As more and more homeowners continue to seek out Venice Short Sales for their distressed property lenders have changed their requirements. Now a days this even means that homeowners who are still current on their mortgage payments may be able to complete Venice Short Sales. While this opportunity may not last for long homeowners with no equity can now take advantage of this great offer.
In the past getting Venice Short Sales approved by a lender was like pulling teeth. While it certainly still takes plenty of work and communication lenders now understand that Venice Short Sales are good for both parties. Homeowners that have been able to stay current on their mortgage but have no equity to show for their payments can now reap the benefits. In years past a valid hardship for Venice Short Sales usually required a loss of employment or a significant life event, such as divorce. Now a days it seems that many lenders are considering an upside down mortgage to be a valid hardship for Venice Short Sales. With mortgage rates continue to stay near record lows this means many homeowners in the area could qualify for a do over on their real estate situation. While inventory in the area is low homeowners who complete a short sale without damaging their credit can move on to the home of their dreams. Given the drop in home prices over the last five to ten years this will likely include a much more reasonable mortgage payment every month as well. If this sounds like an option for your real estate situation contact a trusted agent today to get started.
At Toni Patillo and Associates we have been helping homeowners get out from under their mortgage debt for years. Make sure to consider your real estate options in order to take advantage of the current market in the Venice area.