Who Qualifies for a Oakland County MI Short Sale?

Posted in Oakland County MI short sales by Michigan Real Estate Expert on August 13th, 2012

A “short sale” is a sale of real estate in which the lender accepts less than is owed on the mortgage so that a new owner can buy it and the current owner can prevent going in to foreclosure. If you’re struggling to make your mortgage payments, if you owe more on your home than its current market value or if you’re nearing foreclosure, you may want to consider selling your home as a Oakland County MI short sale.

Not every homeowner qualifies for a short sale. Whether you qualify depends on how your financial situation has changed since you took out your mortgage. Your mortgage provider determines if you qualify for a Oakland County MI short sale, but here are some basic requirements to give you an idea if you might qualify:

  1. Your home’s market value has decreased. Your home’s fair market value has reduced considerably and there is little chance of it coming back up any time soon. If you owe more than your home can sell for, this means you are “underwater” or “upside down.”
  2. You have a financial hardship. Having a financial hardship will or has caused you to miss payments. Listed below are examples of hardships:

a. Mortgage adjustment
b. Job loss or curtailment of employment
c. Failed business
d. Excessive debt (a high debt ratio)
e. Divorce
f. Medical emergency/sudden illness
g. Bankruptcy
h. Death

3. You have no assets. The homeowner does not have any savings or any other assets, in order to bring the mortgage current. Other assets include other real estate, stocks, bonds and IRA accounts.

4. Your mortgage payments are in arrears. You are behind in your mortgage payment by more than one month, or you’ve demonstrated that you will not be able to keep up with your payments due to financial hardships.

If you’d like help selling your home as a Oakland County MI short sale, please give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan

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