Qualification #2 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.
2. MONTHLY SHORTFALL
Almost every lender will want to see that you cannot afford to pay your current mortgage. The way that this is demonstrated is on a financial worksheet that your agent will provide. This is essentially a monthly profit and loss statement. While this may sound difficult, in reality determining whether you have monthly shortfall or not is actually relatively easy.
The equation is:
Total Monthly Income – Total Monthly Expense = Monthly Shortfall
The above brokerage assumes no responsibility nor guarantees the accuracy of this document and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek If you do not have a monthly shortfall but will have one soon due to a payment increase or pending layoff, etc. then you may still qualify for a short sale as long as this issue is verifiable.
Categories: Virginia Short Sales, Foreclosures, Housing and the Economy, Virginia Pre-Foreclosure
Tags: CDPE Virginia Avoid Foreclosure CDPE Short Sales Pre-Foreclosure Wall Street and Housing
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