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.