Health Issues Forcing Short Sales

 

Are health issues forcing a short sale?

In this blog post, I share how an elderly woman had health issues and our solution for her.

The Truth About Health Issues Forcing Short Sales

Health issues causing problems with your mortgage payments?

I have experienced several people with health issues that have been forced into living with relatives, moving to a care facility, downsizing or moving to a home more conducive to the demands of the new situation.

I find that many seniors were brought up with the mindset that you give up buying food rather than missing a mortgage payment. It’s always a challenge for them when they find out that their process may actually require missing 2-3 payments. We are very sensitive to this concern.

The homeowner has some time to adjust and realize what may be necessary for their case. At this time, FHA/HUD does require missing 3 mortgage payments in order to close.

Elderly Women in Serious Health Decline

In a separate case, an elderly woman had refinanced a lovely home in Florissant, MO. Her health went into a serious decline and her Trustee was assigned to assist with the sale of the home.

The Florissant area was particularly affected by the housing price decline in 2007 and 2008 and has not yet recovered value in most cases.

The Trustee took responsibility for getting initial documents signed by the homeowner. We proceeded to secure an offer on the property. We then negotiated with the lienholder to get approval to accept the offer which was lower than the loan value. This file moved along fairly quickly (in Short Sale terms, that would be under 5 months).

The homeowner was really happy because, in this case, the buyers were the family of an elderly couple 4 doors away who needed family assistance to care for their own home because of declining health.

To my knowledge, everyone is still extremely happy with this outcome.

Our original homeowner was thrilled that someone moved into her home who loved the home, and she was relieved of the stress of trying to keep up with mortgage payments that she could no longer afford.   Also, she was needing to move to Medicaid assistance which would have been held up while she owned the home.

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