Mike May, Realtor 804.731.0111 Mike May, Realtor 804.731.0111
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Petersburg VA Real Estate & Chester VA Real Estate: Options and Solutions for Homeowners in Foreclosure

Posted By @ Nov 10th 2011 2:00am In: Short Sale Information

3 Must Have Qualifications

For a Short Sale

While the misconceptions of what qualifies a seller for a short sale are many, the reality is actually very simple. Following is a brief explanation of the three major items that most lenders are looking for to see if you will qualify.

1. FINANCIAL HARDSHIP- A financial hardship is a verifiable issue that has or will cause you to miss payments or have financial difficulties.

2. MONTHLY SHORTFALL- The Shortfall equation is:

Total Monthly Income – Total Monthly Expense = Monthly Shortfall

3. INSOLVENCY- The mortgage company wants to see that you owe more than you have in cash (known as being insolvent)

While a short sale may seem like a difficult process, having a knowledgeable agent on your side can make it a relatively simple one.  Start by contacting  me and getting my Free Short Sale information guides to learn more about Petersburg VA real estate and Chester VA real estate.



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