Los Angeles Short Sales – Can I sell my Silver Lake home as a short sale?
Posted by Jenny Durling on Sunday, June 24, 2012 at 12:14:33 PM
By Jenny Durling / June 24, 2012
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By now, the term "short sale" is part of the common vocabulary, but if you're not sure exactly what that means, please read the post: What buyers and sellers should know about Los Angeles short sales. If you have been asking 'Can I sell my Silver Lake home as a short sale", read on!
Jenny Durling, Broker
213-215-4758
Jenny@LApropertySolutions.com
Copywrite Jenny Durling 2012 *Los Angeles Short Sales – Can I sell my Silver Lake home as a short sale?*
DISCLAIMER: This article is intended for informational purposes only. None of the information contained in this article should be taken as legal advice. Readers are advised to seek legal and or tax counsel regarding any information provided herein as they relate to specific personal situations a reader may face. Further the information herein pertains to California only. Deficiency laws will differ in each state.
If you're upside down, you're not alone...
So what constitutes a verifiable hardship?
First, something must have changed in the time since you purchased the house. In general, any of the following situations will probably qualify you for a short sale:- You've had a job transfer to another city and must sell the house in order to move out of Los Angeles.
- Your co-purchaser has passed away and you cannot make the payments on your income alone.
- You've experienced an accident or an illness that prevents you from working.
- You've lost your job and have been unable to find another.
- You purchased with an adjustable rate mortgage and your interest rate has reset. The payments are now so high that you could not re-qualify for the loan and you simply cannot make ends meet.
Falling values alone will not gain you short sale approval…
True, you were not responsible for the crash and the sudden decrease in Los Angeles home values. That situation was definitely beyond your control. But the banks still won't take that as a reason to approve your short sale unless you can show that continuing to make payments constitutes a hardship. second lien holder can demand payment if you allow your house to be foreclosed upon. If you're having trouble keeping up with payments on your home in Silver Lake or surrounding areas, and aren't sure if you'll qualify for a Los Angeles short sale, call me directly at 213-215-4758. I'll be happy to go over the specifics of your situation and make recommendations based on my experience.
Discussion
This is some great information. I have a friend who needs to sell his Silver Lake house over by the reservoir but he bought it when prices were super high. I'm passing this on to him.
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