Wellington Short Sales- What you need to know before you sell your Wellington home.
There are many situations that you may be facing when the subject comes up in your house about whether a Wellington short sale is your best option or not.
The most common reason that a homeowner does a short sale is because they are facing foreclosure.
Because this is the most common reason people do short sales it may seem to many people that you have to be in some stage of foreclosure in order to do a short sale. This is not the case.
If you are in foreclosure in Wellington Florida then the bank does want to try to work things out with you in regards to resolving your serious delinquency. Most of the time, when we are negotiating short sales for Wellington homeowners the banks are more agreeable in negotiating terms with you than if you are current on your mortgage.
If you are behind in your Wellington Florida house payments but not in foreclosure yet the bank also wants to give you the option of doing a short sale in most cases. This is a great time for the bank to save some money by not pursuing the foreclosure filing in the state of Florida but also a good time for you to do a short sale to be able to negotiate the best outcome.
If you are current with your mortgage payments many real estate agents, attorneys and friends will tell you that you can not do a short sale if you are current on your mortgage payments. This is not true in most circumstances. A lot of this depends on your bank and who the note owner on your mortgage is. So it depends on a lot of factors. But for the most part, most Wellington homeowners who are contemplating doing a Wellington short sale and are current on their mortgage payments may pursue a short sale.
If you are current on your mortgage but are in danger of becoming delinquent you are also a good candidate for a short sale. If you are depleting all of your savings and are laid off from work this is a good case to make to your lender that you really don’t want to have a foreclosure on your credit report and you also don’t want to go late on your payments. This is a good time to pursue a short sale.
If you are current on your mortgage, have tenants in your property but the rent does not cover enough to make your mortgage payments- you can do an investor short sale. We work with Wellington property owners and Wellington investors who have lost so much equity in their properties and can not get re-financed. If you are in this situation we have a lot of experience in helping investors get their Wellington short sales approved.
If you are current on your mortgage and do have enough money to keep making your mortgage payments you may be able to do a ‘Strategic Short Sale’. In Wellington there are many homeowners who have lost equity in their property- some to the tune of 50% of their equity evaporated in the mortgage melt down and real estate bust in South Florida. Most of the time with strategic short sales you will get your best offer from your lender if you do go late on your payments. That is when the bank is going to make a move in looking at your short sale seriously. If you keep current on your payments your bank may require a larger cash contribution than if you are late or default. Again, it all depends on who your servicer is and who owns your note. They all have different guidelines.
The best thing to do is to call us- Nestor Gasset and Katerina Gasset at 561-753-0135 to have a confidential phone interview about your situation and we will go over your foreclosure options and Wellington Short Sale options. This way when you are having your next sit down meeting at your house you will have some actual facts to go over instead of just hear-say from good intentions of friends and family members.