To simplify it, it comes down what hardship you may have, your ability to pay and what other assets you may have. Also, consider that you may qualify for a loan modification.
To qualify for a short sale, homeowners must fall into any or all of the following circumstances:
Financial Hardship â€“ There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall â€“ In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency â€“ The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
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I can give you the cell of my past client he did a short sale with no late payment and ended with good credit buying a house
Get together with your agent and work on a hardship letter. Make sure and send documenation to support tthe claims in your letter.
Much to Success to You!
Kawain Payne, RealtorÂ®
These are important questions you are asking though, and the wrong decision really could cause havoc on your financial future.
Reach out to the wonderful experts at Home Solutions. Nobody knows shortsales better then them :
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