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Who qualifies for a short sale?

By
Real Estate Broker/Owner with Hokanson Realty & Jared Realty Group

Majority of the lenders will consider allowing a Short Sale if there has been a change in circumstance after the loan was initially obtained which caused the borrower difficulty to keep up with the mortgage payments.

 

Here are some of the possible reasons:

 

1. Loss of income

 

2. Divorce

 

3. Job Transfer

 

4. Medical Bills

 

5. Mortgage Rate Reset

 

A Hardship Letter explaining what happened to cause the inability to keep up with payments will be required by the lender. An unsatisfactory reason would be "the market has declined".

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