Short Sale Qualifications

There are three required qualifications:

1. There has to be a hardship
2. There has to be a change in income
3. The client has to be financially insolvent


Definitions of each:

a.) The following circumstances are examples of what could be considered a hardship:

-Loss of job
-Business failure
-Damage to property
-Death of a family member
-Severe illness
-Divorce
-Payment increase or mortgage adjustment

These are just a few of the circumstances that could be considered a hardship, however. A one on one consultation will help determine if we can help you and what the best course of action should be to help you out of the situation.

b.) Income change due to job loss or pay cut, job transfer with pay cut.

c.) Insolvency– The client must not be able to pay down mortgage, and has to be financially insolvent (meaning that a client has to owe more than he/she has and does not have liquid cash or assets that could be used to pay down their mortgage). If they do have liquid cash or assets, they will be expected to use those to pay down their mortgages.

A short sale is a complex and lengthy process that requires total co-operation from the homeowner. It is our goal to complete the process in as timely manner as possible while still lending a compassionate ear and knowledgeable guidance throughout the process.

Call 858-764-7300 today to schedule an appointment.

We LISTEN, then we List.