You want to avoid a foreclosure on your Santa Cruz real estate so you’re decided to try to sell it as a short sale. Unfortunately, there are several stumbling blocks that can keep you from successfully selling your home as a short sale.
Here are four short sale killers you should be aware of before deciding to sell your Santa Cruz real estate as a short sale:
1. You have not defaulted on your mortgage. Lenders will almost never accept requests for short sales until you are significantly behind in payments and have received a notice of default.
2. You filed for bankruptcy. If you’ve filed for bankruptcy, a short sale will most likely not happen. Few, if any, lenders will consider a short sale when the seller has filed for bankruptcy. This is because…