Home ForeclosuresForeclosures A-Z How to Know if You Are Eligible for a Short Sale

How to Know if You Are Eligible for a Short Sale

by COHFP


How to Know if You Are Eligible for a Short Sale:

If you are struggling to make your mortgage payments and are considering a short sale, there are a few key factors to consider in order to determine if you are eligible. Firstly, your home must be worth less than what you owe on your mortgage. Secondly, you must be able to prove financial hardship, such as job loss, divorce, medical expenses, or other extenuating circumstances that prevent you from making your mortgage payments. Additionally, you must not have any other assets that can be used to pay off your mortgage, and your lender must approve the short sale. It is important to work with a qualified real estate agent and/or attorney who can guide you through the process and help you determine if a short sale is the best option for your unique situation.



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