What does it take to qualify for a short sale? I have our details listed below and want to know if I qualify?

Asked by Damien Osip, Cooley Station North, Gilbert, AZ Sun Jul 26, 2009

My sister and I bought a home a couple of years ago and she got married in the last year and moved to a different part of the valley. I thought I would be able to afford the payments on my own, but I cannot. Can I qualify for a short sales? If so, is there anyone out there that specializes in this that could help me?

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Robert G Hertzog Jr’s answer
Robert G Her…, Agent, Phoenix, AZ
Fri Aug 7, 2009
There are a multitude of things that a Realtor would need to know before answering your question. My first suggestion would be to contact a Realtor that is a CDPE (Certified Distressed Property Expert). Our company deals exclusively in helping Sellers through the Short Sale process, and we are CDPE's. I think you would find our website very informative. Please take a moment to visit, and call me with any questions. Good Luck!
0 votes
Lisa Miller, Agent, Peoria, AZ
Sun Jul 26, 2009
Hi Dmnosip,

It depends on who is on the mortgage. If you're both on it, then you will have to show why the both of you cannot afford the payments anymore. If it is just you on the mortgage it may be easier to show that because your "roommate" has moved out, you can no longer afford the house. I am experienced in short sales - and have lots of patience with dealing with the banks. There is a lot of paperwork to be done, on your part and on mine, for the short sale. If you would like to speak to me about the sale of your home, please feel free to call me directly... 623-326-9261. I will explain the whole process and how we get started. There is no cost to you, but like Johnathon said, you should still consult with an attorney and/or a tax advisor. I really want you to be educated and comfortable with the process - so call me if you would like my help.

-- Lisa Miller
0 votes
Jonathan Dal…, Agent, Glendale, AZ
Sun Jul 26, 2009
Whether you qualify ultimately is going to be in the eyes of the lender. You will need a hardship letter as mentioned below, a letter that details the reasons why you are unable to continue making the payments. This is just one small part of the documentation.

There can be tax ramifications on a short sale beyond the hit to your credit - you will want to talk to an accountant or tax advisor for information on how a short sale will impact your particular circumstances.

One last thing to consider is if your sister still is on the mortgage then a short sale will damage both of your credit so it's critical that she's on board. Even if she's no longer on the title, she may still be on the loan.

The below link has a rundown of the information you're going to need to gather for the short sale. If you have any other questions about the process, please don't hesitate to call or e-mail me.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Sun Jul 26, 2009
To qualify, you need a hardship. The site below may help ansewer your questions.
Web Reference:  http://shortsalesheep.com
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