Confused about short sales? You are not alone. Navigating your way through a short sale can be frustrating to say the least. This is why it is imperative to have a professional real estate agent and team who know the “ins and outs”. Every short sale possesses 2 attributes:
1. I’m sure by now you have heard of the term “underwater”. This translates to the house being valued at less than the homeowner owes on their mortgage debt obligation.
2. The homeowner must have a qualified hardship. Your house being underwater is not enough to qualify as an acceptable hardship.
Below is a list of acceptable hardships that may be used when submitting a short sale package:
Mortgage Rate Adjustments
Loss of Employment or Reduction in Wages
Business Failure
Medical Hardship
Death In The Family
Divorce/Separation
Military Service
Overwhelming Debt Obligations
Job Relocation
Remember there is no guarantee that the lender will accept these hardships. Contact Beverly Jillson at Your Tampa Bay Home Connection today to discuss any real estate questions you may have. Beverly@YourTBHC.com or (813) 625-8795
Comments(2)