Are you unsure if a Short Sale is right for you? How does one know when a short sale is, or should be, an option? Check out these 12 indicators and ask yourself if any apply to you.
1. You’ve had a substantial decrease in pay or household income due to wage reduction or a lost job
2. Your payments are adjusting or already started to adjust
3. You’re making the minimum monthly payment, but barely
4. You are frequently borrowing money to pay bills (robbing Peter to pay Paul)
5. Your credit card balances are increasing, instead of decreasing
6. You’re currently behind on one or all of the following: HOA dues, taxes, Mello Roos
7. Your car payment has become too much
8. Bill collectors are constantly calling
9. You’ve been given a notice of default
10. You’ve been given a notice of sale
11. You’ve attempted a loan modification and been denied
12. You’ve done a loan modification and all of the above still apply even after the payment/term reduction