Will you qualify for a short sale?

February

12

0 comments

Will you be approved for a short sale?

In order to sell your home for less than you owe on the mortgage, your lender will require that you qualify for a short sale. There is a several month process and lots of documentation in the short sale approval process, however some level of financial difficulty will be required.

short sale with FHA
The most common hardships that are easily approved and widely accepted by lenders:
  • Unemployment
  • Employment or military relocation
  • Divorce
  • Death of a co-borrower/household wage earner
  • Facing foreclosure
  • Increase in expenses
  • Decrease in income
  • Natural disaster impacting property or employment
  • Medical issues
However, there are other, less common situations that can also be approved, if presented properly:
  • Excessive forbearance obligations
  • HUD Partial claims leading to excessive mortgage debt
  • Future financial obligations that will lead to imminent default
  • Purchased a new home and unable to pay for old
  • Bad tenant situations
  • Homes needing significant repairs out of reach for borrowers income
  • Voluntary career changes
  • Voluntary relocation
There is a lot of misinformation out there on the web regarding what is and is not an acceptable hardship. Before assuming your “hardship” doesn’t qualify, talk to me!
FL SHORT SALES

Last Updated on February 12, 2024 by Minna Reid

RELATED POSTS:

May 12, 2022

FHA short sales explained!

January 13, 2021

Is your mortgage forbearance ending? Know your options!

March 6, 2020

How can I save my home from foreclosure?

Leave a Reply

Your email address will not be published. Required fields are marked

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}