To qualify for a short sale, your home must be underwater and you must be going through a hardship. Although there are many other factors involved in the short sale process, those are the two starter questions to consider.
How exactly is a home “underwater”?
Underwater means that the mortgage you owe on the house is more than the market value of your home. This means that if you were to sell your home on the market today, you would still owe money to the lender after the sell is completed. The term “negative equity” is also commonly used to describe a house that is “underwater”.
What hardships would qualify?
You must be going through a hardship that affects you financially. It can include:
1 – Divorce or Death of a Borrower
2 – Loss of Income or Reduction of Income
3 – Loss of Job
4 – Forced Relocation
5 – Overwhelming Debt
6 – Overwhelming Medical Bills
We are your short sale specialists in the Dallas-Fort Worth area and we help homeowners determine if they qualify for a short sale. Call us directly if you have any questions 972-342-0011 about your situation or for more information.