Qualification #3 Short Sale Homeowners Must Have
While the misconceptions of what qualifies a seller for a short sale are many, the reality is actually very simple. Following is an explanation of the three major items that most lenders are looking for to see if you will qualify.
While a short sale is an involved process, this is an excellent place to begin.
3. INSOLVENCYIn order to qualify for a short sale, you must not have the means to pay down your mortgage. This means that the mortgage company wants to see that you owe more than you have in cash (known as being insolvent).
You do not however have to be completely broke
― this is a common misconception, the lender will want to see that over time you will not be able to pay your mortgage obligation. Having money in the bank for living expenses is common and will not disqualify you.In order to go through these issues in detail it is recommended that you sit down with your agent and examine each one in detail. While a short sale may seem like a difficult process the right agent can make it a relatively simple one.
Take action and make an appointment with us today and get yourself started on the path to financial recovery.
Our team has specialized training on helping homeowners who may be facing foreclosure. Please call us today for a no cost confidential consultation. We can be reached at (703) 385-HOME (4663) – Day or Night.
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Categories: Virginia Short Sales, Foreclosures, Certified Distressed Property Experts in Virginia, Virginia Pre-Foreclosure
Tags: CDPE Virginia Avoid Foreclosure Loan Modification CDPE Short Sale Scams Pre-Foreclosure Short Sales
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