Who Qualifies For A Short Sale?
Are you thinking of Short selling your home but you are not sure if you qualify? There are three main factors the bank looks at to determine if you qualify for a short sale:
-Your lender will determine if you have a financial hardship. Some examples of hardship are loss of job, loss of spouse, unexpected medical expenses and significant change in your monthly payment due to an adjustable rate loan.
-They will want to determine if you truly cannot afford your mortgage payment. They will review your finances to see if you have any money left over after paying for all of your monthly expenses. They will verify this by reviewing your bank statements and go over your finacial worksheet which will list everything you pay for on a monthly basis.
-They will order an appraisal or “BPO” which is a Brokers professional opinion to determine what your current home value is.
If the borrower has the ability to pay their mortgage but is forced to move because of a job transfer or relocation then the bank may still allow a short sale.
Can investors qualify for a short sale? Yes! Investors can get qualified for a short sale as long as they can prove they can't afford the property. If you are unsure if you are able to qualify for a short sale contact your realtor, cpa, and attorney and they will be happy to go over your personal situation with you.
For more information on Short Sales visit our SHORT SALE INFO page.
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