So many reasons.......
appreciation alone would carry them. Every market is cyclical. When the market switched from a seller's market to a buyers market many of those people who had paid
top dollar in 03', 04' or 05' really took a beating. If they had to sell because of a job change or the loss of one or more incomes, they really took the hit. Their home value had gone down and since they had no money invested in the property (no equity) their homes were worth less than they had paid for them. They were then upside down meaning that they owed more than the house was now worth. Betsy S
In order to qualify for a short sale, the homeowner must have experienced a financial hardship that has or will in the near future affect their ability to pay the mortgage. All of the reasons that you mentioned are part of that.