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Should I short sell? Behind on mortgage payments

I've not been able to keep up with my mortgage payments. Behind 4 months now. Do I even have the option to short sell or am I already in foreclosure territory? My daughter is having health issues and the bills have been astronomical. by konama89796980 from Westport, Connecticut. Oct 9th 2014 Reply


Robert Graybill (rgraybill72)
#8 ranked lender in Connecticut - 26 contributions

Sorry to hear of your situation. Being 4 months behind does start to put you into foreclosure territory. A short-sale is an option if you owe more than the home is worth, however, if you would want to buy a home again in the future you would need to wait 3 to 4 years depending on which loan program you would choose. You can also call CHFA. They have an emergency mortgage assistance program (EMAP) foreclosure prevention as well as foreclosure prevention counseling. They are CT based and can be reached at (877) 571-2432 or (860) 571-3500

Oct 9th 2014
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Melissa Mason (mmason)
#9 ranked lender in Connecticut - 21 contributions

it really depends on the bank that holds your mortgage and if they are willing to work with you. I have an excellent realtor i can refer you to give me a call. Melissa Mason 203-858-1401

Oct 9th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

Short sale would be a very good option for you based on your current position.. (assuming your underwater).. by doing the short sale now, it would have less an impact on your ability to purchase again in the future when your situation improves. FHA allows you to purchase in 3 years, and conventional financing will make you wait 4.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 9th 2014
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I am actually not underwater, thank you for clarifying though I didn't realize short sale was better in that circumstance. Does this mean CHFA cannot assist or can I still try them

Oct 9th 2014
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Robert Graybill (rgraybill72)
#8 ranked lender in Connecticut - 26 contributions

Yes, CHFA's program is for home owners who have become behind on their mortgage. Definitely give them a call and explain your situation. Please let us know if you have more questions.

Oct 9th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

If your not underwater, and have equity, then you don't need to do a short sale. You can do a traditional sale, and keep the proceeds. Let your lender know that you are unable to make the payments, but you will be listing the property for sale. It's possible that CHFA can help, but to be considered, you have to show them that your situation has improved.. If they assist you in catching up on the payments, but your still unable to make the payments, then its unlikely they will help financially. They will most likely advise you to sell the home and save your credit.. But the key is communication with your lender.. if they know that you are aggressively attempting to sell your home and get them paid off, they will work with you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 9th 2014
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