Who qualifies for a short sale?
You may be thinking a short sale is the answer to your mortgage
troubles. It’s very possible that it is, but there are some
basic principles of a short sale qualification to consider. Here
are three principle ways to qualify.
- Market value of the home has dropped. Most people looking
at a short sale as an option have experienced a drop in home
value to the point they now owe more than the home is worth.
- The mortgage is in default status or could be in the near
future. With the current market being as it is, lenders
are becoming more willing to consider a short sale even before
the home goes into default. This helps them cut the problem
off before it costs them more money.
- The seller has a hardship. With any loss mitigation
program, documenting the hardship that has caused your current
situation is required. Lenders might be particular about the
hardship so it’s best to rely on our expertise to help
you with the letter.
If you think you qualify for a short sale, contact our loss mitigation
specialists to begin determining a course of action. It’s
important to remember that time is not on your side in these situations
and the quicker you act the better chance you have of achieving
a successful short sale
<<back
|
