How to Short Sale Your Southeastern Michigan Home? Part #1

July 4, 2012 - PRLog -- How to Short Sale My Southeastern Michigan Home?

This is often one of the first questions that homeowners in distress ask themselves.

In the current economic climate many individuals are faced with difficult decisions. Job loss, divorce and other unfortunate circumstances can force homeowners to the brink of foreclosure and bankruptcy. A short sale offers an alternative – allowing homeowners in distress to minimize the impact to their financial health.

As local short sale experts, we offer many useful resources to help homeowners determine whether a short sale of their home is the right decision for them.

Use the resources on this page and across our website to learn more about the common situations that arise when homeowners begin to ask the question “how to short sale my home”.

For more information and a help with understanding exactly how to short sale your home contact us – your expert short sale team – today!

How to qualify for a short sale

In order to qualify for a short sale, a homeowner in distress must exhibit a financial hardship, have a monthly cash shortfall, and be insolvent or a future hardship.

Quick quiz to see if you qualify.

Although there are no concrete standards for these three criteria and exceptions and variations exist, it is important to understand the rationale behind them. Let’s examine them one by one:

Financial Hardship

Since the ability, or lack thereof, to comply with monthly mortgage obligations is directly related to finances, it is essential for a homeowner considering a short sale to be able to show a financial hardship that comes along with keeping the mortgage current.

Unemployment or underemployments are 2 of the more common hardships in today’s short sale world. It makes it clear to everyone involved that the borrower is unable to make the payments due to lack of income. The decrease in pay associated with pay cuts or switching to a lower paying position also can put the family in the minus each month and thus allows the homeowners to prove the financial hardship.

There are also more subtle life events that can undermine the borrower’s financial ability to repay the mortgage debt. These may include increase in mortgage payments due to an adjustable interest rate or a re-evaluation of an escrow account by the lender resulting in higher mortgage payment due to higher property taxes or insurance.

Divorce and separation are also potential hardships that may qualify for a short sale along with job relocation and increase in household bills, such as medical.

Short sales on investment or non-owner occupied properties are also possible provide that the seller can show a negative rental income on both the monthly financial worksheet and income tax returns.

Of course there are other acceptable hardships that will allow a seller facing foreclosure to qualify for a short sale. Regardless of your situation, contact us today to find out if you qualify.

Click here to see Phil's short sale experience: http://youtu.be/Zwan3q3kUws


Contact Rick Giese at RE/MAX Advisors at 1-800-274-5656 today for a free and confidential short sale consultation.

Thanks for reading, Rick Giese.

Rick Giese is a real estate associate broker at RE/MAX Advisors.

Phone Toll Free: 1-800-274-5656. Email: Rick@RickGiese.com

Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County