The qualifications for a short sale include any or all of the following:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage usually related to job loss, medical issues, changes in marital situation
- Monthly Income Shortfall – In other words: “You have more month than money.” 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.
You may also qualify for the HAFA (Home Affordable Foreclosure Alternative) Government Assistance program where you could receive up to $3,000 in relocation expenses. Find out if you qualify for the HAFA program.
Disclaimer – Not all homes or individual situations can be approved by your lender for short sales and there is no guarantee that if approved by your lender that your home will sell in a short sale transaction. Furthermore, selling your home in a short sale transaction may have tax and/or legal implications for you as the seller – Therefore we advise you to seek appropriate legal and financial advise before proceeding with a short sale of your property.