The qualifications for a short sale include one or all of the following:
- Financial Hardship – there is a situation that is causing you to have trouble affording your mortgage. Common hardships include loss of job, reduction of income/hours worked, relocation, or medical bills
- Monthly Income Shortfall – You have more bills than income. A lender will want to see that you cannot afford or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. Most lenders will not include your retirment accounts.
- Relocation for Job – if you relocated for a job and your job location is far enough away that commuting to your home is not feasible, you need to sell your house and your house is worth less than what you owe – you may be eligible for a short sale.
Even if you are presently current with your mortgage(s) but you are concerned that you may not be able to continue paying – please contact us. You may still eligible for short sale.