Short Sale Austin
Like much of the U.S., Austin has been hard hit by the housing crash and the foreclosure wave that followed. Many Austin homeowners remain in default or at risk of defaulting, with few alternatives to letting the bank foreclose. But if you’re one of them, there’s no need to worry—there are several solutions available. One of the most popular is a short sale. In a short sale Austin, your lender lets you sell your home at a discount and accepts less than your mortgage balance as full payment. This way, you get rid of an unaffordable mortgage without having to go through the foreclosure proceedings.
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The primary requirement in most short sales Austin is a financial hardship, which you will explain in a hardship letter. Your hardship must be valid and out of your control, such as job loss or a medical emergency. If your default was caused by preventable reasons such as overspending, you may not get approved for a short sale Austin. The government short sale program, Home Affordable Foreclosure Alternative, also requires you to be at least 60 days behind and apply for a loan modification or other workout beforehand.
Make sure to have all your paperwork ready before starting the short sale Austin process. Many short sales Austin have been rejected simply because of missing documents. The requirements vary by lender, but most banks will want proof of income, bank statements, tax forms, and a financial worksheet where you map out your monthly income and expenses.
Finally, consider working with a short sale Austin company, such as Short Sale Safe. A good short sale firm can increase your chances of getting approved and help you make better decisions for the long term. Short sales Austin can be complicated, but with a capable team on your side, you can be sure to come out on top.