The answer to this depends on your lender, the investor on the mortgage and timing. In most cases lenders will consider an “Eminent Default Short Sale” provided the property is listed for sale. So if you are currently making your payments, but you have circumstances which will make it impossible for you to make the payments in the future then you are likely to have an eminent default and can potentially qualify for a short sale. With short sales there are no guarantees. If you have any questions about short sales and have property on Mercer Island or the Eastside please contact Ken Urman, Distressed Property Specialist with Ewing and Clark, (206) 232-5700.
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