If you live in Wyoming and are facing foreclosure, you can stop a Wyoming home foreclosure with a short sale.
If you live in Wyoming and are struggling to pay your mortgage, you might be facing foreclosure. However, there are ways to prevent foreclosure. One way you can stop a Wyoming home foreclosure is a short sale.
A short sale is when your lender agrees to let you sell your home for less than you owe on it. In order to complete a successful short sale, you must get an offer that your lender approves. Typically, to get a short sale approved, you must first try to sell your home in a traditional short sale. If the home does not sell after a certain timeframe, then your lender may let you attempt a short sale. Wyoming real estate agents who specialize in short sale can help your sale close faster. If you need to connect with a local real estate agent, go to Reply!
If you sell your home in a short sale through the federal Home Avoiding Foreclosure Alternatives Program (HAFA), you are not necessarily required to try a traditional sale first. Additionally, this program may pay you up to $3,000 in relocation costs. To learn more about HAFA, talk to a Making Home Affordable housing counselor.
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Once you have a prospective buyer, he or she needs to be approved for financing or have the money to pay for your home. The buyer’s pre-approval, an application and a request for short sale is sent to your lender. The mortgage lender could take weeks or months to approve the offer. Once approved, the buyer can take possession of the home and you stop Wyoming home foreclosure through short sale.
It is important to get a written waiver for the balance of your mortgage. If you are in the HAFA program, your lender must waive the balance remaining after your sale. Although a short sale has a negative affect on your credit, it is less damaging than a foreclosure.