- Do you need help and qualify for a short sale?
Understanding Causes of Distress
While it is true that many distressed properties today are the result of the subprime crisis, it is important to know that are various other situations that can when combined with a subprime loan or even a traditional 30 year mortgage, or on their own cause a property and homeowner to become distressed. Please contact me if you need help or have more questions about short sales. It is important that you hire an experienced short sale expert to help you resolve your unique situation.
- Loss of Job
- Business Failure
- Damage to Property
- Death of a Spouse
- Death of family members
- Severe Illness
- Military Service
- Payment Increase or Mortgage Adjustment
- Insurance or Tax Increase
- Reduced Income
- Too much debt
Specific Short Sale Qualifications for Sellers....
In order for a bank to accept a short sale, the borrower(owner) must have a demonstrable financial hardship. The borrower(owner) will have to prove this hardship through a signed letter that will be submitted to the mortgage company along with additional documentation. The seller must have a hardship that is preventing them from being able to pay their mortgage. You must be financially insolvent.