I hope this helps, Linda!
To qualify you will have to prove financial hardship to your lender(s). You will be required to submit your income tax returns, bank statements, paycheck stubs, expenses, etc. Initially, your mortgage expenses have to be over 31% of your total income. Retirement is not considered. However, your $40K in savings will work against you in trying to qualify for a short sale.
Retirement is not considered. However the 40,000 in savings is.
if it were down to around 5,000 it may be better.
Banks make decisions on short sales and they are not consistent.
Doing a short sale is always a TRY situation.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
You have to prove financial hardship to your lender(s). Your lender(s) will require you to submit your income tax returns, current bank statements, paycheck stubs, expenses, etc.