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4 Qualifications for a Short Sale
 4 Qualifications for a Short Sale. This is part two of "What is a Short Sale". Now we are going to go over the 4 Qualifications for a successful Short Sale.
Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale.    1- The Home's Market Value Has Dropped.      Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.
    2- The Mortgage is in or Near Default Status.
      It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.
    3- The Seller Has Fallen on Hard Times.      The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.      ... more

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