In order to qualify for a short sale, you must have an acceptable and demonstrable â€œhardshipâ€. A hardship is something that negatively affects your ability to pay your mortgage now or in the future.
In fact, in most cases you will have to submit a signed letter with supporting documentation to the mortgage company specifying your hardship.
Types of Hardship
A good definition of hardship is a material change in a homeowner(s) situation affecting your ability to make your mortgage payment. Examples of acceptable hardships are as follows:
- Income reduction
- Loss of job
- Business failure
- Military service
- Payment increase or mortgage adjustment
- Damage to the home
- Severe illness
- Death of wage earner, spouse or non-wage earner resident
Bottom line, if because of one or more of the above instances, you have exhausted your liquid assets and can no longer make your payments, you could qualify for a short sale with your mortgage company.
Next, weâ€™ll get into the topic of Reasons To Avoid Foreclosure, digging deeper into the pros and cons of each.
Contact us to get a free, no hassle, consultation to discuss and explore your options, we are just a call â€“ 404-323-0049 or email away. Remember, a short sale is a dignified and effective solution to avoid foreclosure and the damage it can do to you financially and emotionally. And with our extensive training as a Distressed PropertyExpert and successful track record selling short sale homes, we can help you too!