Maine Short Sales Q&A | by Marty Macisso | Maine short sale expert




In the state of Maine, the real estate market has had its ups and downs no different than any other part of the country. Some parts of Maine are seeing activity pick up while other parts are seeing it fall off due to rising interest rates and slow employment. Once thing is certain, there are still thousands of Maine homeowners still trapped in a negative equity position aka underwater on their mortgage. Below are some common questions that homeowners should ask before entering into a short sale.

Common questions answered

Q: Should I wait for my home equity to return even if I am struggling to make payments? 

A: This is a personal decision by each homeowner, however, the likelihood that the market will return to its market values during the peak housing market bubble of 2006 is highly unlikely based on market projections and rising interest rates. That leaves thousands of homeowners across the country in a negative equity position for years to come.


Do you need to be late on your mortgage to qualify for a Maine short sale? 

In 80% of situations the answer is yes. Most mortgages are actually owned by the giants Fannie Mae and Freddie Mac, who have a mandatory rule that requiring borrowers to be at least 30 days delinquent before becoming eligible for a short sale.

Do I need a hardship to qualify for a short sale ? 

Yes, in every situation you will need to show a hardship. These can range from job loss, illness, divorce and excessive living expenses bases on a declining income.

Will I have to sign a promissory Note to have my short sale approved? 

In many cases, the larger the bank or mortgage company, the likelihood you will have to sign an agreement to repay the remaining debt left over is small. If you successfully negotiate and structure your short sale application then they will often waive the deficiency balance, which is the difference between what you owe and what the bank gets when its sold short. However, if your mortgage is with a Maine local bank or credit union then there is a good chance they will want some type of repayment plan but that can be negotiated as well.

Do I have to live at the property to qualify as a Maine short sale? 

Its always better and you have more rights in foreclosure defense if the short sale is being done on a primary residence. Some mortgages will not allow a homeowner to sell a vacation property or a residence they have moved out of for more than 18 months. However, there are many ways around this policy.

Will my credit be hurt with a short sale? 

The short answer is yes. However, most borrowers who are over extended in debt and are missing some payments have already done the damage to their credit scores. The short sale is a negative or derogatory item, however, its long term (2-3 years) affect is very positive. It allows a homeowner a way out of a mountain of debt and facing foreclosure an opportunity to rebuild their financial lives. Credit score models are designed to give people a second chance and over time their scores season and go up to conventionally acceptable levels which will allow the borrower to obtain a mortgage again.

For more specific questions contact Marty Macisso | Maine short sale expert at 207-400-4413.

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