Are You Capable of Short Selling in Palm Beach Gardens Florida Without Missing Payments?

by Rodney Forbes on October 12, 2012

Palm Beach Gardens Florida Short Sale Helper.  Is there potential for a homeowner with a flawless mortgage payment history to get approved for a short sale? All of us are informed that short sale, a substitute to foreclosure, is a practicable opinion in West Palm Beach among defaulting homeowners. But for those who have kept their home loan payments, is there a way for them to give up their loan without having to go on default?

Typically, the answer to this question is yes! Mortgage lenders want to work with borrowers whose payment records are outstanding and are attempting to apply for a short sale. In recent years, an increasing number of borrowers who are on track with their mortgage payments have applied for a short sale on their homes. The majority of these cases are even approved by lenders immediately.

There are various reasons as for why borrowers with no late payments would want to short sale. There are homeowners who feel that residential property is underwater while some feel that the appraised value of their in Palm Beach Gardens homes has greatly decreased a few years after its purchase. There are responsible homeowners who believe that they should be given the chance to short sale on their property as it is the best financial decision to make. Borrowers who are on track with their mortgage payments may have the means to pay for their mortgage today, but predict issues that may affect their ability to pay on time in the future. This is what the real-estate market calls as imminent default.

The reasons listed above may not be enough for lenders to approve a short sale for good paying homeowners. The reason for wanting to short sale should be valuable and solid for mortgage companies to even consider you for loan modification alternatives.

Listed below are valid reasons from good paying homeowners who were approved a short sale:

. Job Relocation

Homeowners who must walk away from their homes because of job relocation are provided a chance to short sale their primary residence. Since keeping two homes in two different locations almost and always leads to distress, lenders will most likely agree to a short sale instead.

. Loss of employment

There are unemployed homeowners who still have the ability to make mortgage payments on time. However, they may only be pulling their money from personal savings and not from income. At some point in time in Palm Beach Gardens, will lose enough financial resources to cover their mortgage. Some borrowers do not wait for their resources to go to waste before they request for a short sale. Since default is already at hand, a mortgage lender will grant a short sale to borrowers with great mortgage payment history.

. Loss of employment or decreased income

Many homeowners are walking through financial difficulties because of hard economic times. Reduced working hours, lowered income, or getting laid off from work are common reasons why good paying borrowers are requesting for a short sale proceeding to ensure. As opposed to anticipating for these unlucky conditions to occur, homeowners who anticipate considerable losses will typically discuss the short sale process to their respective lenders.


Divorce always leads to one of the former spouses moving out of the home. A single parent who needs to solely manage the finances and pay for children needs will sooner or later face financial difficulties in the long run. As a substitute to foreclosure, a homeowner may choose to short sale on the property to avoid late charges and delinquency fees.

Why will Mortgage Lenders approve of Short Sales among Good-Paying Borrowers?

Palm Beach Gardens Short Sale Helper. Short sales get approved when a bank or mortgage company realizes that it is a more beneficial in Palm Beach Gardens financial route not to foreclosure. Short sale is a better alternative to mortgage lenders if their losses are kept to a minimum. In addition, foreclosure proceedings generally have a longer process when it comes to furnishing and completing. This means that foreclosure affiliated costs are bigger; more complicated, and time consuming. Instead of dealing with all the hassles and troubles that are involved with foreclosure, lenders will simply approve of a short sale immediately. Short sales are easier to complete and are less expensive to service as well.

Imminent Default Requirements

.A homeowner is up to date on his or her mortgage payments

. Proof of burden-documentations that can display expected financial hardships in the future

.A homeowner is for less than 30 days on his or her mortgage loan

.Financial worksheets

. Hardship letter

. Statement of account that can verify current and potential financial difficulties

. Income tax return

. Disclosure of assets

The greatest benefit to short selling a property despite being current on mortgage payments is the fact that these sellers will only have to wait for a shorter period of time before applying for a home loan in the future. In addition, the FICO score only lessens by a couple of notches, making it relatively easy in Palm Beach Gardens for homeowners to get right back on track after a year or so. Depending on how an individual manages his or her finances, re-establishment of credit can be accomplished a year after closing.

There are also some drawbacks for homeowners who decide to short sale despite their stellar payment history. For cases where being in financial distress is not the primary account as of why to apply for short sale, it is generally in Palm Beach Gardens mandatory to contribute cash to the lender at closing. The lender will request a promissory not to be signed upon short sale approval. Finally, lenders will have due rights to collect for deficiency judgment after closing of a short sale. It is due to these factors that borrowers with good payment history should evaluate if the profits outweigh the drawbacks when asking for a short sale on their respective homes.

Palm Beach Gardens Short Sale Helper. Whether you are the homeowner who has kept a clean mortgage record with your lender or you are the homeowner who has found themselves in financial distress, contact one of our highly experienced short sale experts to assist you in avoiding debt and move into the right direction of your future.

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email

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