Short Sale qualifications for homeowners
This may be helpful to home owners wondering if they qualify for a short sale
1. An acceptable hardship requirement. There must be a hardship involved in order for the seller to qualify for a short sale. Some examples of acceptable hardships include death, divorce, severe illness, loss of employment, military service, damage to property, inheritance, incarceration, increase in mortgage payment. For a more in depth list of possible hardships visit our website at www.mymajesticproperties.com or contact us at btipton@kw.com or by phone 661-706-9401.
2. Requirement for insolvency. Insolvency is when a home owner is not able to pay their debt after using their liquid cash or assets. There is no short sale just because the homeowner owes more than the home is worth. There must be a hardship and insolvency in order to qualify. Check with a CDPE (Certified Distressed Property Expert) to see if you qualify or if your hardship is acceptable.
Majestic Properties are CDPE certified.
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