How to Qualify For A Naperville Short Sale
If you are considering a Naperville short sale, make sure you have a complete understanding of the process and your lender’s requirements on how to qualify for a short sale. This will save you time and effort, allowing you to know if you qualify for a short sale to begin with.
Here are some of the key factors that will make you qualified for a Naperville short sale:
Your home’s market value has decreased.
You can find out the actual market value of your home by consulting a certified Naperville short sale real estate agent for a Comparative Market Analysis (CMA). The agent will arrive at the current value of your home based on the prices of previously sold homes in the area that are comparable with yours, as well as prices of comparable active listings. The current value of your home should be less than your mortgage balance in order for a lender to approve the short sale.
Your mortgage is in or near default status.
There used to be a time when lenders would not approve a short sale if the borrower was current on his or her mortgage payments. Now, it is no longer necessary to be in a position of default or be behind on mortgage payments in order to qualify for a Naperville short sale.
You must have a valid hardship.
One of the requirements you need to submit to your lender is a hardship letter explaining why you can’t continue making your mortgage payments.
Examples of hardships that lenders consider valid are:
- Loss of employment
- Decrease in salary
- Divorce
- Death
- Medical emergency
- Bankruptcy
Examples of hardships that lenders DO NOT consider are:
- Buying another home
- Moving into an apartment
- Unhappy with the neighbors
- Pregnancy
- Bad investment decisions
You have no more assets.
Your lender will ask for your financial records like pay stubs, tax returns, and financial statements and verify your claim of hardship. If the lender finds out that you still have financial assets like money in a savings account, stocks, bonds, IRA accounts, or other property, the lender will not approve your short sale since they will think that you still have resources to pay for your mortgage. If the lender does approve the short sale, you may be asked to pay for the difference in the amount of the mortgage balance and the short sale price.
Every lender will have their own set of guidelines and requirements for short sales, but these are the four basic requirements that most lenders have for borrowers to qualify for a Naperville short sale.
If you need more information about how to do a Naperville short sale, visit www.RyanHillCanHelp.comTalk to me, a Certified Distressed Property Expert and Short Sale Agent, Teresa Ryan at 630-276-7575. As a Broker/Owner of Ryan Hill Realty, I have the experience and tools to help you sell your Naperville short sale home.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1288 Rickert Dr Suite 300, Naperville, IL 60540
630-276-7575
TRyan@RyanHillRealty.com
No comments:
Post a Comment