St George UT Short Sale FAQs Apr03


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St George UT Short Sale FAQs

Short sales have unfortunately become all too common and the way many people are getting out of their mortgage payments when they are upside down on their homes. A St George UT short sale is not always a deal for the buyer because it can result in heavy costs and fees in order to obtain the title and evict people from the home.

Q: Why does a short sale happen?

A: Instead of filing bankruptcy or having their home foreclosed, a person can apply for a short sale. Essentially this means the lender is accepting more than the sum due on the home. This can be embarrassing for the family, but many people opt for a St George UT short sale because they rather have the ordeal done with quickly.

Q: What do I need to apply for a short sale?

A: You need a variety of things, but perhaps most prominent when applying for a short sale is a letter of or plea where you explain what has gotten you into this situation. You must explain why your family is not able to make payments in detail. Most lenders understand all situations with the exception of criminal activity. Be honest in your letter when applying for a short sale in St George UT.

Q: What is a comparative market analysis?

A: The comparative market analysis is what you turn into the lender to let them know how other homes in the area are doing, how many foreclosed homes are in the area and what they are currently selling for. This gives the lender an idea of where your home stands and gives you more support for why you cannot make payments.

Q: What else should I include in my packet for the lender?

A: You need to include a copy of your bank statements going back for at least six months to a year. This will give the lender an idea of your former financial situation and how things are moving along now that are preventing you from making payments. Anything you have in your financial records that explains why you cannot make mortgage payments will work in your favor for having the lender grant you a short sale.

Do research in your area before exploring buying a short sale home. You want to buy a home that is a great deal, but won’t end up costing you more money in legal fees in the long run.

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