I attended a 3 hour seminar today about the Short Sales opportunities we now have in the Jackonville market. There are SO MANY of them on the market! I found out that not all "upside down" homes are true short sales. The criteria is very clear on what qualifies as a short sale. The seller must a) be insolvent with NO ASSETS (no IRA, no 401K, car paid for car, no boat NOTHING of value. b) must be behind on the payments (60-90 days) c) mortgage balance must be higher than actual market value d)Seller didn't cause the problem that caused the issue (medical bills, act of nature etc). Wow. That's not quite what I thought a short sale was. I thought if you were upside down, and you wanted the bank to take less than you owed; you were a short sale. Wrong. The guidelines are very clear.
Are you facing troubled times with your mortgage? There is help out there. I have contact numbers for several agencies that can help. Please call me before the situation gets any worse. The future effects on your credit report can be devastating.
I'll help if I can. I can't give you legal advice, unfortunately, I'm not an attorney. I strongly recommend that you speak to an attorney if you're considering selling your home as a short sale. If you can't afford an attorney, I have contact info for agencies that will advise you for free or reduced prices. Just call me or email me.