ResortQuest Real Estate

Do I qualify for a Short Sale?

The qualifications for a short sale are:

View full Do I Qualify for a Short Sale article.

What is Mortgage Modification?

A process which your lender changes your interest rate, principal balance and/or Loan Terms.

Why would a Lender modify my Mortgage?

The average foreclosure can cost a lender 35-50% of the value of the property. Keeping borrowers in their property is a good option for all parties.

What do I need to qualify for a Mortgage Modification?

You need all of the following:

• 1. Monthly mortgage statement
• 2. Information on any second or home equity line.
• 3. Balances and Payments of all credit cards.
• 4. Recent Income Tax Return
• 5. Information on saving accounts and all assets.
• 6. Montly gross income and pay stubs

How do I qualify for a Loan Modification?

Gather your information and contact your lender’s Loan Modification or Loss Mitigation Department. You can take an eligibility test at www.MakingHomeAffordable.gov and see if you
are eligible.

What if I don’t qualify for a loan modification and owe more than my home is worth?

You might want to consider a short sale. ResortQuest’s Distressed Property Sales Division is staffed by sales associates that are highly qualified to assist and counsel you through the process.

What Can the Distressed Properties Division Do For You?

For Buyers: Information and explanations of the current market climate.

For Sellers: Find possible solutions to avoid foreclosure.

Commercial Investors: Vital Information for informed decisions.

Asset Managers: Services and resources of ResortQuest.