Do I qualify for a short sale?

Most situations qualify for a short sale, even if there is no hardship.  If the market value of your home has fallen below what you owe on your mortgage(s) then your home would be listed for sale as a short sale. If you have a hardship that has caused you to fall behind on your mortgage payments or if you have relocated more than 100 miles for a job transfer you may qualify for a short sale. Here are some (but not all) hardship reasons that may qualify homeowners for a short sale.

  • Recently denied for a loan modification
  • Financial insolvency (no other assets)
  • Bankruptcy

Financial hardship such has:

  • Loss of employment
  • Divorce
  • Medical illness
  • Death of family member or borrower
  • Vacant Rental property

Relocation:

  • Job transfer

Posted in: Homeowners

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