Should You Consider A Wellington Short Sale?
You may be considering a Wellington short sale and wondering if it’s apt for you if you are hoping to avoid the ramifications of a foreclosure due to a failure in meeting mortgage payments. A short sale is the process where you sell your home for a price that is lower than what you owe and the profits will go directly to your lender to pay for the majority of your debt. This option may work for you if you meet the following main requirements:
A Proven Financial Hardship
This is an unanticipated situation where it deters your capability to meet your mortgage payments on time. This will include circumstances like loss of a job or income, death in the family, relocation or an illness. You will be required to submit a detailed hardship letter to your lender. You will also have to submit appropriate documentation that will prove your current financial state.
Mortgage is in or Nearing Default Status
If you have failed to meet your mortgage payment, or you recognize that you will be unable to pay your monthly mortgage due to an unexpected financial hardship, then you may be qualified for a short sale. You may not have to wait until your mortgage becomes on default as most lenders will be willing to work things out with you to avoid a foreclosure.
Your Home Can Be Considered “Under Water”
You may be eligible for a short sale if your Wellington home’s current value is lower than the owing mortgage balance. Seek for your Wellington short sale agent’s help in determining your property’s market value.
A short sale may just be the appropriate option for you if you are able to pass all these requirements. While the short sale process may be less complicated as opposed to a foreclosure proceeding, it is still imperative that you get in touch with your mortgage lender and find an experienced Wellington short sale agent for their invaluable assistance.
Let us walk you through the process, give you all the information you need, and provide you with all the necessary tools with our Loxahatchee short sale services.