Short Sales Maryland
Why does a Bank deny a Short Sale?
Reason #5:
No Hardship. . . NO SHORT SALE!
The only reason a lender will agree to a short sale is if they determine that you have a qualified hardship.
Understanding your financial hardship plays a major role in the lender's determination of whether or not it will accept it or not.
Quite simply, lenders will only accept a short sale if the seller is in hardship.
Lenders understands now that homeowners may try to use a short sale as a way to get rid of a property simply because it has lost it's value and it becomes a poor investment for the homeowner. If you are employed and have some assets, and your situation really has not changed form the time you first purchased your property. .chances are you do not have a qualified hardship.
Because of the many reasons that could be construed a s hardship. .in general , you should have something that has impacted your way to pay your mortgage in a monthly basis.
If you are current on your mortgage. . that is a very good indication that you are not in a hardship. . although I've seen cases where the Lender will accept a short sale when the homeowner can prove that a future financial change is coming soon. . and they will not be able to continue paying for the mortgage.
Ultimately, your case is unique and you may need the consultation with someone that specializes in short sales. . just call and don't wait. . time is not your friend when it comes to short sales and foreclosures.
To find out more if a short sale is an option for you:
(Click on the Image to Read our Ebook )"Is a Short Sale an Option for You?"
"Need immediate help? call 240-426-5754"
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What is the difference between a short sale and a foreclosure?
In a short sale, you sell your home
In a foreclosure. . you lose it
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Short Sales Maryland / Virginia Realtors Experience doing short sales and helping to solve the Foreclosure Crisis one client at a time
Real Estate by Herboso & Associates
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