As a home owner thinking of going short you must keep in mind:
Hardship – No Hardship
Many panicked homeowners seeking a short‐sale solution may be unclear on
what constitutes a valid hardship—and event or events that change a
homeowner’s ability to keep current in mortgage payments. Loss of equity, for
example, is not considered a hardship. However, lending institutions may
entertain short sales for homeowners who have experienced any of the
following:
• Job loss
• Business failure
• Illness and medical costs
• Divorce or death of a spouse
• Natural disasters
If the seller has liquid assets, the lender will want the seller to contribute some
of the assets at closing.
Comments(0)