In yesterday's blog article, I gave a very brief definition of what a short sale is. The focus of today's article will be to discuss who qualifies for a short sale.
A short sale is an alternative to foreclosure for many homeowners. It is a last resort to be used if the seller is unable to modify the terms of his or her loan and does not have the ability to continue making payments.
The seller will have to show some type of "hardship". Often, this is loss of employment, divorce, death, serious medical conditions, etc. The lender will want a detailed explanation about the sellers personal circumstances to make a decision on approving the short sale.
A short sale IS NOT intended for borrowers who are eligible for loan modifications or who are capable of making payments but have chosen to stop doing so.
If you want additional short sale information, please visit our website at http://www.my5280homes.com and click on the "Short Sale Specialty" tab.
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