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Do I Qualify for a Short Sale? - Costa Mesa Short Sale FAQs
Do I Qualify for a Short Sale? - Costa Mesa Short Sale FAQs
Have you been considering a short sale on your Costa Mesa home?

Are you behind on your mortgage?

Facing foreclosure?

Don't know what to do?

Well, it's time for some answers.

Generally, there are three requirements that will allow you to qualify for a short sale on your Costa Mesa house.
Monthly short fall Hardship Insolvency
Let's look at each of these.

1. Monthly shortfall
This means that you run out of income before you run out of month, ie. your monthly living costs are $8,000, and you monthly income is $6,000.

2. Hardship

A hardship means that you are in a materially different position than you were when you first obtained the loan.

There are numerous types of hardships. A few of them include loss of a job, reduction in income, divorce, illness, and increase in loan payments. These are just a few examples.

3. Insolvency

This simply means that your debts exceed your assets.

If you meet these criteria, it is likely that your lender will seriously consider you for a short sale. There are sellers who have obtained short sales without meeting all of these ... more

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