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.
Comments (0)
Please contact us if you have any questions or comments.