The only real criteria for a short sale is - you must have a hardship. you do not necessarily need to be behind in payments to have the bank consider a short sale on your mortgage. If you can't make your payments and have fallen behind because of a hardship, this is what matters- The Hardship.
Short Sale- a short sale is when The lender will accept a payoff which is less money than is owed
What constitutes a hardship
Illness, unable to work
Medical bills
Job loss
reduction in hours or pay
divorce
relocation
The bank will consider a short sale to avoid the costly process of foreclosure.
If this is something which may apply to you, feel free to contact me for confidential consultation.
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