For homeowners experiencing a legitimate financial hardship, a short sale provides a way to sell your property and avoid foreclosure. It is not a “free pass” for those who are looking for a way out of an upside down mortgage. Providing evidence that you are unable to afford your mortgage along with other specific qualifications is required in order to apply for a short sale.
How Do I Qualify for a Short Sale?
Step 1 – Evaluate your situation
Do you qualify for any of the following:
- Loss of Job or Reduced Income
- Failure of a Business
- Death of a Spouse or Family Member
- Severe Illness
- Separation or Divorce
- Military Service
- Increased Payment/Rate Adjustment
- Overwhelming Debt
- Job Relocation
In addition to the qualifying factors mentioned, lenders typically require that you are also financially insolvent, meaning that you owe more than you have in liquid cash or assets. If not, you may be required to contribute towards the shortage. See our Short Sale Tax Implications page for additional information.
Short Sale Advantage
With the help of our preferred network of experienced real estate professionals we take the stress and confusion out of the short sale process. Unlike the typical real estate agent, our network of preferred realtors have all proven successful in loss mitigation and short sale processing. For more information on short sales and see if you qualify fill out our INTAKE FORM and representative will contact you shortly.
