. Our number is here on the website or you can fill out the form. Thank you for joining me today.

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