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How do I qualify for a short sale?
What criteria must I meet to be considered in a "hardship" situation?In order to be eligible for a short sale, a homeowner must be able to prove to the lender that they are a victim to a "hardship" and are therefore unable to continue making payments on their mortgage. A hardship situation is one that is the result of some extenuating circumstance that forced the borrower into a position where they can no longer afford their mortgage payments. While every situation is unique, some common examples of hardship include: Unemployment or loss of primary income source, Inability to work due to health crisis, Mounting medical expenses, Employment relocation, Failure of business, Bankruptcy, Death of spouse or significant other, Divorce, or separation.
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What are the advantages of a short sale?
Minimize damaging impact to credit: Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a "settled debt" and is significantly less damaging. With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner as well.
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What is a short sale?
Also known as a real estate short pay-off or a pre-foreclosure workout, a short sale is an agreement with a lender to accept less than the amount owed by a borrower via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure.
- When should I begin the short sale process?
As soon as you possibly can. Foreclosure situations tend to be extremely time sensitive. The sooner we can begin the negotiations with your lender, the greater the chances of a successful resolution. There is no need to wait until the lender sends you a notice of default or initiates formal foreclosure proceedings against you. Time is of the essence! Please contact us today for a free consultation with one of our specialists.
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I am a new client with RMC. How can I keep up with the current status of my loan modification application or short sale?
Very easily! Just go to the "RESOURCES" page of this web site and open up the pdf docuemnt titled "Important Information for New RMC Clients". This will give you useful information on how to stay in touch with RMC throughout your case!
- I am scheduled to meet with RMC for my no charge consultation for a possible loan modification. What information do I need to bring with me?
A full list of the information that we suggest that you bring can be found on the "RESOURCES" page of this web site. Just open up the pdf document titled "RMC Client Documentation List"!