October 30th, 2008
How to Get Banks to Accept Real Estate Short Sales?
It can be difficult to get banks to accept real estate short sales. Banks are often skeptical because many homeowners have tried to get out of their mortgage payments using the short sales as a tool.
In order for the bank to consider a short sale proposal seriously, the homeowner has to prove over and over that he or she really cannot afford the home any more. His or her situation has to change from when he or she first got the mortgage.
Examples are job loss, nasty divorce, medical bills, death and disability. Homeowners need to be able to prove that the financial hardship is real.