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.