A hardship can be defined as a material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage. Homeowner must have an acceptable hardship in order to qualify for a short sale.
Examples of acceptable financial hardships are:
- Loss of job
- Business failure
- Damage to property
- Death of a family member
- Severe illness
- Inheritance
- Divorce/Separation
- Mandatory job relocation
- Medical bills
- Child adoption
- Military service
- Payment increase or mortgage adjustment
- Insurance or tax increase
- Reduced income
- Too much debt
- Incarceration
A homeowner does not have to already be late on payments or face foreclosure to qualify for a short sale. Generally speaking, if the homeowner has a monthly short fall and does not have enough savings/assets to cover more than three months worth of his/her short fall, then the homeowner will be viewed as facing eminant default and can apply for a short sale.
Did you know that nationwide short sale success is less than 15%? This is because most Realtors are unfamiliar with short sales and end up making many common short sale mistakes. Unlike most, Certified Distressed Property Expert designated Realtors have a success rate of more than 85%!
With your financial futures on the line, you need a specialist on your side. I urge you to contact MD Short Sale Real Estate today for a free short sale evaluation if you think short sale might be right for your situation. I will reach out to you right away to discuss your situation in strict confidence.
