Who can Qualify for a Short Sale?

Who can Qualify for a Short Sale?

Banks consider short sales for 2 main reasons:

The seller has a hardship

and

The seller owes more on the mortgage than the home is valued at

What Qualifies as a Hardship?-Unemployment or Reduced Income-Divorce-Medical Emergency-Transferred by Job-Bankruptcy-DeathIt’s important to note that sellers who have a good income and assets will not be considered by the banks for a short sale. The banks will require the sellers to continue to pay off their debt. It’s easier to convince the banks to accept a short sale when the sellers have a hardship or no means for repaying their loan. If you would like more information on short sale qualifications or the short sale process please contact us. Torelli Realty is proud to present free consultations to review your situation and explain your options.