How to Qualify for a Short Sale?
Do You Qualify for a Short Sale?
Do you have …
Financial Hardship:
Severe Illness,
Military Sservice,
Insurance or tax increase, etc. (Ask us for full list of acceptable hardships)
Monthly Shortfall
Business Failure,
Job loss,
Wage reduction,
Divorce, etc.
Insolvency: you currently owe more money than you have, or you are about to reach that point
Saying yes to any of the above means you may qualify for a short sale
Short Sale Benefits
The financial implications of short sales are always less severe than the implications of foreclosure. Your credit score, credit history, employment applications, and future chances of acquiring a loan all benefit from completing a short sale rather than being foreclosed upon.
A short sale is when the lender agrees for the property to be sold at a price lower than the mortgage balance owed.
A deed-in-lieu is when the lender receives the house deed in place of the mortgage balance, although in some cases the lender will still pursue the homeowner for the leftover mortgage balance, which is called a deficiency judgment.
A short sale or deed-in-lieu through the government’s Home Affordable Alternative Project prohibits the participating lender from pursuing a deficiency judgment!
Categories: Certified Distressesd Property Experts in Virginia, Foreclosures, Bankruptcy, Certified Distressed Property Experts in Virginia, Housing and the Economy, Housing Market, Virginia Short Sales, Virginia Pre-Foreclosure
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