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Which conditions must be met for a bank to consider a short sale?
In particular, the homeowner must prove that they can no longer make mortgage payments and that a short sale is the best solution for both them and the lender. Required documents: Be prepared to submit recent proof of income, including pay stubs, W-2s, tax returns and bank statements.
Can a bank deny a short sale?
But keep in mind that your lender must approve of all short sale details. This means the bank can deny your petition to short sale. It can also change its mind in the middle of the process. This may be the case even if you find a potential home buyer who agrees to your terms.
What qualifies you for a short sale?
A home is eligible for a short sale when the homeowner realizes they can no longer afford their mortgage payments and theres no equity left in the home to pay off the loan.
Why do banks take so long to approve a short sale?
The issue with short sales is that it can be a long process. While some can be approved in the 30 day range, many end up dragging out. Banks require lots of documents from the all parties, primarily the seller. Often, deadlines are set, and if you miss a deadline, a file has to be re-started.
Can you get an FHA loan on a short sale?
Yes, you may qualify for a mortgage after a short sale, depending on the loan program you select. FHA loans are worth considering for credit-challenged borrowers once the three-year waiting period following the short sale ends. Youll need a 580 credit score and 3.5 percent down payment.
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People also ask
In which of the following cases might a lender decline a short sale?
A lender may refuse to approve a short sale in the following circumstances: 1) if the homeowner is not in default on mortgage payments yet; 2) if they believe more money can be recovered from foreclosing on the property; 3) if there is a cosigner they can hold responsible for payment.
Why would a bank deny a short sale?
Banks typically prefer to recover as much of their loan balance as possible. If the purchase offer on the property is significantly below the outstanding mortgage balance and the bank believes they can recover more through foreclosure, they might deny the short sale.
How to get a short sale approved?
To get a short sale approved you will need to stop paying the mortgage and toast your credit for a few years. Also, there are conventional loans available for non-warrantable condos. Does your agent not have lender relationships with a mortgage broker that can help the next buyer get financing?
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Summary of AG Settlement
Mar 12, 2012 Short Sales: Acknowledge borrowers initial request for short sale w/in 10 days. Respond to specific short sale offer within 30 days. Single
There can possibly be no objection in providing the copies of the service book and the appointment letter issued by the petitioner school to respondent no 2.
It also includes options for homeowners who would like to transition to a more affordable living situation through a short sale or deed-in-lieu of foreclosure.
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