As a homeowner, do you qualify for a short sale? In order for a bank to accept a short sale, the borrower must have a demonstrable financial hardship. The reason for a short sale, can't be because a homeowner owes more than what the market value of their home is worth. A true financial hardship will have to be proven to the lender in order for a lesser amount than owned can be negotiated.
What is an acceptable hardship?
"A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage"
Some examples of a financial hardship are:
*Loss of Job *Business Failure *Death of a Spouse or family members
*Severe Illness *Mandatory job relocation *Medical Bills
*Military Service *Mortgage payment increase *Reduced Income
*Too much debt *Incarceration *Divorce
It is estimated that most American Families can only maintain their current living expenses for 60 days or less when income is interrupted.
As a Certified Distressed Property Expert, I always recommend that a homeowner consult an attorney and discuss their 'entire financial picture' and be advised as to what is the best solution to their current financial hardship before moving forward with a short sale or just letting their property go into foreclosure. This is an hour well worth spending the time and money for.
About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.