Current Mortgage Short Sale

Many borrowers do whatever it takes to stay current on their mortgage even while facing imminent default. It’s important to know that even if a short sale is completed while your are current on your mortgage it will still impact your credit negatively as it will show up as “settled in less than full” on your credit report. This being said there are still benefits to completing a short sale while current rather than delinquent as it should impact your credit less negatively as you have not been dinged repeatedly for missed payments.

The investors are aware that imminent default is a possibility and some are willing to review borrowers for a short sale while they are still current on their mortgage. There is no concise answer as to if you will be allowed to short sale while current on your mortgage as it will come down to who the investor on your loan is, their guidelines, and your specific financial situation. The best way to find out if you can short sale while current is to attempt it. If you are denied to participate in a short sale there is no harm nor foul. You will be able to be reviewed again if your circumstances change.

At times it’s all about how you paint the picture for the bank to get an approved current mortgage short sale. If you need assistance to have the best possible shot at a short pay on your property while you are current on your mortgage or anything loss mitigation related fill out the form below to contact us.

[contact-form-7 id=”155″ title=”Contact form 1″]