Home Equity and Refinancing

Do you have to live in the house to do a short sale?


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2012-06-28 06:29:32
2012-06-28 06:29:32

You do not need to live in the house to complete a short sale.

In order to qualify for the HAFA short sale you would need to of lived in the property within the last 12 months.

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How do you get out of a second mortgage when the house has been sold on a short sale?

Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.

A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.

House Hunters - 1999 Short Sale in Sacramento was released on: USA: 14 March 2010

Short sales are usually used as an alternative to foreclosure and any liens the sale falls short of paying are released. However, the short sale agreement may not necessarily relieve the obligation of the borrower from repaying the debt.

In the United States, you will need to wait three years after a short sale in order to buy another house. This is per the Federal Housing Administration.

Yes you can. I am currently purchasing a short sale house from people that had a 20/ 80 loan with two banks. It has been very long and tough but it can definetly be done!

It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.

If you haven't caused the fire, the situation shouldn't be worse than where you are right now. However, your short sale plans would have to wait until things are sorted out.

House Hunters - 1999 First Time Buyers Seek Short Sale in Sacramento was released on: USA: 4 April 2010

In the real estate industry short sale initiates when the borrower is in financial crises and unable to pay the mortgage amount. In case of a short sale, property is sold to a third party (not the bank) and the proceeds from the sale go to the lender. After the sale of property the lender can opt for recieving the diffieciency amount or may forgive it. In many states is hould be forgiven leagally.

If you short sale a house you don't have to wait any specific amount of time to purchase a dwelling. It does mean that the interest rate on the new mortgage could be higher than normal, or it may be more difficult to purchase a new dwelling due to the poor credit score resulting from the previous short sale.

Bankruptcy is simply having debt beyond what you can pay. A short sale would have nothing to do with it. When you sell short, you leave the deal with nothing. No profit, no cash from the sale. Also, a lender would not even approve the short sale unless they are satisfied that you are 'upside down' each month and have no savings or other assets with which to pay the mortgage.

A short sale is most often using when a homeowner is facing foreclosure. If the amount offered by a potential buyer of your house is less than the amount you owe your lender, you can ask the lender to accept the offered amount as payment in full. The lender does not have to agree to accept a short sale. They may elect to go ahead with a foreclosure because of other liens on the property (such as 2nd mortgages.) You can request a short sale by submitting a short sale hardship letter to your lender.

Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.

A Short Sale is when a servicer of the mortgage, the lender, takes less than what is owed on the mortgage, a shortage. For a Short Sale to even take place, someone must be getting "shorted." In this case, it would be the lender who services the mortgage(s). Typically, a Short Sale arises when a homeowner is behind on mortgage payments and owe more on the property than what it is actually worth, which means it is "upside down."

A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.

you could sell coffe beans at your house depending on where you live.

Probably. However, if it's a short sale, the lender will have to approve the sale. If it's not a short sale, they really don't care, they just want the money they are owed.

To conduct a short-sale transaction, the bank(s) holding the mortgage(s) have to agree to a short-sale. If your name is not on the Mortgage, technically you don't have a right to conduct a short sale. Even if you "own" the house (which will be in question during the entire process), the holders of the Mortgage note(s), typically banks or finance companies, actually have primary ownership of the asset (the house). If you are able to complete a short-sale, even though you are not on the mortgage note, as an owner the bank holding the note may ask you to take partial responsibility for the difference between sale price and mortgage value, or even to put in equity immediately to avoid a short sale situation. If this occurs, and you cannot pay, you will end up with a debt and a schedule to pay that debt. Adding any debt will negatively affect your credit score.

A short sale is a sale where the buyer's offer comes up "short." If you're selling your home and you receive an offer that is less than you owe on your house, you've sold it short. It can appyl to a homeowner you wants to get rid of their house, even at a loss. More typically, it used when a homeowner is facing foreclosure. A homeowner with a buyer who offers less than the amount owed on their house can approach the lender requesting they accept the short sale rather than foreclose. The lender is under no obligation to accept a short sale. If you don't have a buyer, you should ask your lender to consider a "deed in lieu." With this option, you're asking the lender to accept the deed to your house instead of (in lieu) of foreclosing. A REALTOR can help you with a short sale. Because there is often little or no commission involved with a deed in lieu, you should speak with an attorney. You can find one through a local bar association lawyer referral service. Usually, they offer a discounted initial consultation.

My animal live in our house. He is a domestic short hair cat.

Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale.

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