Is a short sale right for me?
A homeowner should consider all of their options before making a decision to short sale their home. If the homeowner simply cannot afford the property any longer and they have to get out, a short sale may be the best option.
Factors to consider:
- Home is worth less than what is owed
- Medical bills and expenses are piling up
- Divorce or separation in the family
- Reduced income
- Death in the family
- Disabled or unable to work
- Currently in pre-foreclosure
- Toxic loan
- Mortgage is about to adjust
These situations are often indicators that a homeowner may be in a position where they will need to short sale their home or potentially face foreclosure.
Seller Must Prove a Hardship
Lenders will not be willing to negotiate a short sale if there is not a legitimate reason for your missed payments