Do You Qualify For A Short Sale On Your Home?
Do you know if you qualify for a shortsale for your home? Believe it or not but not everyone will qualify. In order to qualify for this type of sale you will need to give your lender a valid reason why you can no longer pay your monthly payments. Each lender has their own guidelines when it comes to foreclosure short sales. Plus, they may be able to give you other options you can use.
So what is a short sale? This is when you are allowed by your lender to sell your home for an amount that is less than what you owe on your home. Most of the times a lender will take a loss on their investment instead of going through the foreclosure process. After the home is sold you will pay the lender a fee that was agreed upon.
Now you need to know if you can qualify for a short sale. These are the different situations that will qualify you for the foreclosure short sale.
One: Mortgage default – This means that you can no longer pay your monthly payments because you lost your job, your spouse died or if you have medical expenses.
Two: Market Value Decrease – You have to prove to the lender that your home is not equivalent to what you owe on your home.
Three: Bankruptcy – If you have no other assets like savings, stocks or other investments than you may qualify for shortsales.
Once you know whether you qualify for short sales you will want to find help with it. Don’t try and do this yourself. Find foreclosure short sale help so you can get the best deal possible. A good place to start is Access Loss Mitigation. You will be glad you did when you no longer have this problem hanging over your head.
