What is a Short Sale?
The short sale of a house is when the proceeds fall short of what the owner
still owes on the mortgage. Short sales usually occur when the homeowner
is facing foreclosure. Many lenders will agree to accept the proceeds
of a short sale and forgive the rest of what is owed on the mortgage
when the owner cannot make the mortgage payments. By accepting a short
sale, the lender can avoid a lengthy and costly foreclosure, and the
owner is able to pay off the loan for less than what is owed.
How can I qualify for a short sale?
Qualifying for a short sale is a complex process that is best handled by a knowledgeable agent.
I have earned the SFR (Short Sale Foreclosure Resource) certification and am able to help you with the short sale process. The general requirements for sellers who are considering a short sale are:
Financial Hardship - You are not able to afford to pay the mortgage due to loss of income, large medical expenses, divorce, death of a family member, illness or job transfer.
Monthly Income Shortfall - Your expenses exceed your income to the point where you are, or soon will be unable to pay your mortgage.
Insolvency - You must show the lender that you do not have enough liquid assets to pay your mortgage.
If you are interested in a private confidential conversation about short sales, please contact me.