Someone Who Is Falling Behind On Their Mortgage Payments?"
This is the next post in a series to provide information to those who are either facing foreclosure or who may be facing owing more on their home than its worth or are falling behind on their mortgage payments. There are options!Just because you were not able to work out an agreeable refinance or modification program with you lender under the "Making Homes Affordable Program", does not mean that you will not qualify for short selling your Kansas City home.
The series of posts that I will be providing next are going to focus on the "Streamlined Short Sale" process. This is a short sale process that is available to borrowers who are eligible for the Making Home Affordable Loan Modification Program, but for some reason do not qualify for the modification for other reason(s).
Because the short sale process is becoming more popular, the first important issue to understand to determine if you would qualify for the Streamlined Short Sale is knowing what is a short sale.
A informative question and answer document presented by ReMax provides a very good and understandable explanation. "In a short sale, a lender agrees to let a homeowner facing financing hardship sell a home for less than the mortgage owed." (2010 ReMax International)
Therefore, if you believe that your home's value is less than what is currently owed on the home or you simply are not sure, you would want to confirm this through a market analysis of your home by an experienced realtor which would then confirm if you would currently qualify for the first step to determining if you would qualify for the Streamlined Short Sale process of your Kansas City home.
The bottom line is DON’T believe that there is nothing that you can do. There is the possibility of a short sale of your Kansas City home. I really want to help educate the public and those in need of gathering as much information as possible to better understand what you may be able to do to lessen the burden of your Kansas City home situation in Kansas or Missouri. I have really learned, while working with foreclosures of Kansas and Missouri homes and while assisting home sellers with their Kansas short sale and Missouri short sale that knowledge can be power in your making the right decisions for your current and future well-being.
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I will continue to provide updates to this subject over a short period of time. If you or someone you know don’t know what to do if you owe more than your home is worth, you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts.
It has been my pleasure to help a number of Sellers with their Kansas short sale or Missouri short sale. Consider me an available resource to help you determine what the best direction is for you.
(There are potential tax consequences that should be discussed with a tax professional. Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
- (Image via Flickr)
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About the Author:
• Homes for sale in Kansas City •What’s My Home Worth In this Market
Suzanne Hinton
Hinton Homes-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
www.hintonhomes.com
©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales
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