What are acceptable Hardships?
You must have an acceptable hardship to qualify for a short sale. Examples are:
Loss of job
Business Failure
Damage to Property
Death of a spouse
Severe Illness
Medical bills
Divorce or separation
Mandatory job relocation
Military service
Payment increase (ARM) or Mortgage Adjustment
Insurance or tax increase
Reduced Income
Too much debt
Incarceration
A letter meeds to be written by the homeowner to the lender explaining why the payment can no longer be made.
Posted at 02:51PM Apr 17, 2009 by Diane Hanson in Real Estate | Comments[0]
Qualifications for Short Sales
Short sales are not an easy way out. There are qualifying factors that must be determined before a lender can decide whether or not a short sale is a possibility or if they will approve the loss to them. First a contract is agreed to between a buyer and a seller in distress just as in any other sale. Then the sale is contingent upon the lender's approval. The lender must look at the entire package before approving the short sale because they are the ones suffering the loss. More information follows. [Read More]
Posted at 09:18AM Apr 13, 2009 by Diane Hanson in Real Estate | Comments[0]
