Do you qualify for a Short Sale?

Short Sale - Do you qualify?

As a homeowner, do you qualify for a short sale? In order for a bank to accept a short sale, the borrower must have a demonstrable financial hardship. The reason for a short sale can't be because a homeowner owes more than what the market value of their home is worth. A true financial hardship will have to be proven to the lender in order for a lesser amount than owned can be negotiated.

What is an acceptable hardship?

"A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage"

Some examples of a financial hardship are:

*Loss of Job *Business Failure *Death of a Spouse or family members

*Severe Illness *Mandatory job relocation *Medical Bills

*Military Service *Mortgage payment increase *Reduced Income

*Too much debt *Incarceration *Divorce

It is estimated that most American Families can only maintain their current living expenses for 60 days or less when income is interrupted. 

As a Certified Distressed Property Expert, I always recommend that a homeowner consult an attorney and discuss their 'entire financial picture' and be advised as to what is the best solution to their current financial hardship before moving forward with a short sale or just letting their property go into foreclosure. This is an hour well worth spending the time and money for.

For more information visit 
www.KathleenInArizona.com