If you need to sell your house and owe more than what the house is worth, you may consider a short sale. However, lenders do not sanction all short sale requests. You'll have to find out if you qualified for a short sale before you put your house on the market for sale.
What are the qualifications for a short sale?
I. Home Value is Less Than The Amount Owed
The comparable sales must substantiate that the home value is less than the amount owe to the lender.
II. Seller Has Fallen On Hard Time
A hardship letter explaining the financial difficulty to the lender is required in the short sale package.
Examples of hardship are:
1. Illness / medical emergency2. Unemployment or lost of partial income3. Divorce4. Death
5. Bankruptcy
III. Seller Has No Assets To Pay For The Shorted Difference
Lender will ask for bank statements and / or tax returns to make sure that you do not have other assets to pay for the shorted difference.
If you have any question on short sale or need to sale your house via short sale, please contact me.
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