Posted on Dec 9, 2011 in Roseville and Sacramento Short Sale FAQs

Hello and thanks for visiting my blog today, I’m Mark Peek from Keller William’s Real Estate. I am your short sale expert in the Roseville and Sacramento area. If you are facing foreclosure and would like a better alternative, a short sale can help you out in many different ways.

I receive a lot of questions from homeowners that are interested in doing a short sale on their home. One of the most frequent questions that I get is, "Do I have to be delinquent on my loan in order to do a short sale?"

The easy answer to that question is no, however it depends on your investment. I have spoken to some of the top servicers, such as Wells Fargo and America, and investors, such as Fannie Mae and Freddie Mac, and asked them the question, "If a borrower wasn’t currently in default, but going into default was imminent for whatever reason would you allow them to do a short sale on their home?" They all stated that if a person was facing financial hardship and was going to become delinquent, they would absolutely consider allowing them to short sell their home. I have actually gotten approvals and closed 3 short sales in the past 4 months with non-delinquent borrowers.

Not everyone has to be delinquent to do a short sale. There are certain situations where an investor may require you to be delinquent, however, in most cases the answer is no, you do not need to be delinquent for your servicer or lender to allow you to do a short sale. If you have any further questions or would like more information about this, or anything else regarding short selling your home, please give me a call today. I would like to discuss your specific financial situation with you and help you successfully short sell your home.

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