Trying to maintain a mortgage that your income can no longer support can have long-term and disastrous effects on your finances. Every month that you can’t pay digs a deeper hole, leaving you to feel trapped in a never-ending cycle of frustration.
You want to pay your bills, but you just can’t. As often as bill collectors call, it seems that you’ve developed a closer relationship with them than your own family members.
You feel like you’re out of options; like there’s no way out. There may be an option that you weren’t aware of – the short sale.
What is a short sale and how do you qualify?
“A short sale is an option that allows homeowners to sell their property for less than what they currently owe the mortgage company.”
When a property is sold in a short sale, it releases the homeowner from debt and can keep the property out of foreclosure if the process is started early enough.
These are some of the qualifications that must be met before the short sale process can begin in Boise, Idaho.
1. The homeowner has experienced financial hardship since the purchase of the property. That includes job loss, layoff, and major medical expenses, etc.
2. The homeowner has a verifiable monthly deficit – every month the expenses outweigh the homeowner’s earnings.
3. The homeowner has missed payments and is unable to bring the balance up to date.
Once it has been determined that the homeowner does qualify, that’s not the end of it, but is only the beginning. The next step is to find a good real estate agent who understands and is familiar with the process.
The process can take several months. Debt will continue to incur, so it’s best to start the short sale process as early as possible.
Disclaimer: Sellers should always get professional advice from their accountant and attorney to make sure a short sale is in the best interest of sellers before proceeding with a short sale.
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