DO YOU QUALIFY FOR A SHORT SALE?!?
Posted by Katie Paulsen
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3 Qualifying criteria of a Short Sale Candidate:
1. "In Default"
When is a loan technically considered "in default?
30 days past the end of the lender's grace period.
2. "Upside Down" or "Little to no Equity"
What is the guideline for "little to no equity?
8% Equity or less.
3. Legitimate Economic Hardship
What is considered a legitimate hardship?
This is defined by the lender but generally includes the following:
A loss of job or reduction in pay
A divorce
An illness, medical hardship, or death
Increasing Property Tax
Increase in mortgage payment due to an ARM Resetting
Are you facing foreclosure? Is a short sale right for you? Contact us today!
WWW.HOUSTONSHORTSALESITE.COM
1. "In Default"
When is a loan technically considered "in default?
30 days past the end of the lender's grace period.
2. "Upside Down" or "Little to no Equity"
What is the guideline for "little to no equity?
8% Equity or less.
3. Legitimate Economic Hardship
What is considered a legitimate hardship?
This is defined by the lender but generally includes the following:
A loss of job or reduction in pay
A divorce
An illness, medical hardship, or death
Increasing Property Tax
Increase in mortgage payment due to an ARM Resetting
Are you facing foreclosure? Is a short sale right for you? Contact us today!
WWW.HOUSTONSHORTSALESITE.COM
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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