How do we know that we Qualify for a Short Sale?
If you answered yes to any of these below questions, then your best option is a short sale.
- Are You Facing a Foreclosure?
- Have You Been Denied a Modification?
- Are You Upside Down On Your Loan?
- Do You Want to Minimize Damage to Your Credit?
- Do You Want to Postpone Foreclosure and Deficiency Judgments?
- Do You Want Solutions Towards a Fresh Start?
- Do You Want to Dispose Your Debt and Avoid Future Collections?
- Are Your Mortgage Payments Skyrocketing?
William,
Do you owe more on your house than it is worth?
This is the only question you need to answer. If they answer is yes, and you want to sell. That is a short sale.
Banks must review all applications for a short sale if you have an offer on your property. If you do not have an offer do not waste your time.
Let me know if you have any other questions.
Have a great day
Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale.
The Home’s Market Value Has Dropped.
Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.
The Mortgage is in or Near Default Status.
It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.
The Seller Has Fallen on Hard Times.
The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.