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short sale eligibility

Short Sale Eligibility: Who Qualifies for a Short Sale?

If you’re struggling to make your mortgage payments, a short sale can be a viable option to avoid foreclosure and protect your credit score. However, not everyone is eligible for a short sale, and it’s essential to understand the criteria before pursuing this option. In this article, we will be talking about short sale eligibility and who qualifies for a short sale.

short sale eligibility, are you eligible for a short sale

Who is Eligible for a Short Sale?

  1. Homeowners whose property value has dropped: A short sale is most common for homeowners whose property values have dropped, and they owe more on their mortgage than their home is worth. In this scenario, the lender may be willing to accept a lower sale price to avoid a costly and time-consuming foreclosure.
  2. Homeowners in default or near default: To qualify for a short sale, you must be in default on your mortgage or nearing default. This means you’ve missed several mortgage payments and are at risk of foreclosure. Lenders are more likely to consider a short sale when they see that foreclosure is imminent.
  3. Homeowners who have fallen on hard times: To be eligible for a short sale, you must demonstrate that you’ve fallen on hard times, such as a job loss, medical emergency, or other financial hardship. You must be able to prove that you’re unable to make your mortgage payments and provide documentation to support your claim.
  4. Homeowners who don’t have any assets: Short sales are most suitable for homeowners who don’t have any assets, such as savings or investments. If you have assets, your lender may require you to liquidate them to pay off your mortgage before considering a short sale.

How to Determine Your Short Sale Eligibility:

If you’re considering a short sale, the best way to determine your eligibility is to consult with a qualified Short Sale Re specialist. They can review your financial situation and help you determine if a short sale is the right option for you. They can also help you prepare the necessary documentation and negotiate with your lender to maximize your chances of success.

Contact Short Sale Re for a FREE Consultation:

At Short Sale Re, we offer free consultations to help you understand your options and determine if a short sale is right for you. Contact us today at (405) 410-3211 to schedule your appointment and learn more about your eligibility for a short sale. Don’t wait until it’s too late – take control of your financial future today.

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