Do you qualify for a short sale?
Many people discount the fact that they may qualify for a short sale. Lenders will require specific proof in order to short sale a home. Carefully read the following information then decide if you feel your situation qualifies to move forward on a short sale.
There must be a hardship
Banks consider many things a hardship. Certain changes or unexpected life events such as; medical issues, employment changes, death, and divorce are some examples of what may be considered proof of a hardship. Generally speaking, a hardship is an unexpected event that causes financial stress on the borrower.
Home worth less than is owed
People are emotionally engaged in their homes- as they should be, many owners spend a lot of time and money improving and updating. However, many times homeowners over estimate what their property is worth. If you find yourself in a tough financial situation, consider having a professional evaluate the property. This will provide you with a current market analysis of your home's value. MN Real Estate Options provides complementary home evaluations with no obligation. Click here for your free home evaluation.
Financial documentation
The homeowners financial statements must show that they cannot continue to make payments or that it is eminent they are going to default. One of the biggest mistakes I have seen homeowners make is using 401K or retirement funds to make mortgage payments. Lenders cannot force you to pull funds from your retirement so if you are dipping into your retirement funds, stop immediately and meet with a professional. It's a good idea to have a professional help you go over your financials, often times, everyday items are forgotten. You will need to have detailed financial statements for lenders to review.
My name is Vicki Schwartz. I am a certified distress property expert with extensive experience in the short sale process. Contact me for a confidential discussion about what your options are and what steps to take next. I am here to help in any way I can.