What is a Short Sale?
A short sale is a situation in which the seller owes more money on the loan(s) than the sale of the property will likely produce on the market and the seller is unable or unwilling to bring money to the closing table. In a short sale, the lender has not yet foreclosed on the property, which provides a window of opportunity for the owner to sell the property in order to at least partially satisfy the amount owed to the lender.
How do I know if I qualify for a Short Sale?
The borrower must have a demonstrable financial hardship for their lien holder(s) to consider a short sale. 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.
Examples of financial hardships are as follows:
• Loss of Job • Business Failure • Damage to property • Death of a spouse • Death of family members • Severe illness • Inheritance • Divorce • Mandatory job relocation • Medical Bills • Military Service • Payment increase or mortgage adjustment • Insurance or tax increase • Reduced income • Separation • Too much debt • IncarcerationImportant Notice: Renown Real Estate Services is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.Renown Real Estate Services and licensee Richard Beach are not engaged in the practice of law, legal advice, or tax advice. Renown Real Estate Services and licensee Richard Beach do not attest to the accuracy of this information and assume no responsibility for the actions of the recipients. The pre-ceeding is for informational purposes only and the recipient is urged to seek professional legal and tax counsel.
