Do I Qualify For A Short Sale?

How Does A Homeowner Qualify for a Short Sale?

There are four criteria a homeowner must meet to qualify for consideration by the lender for a short sale.  These are:

    * There must be a demonstrable financial hardship, e.g., a lost job or material change in the financial situation;
    * There must be a monthly shortfall;
    * There must be insolvency, meaning that the owner does not have the money to pay down the mortgage; and
    * The owner does not have any assets to sell to pay for the shortfall.

For more information on whether you qualify for a short sale, contact me at: AmyMcLeod@equitygroup.com or visit my short sale site No More Salem Foreclosures to register.