Do I qualify for a short sale?

Many homeowners are not sure what the qualifications are for a short sale. Here it is in just a few words!

The qualifications for a short sale include any or all of the following:

1. Financial Hardship - There is a situation causing you to have trouble affording your mortgage. (loss of a spouse through divorce or death resulting in loss of income, loss of job, medical bills... )
2. Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage. (Financial statement shows more expenses than income per month)
3. Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. (you have no savings, retirement accounts or other assets)

If you need additional information on this subject visit www.ShortSalesInClarksville.com