Home owners who are short selling should be asked some important questions:
1. Is your property already in active foreclosure?
Active foreclosures can be determined by search of public records.
2. Do you have other debt?
High debt-to-income ratio will probably prevent them from getting a loan mod.
3. Is your financial hardship temporary?
If it is temporary, you might want to do a loan mod and not a short sale – cannot do both at the same time.
4. Would you accept a loan mod if offered to you?
Some distressed borrowers want to move on and leave their property – Whether you will accept a loan mod should be determined by people involved in the listing and any short sale deal.
5. Have you spoken with other advisers about your financial situation?
Home loan borrowers need to know about their options – including possible loan mod, short sale, foreclosure, deed-in-lieu of foreclosure, and bankruptcy.
Source of some information is Melissa Zavala, expert short sale negotiator – http://www.facebook.com/shortsaleexpeditor
Contact us about listing and sale at Orange County CA homes and real estate. ~ Professional REALTOR® broker representation and help for property owners, trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, estate guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.