3 Must Have Qualifications

For a Short Sale

While the misconceptions of what qualifies a seller for a short sale are many, the reality is actually very simple. Following is a brief explanation of the three major items that most lenders are looking for to see if you will qualify.

1. FINANCIAL HARDSHIP- A financial hardship is a verifiable issue that has or will cause you to miss payments or have financial difficulties.

2. MONTHLY SHORTFALL- The Shortfall equation is:

Total Monthly Income – Total Monthly Expense = Monthly Shortfall

3. INSOLVENCY- The mortgage company wants to see that you owe more than you have in cash (known as being insolvent)

While a short sale may seem like a difficult process, having a knowledgeable agent on your side can make it a relatively simple one.  Start by contacting  me and getting my Free Short Sale information guides.