What is a Hardship in a Mountain View Short Sale?

By
Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194

It is estimated that about 25% of home in the US are underwater, that is the owner owes more on the mortgage than the home is worth. So if the owner has to sell, they would have to either make up the difference or do a short sale.

However, just being underwater is not enough reason for most banks to do a short sale. They want to know you have a hardship. what is a hardship?

there are a number of reasons that banks will accept as a hardship. they basically want to know what has changed since you purchased the home. some examples of hardships would be:

1. Job loss

2. Relocation

3. Death in family

4. Illness in family

5. Increased expenses from things like debts or an increase in mortgage payments

6. Divorce

So basically if your income has decreased or your expenses have increased or you need to leave your home it is a hardship. there are others, but they all have in common that something has changed in your financing or circumstances from when you purchased or refinanced your home.

If you have any questions about selling or buying a short sale in Santa Clara or San Mateo counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

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Rainer
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JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY
Great info. Good to know. Keep up the good work. Good luck and sell many homes this year
Oct 02, 2011 05:26 PM #1
Rainmaker
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Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

thanks!

Oct 02, 2011 05:34 PM #2
Rainer
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Terry Gerling
Ultimate Realty - Saint Louis, MO

I love the info, The short sales are sometimes a challenge

Oct 02, 2011 05:38 PM #3
Rainer
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mike bitar
Executive Estates - Salinas, CA

Thank you very much for the information

 

Oct 02, 2011 07:38 PM #4
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Rainmaker
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Marcy Moyer

Probate, Trust, and Investment Specialist
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