In order for you to qualify for a short sale when selling your Plano home or DFW area home, you must show proof of a financial hardship. Proof must be in the form of a signed letter submitted to the mortgage company along with additional support documentation.
Acceptable Financial Hardships
A hardship is a material change in your financial situation that is or will affect your ability to pay the mortgage on your Plano TX home. Acceptable hardships are:
- Loss of job
- Business failure
- Damage to property
- Death of a spouse
- Death of family members
- Severe illness
- Inheritance
- Divorce
- Mandatory job relocation
- Medical bills
- Military service
- Payment increase or mortgage adjustment
- Insurance or tax increase
- Reduced income
- Separation
- Too much debt
- Incarceration
Also, you must be financially insolvent for the lender to consider accepting a short sale. This means you owe more on your Plano TX home than you have in liquid cash or assets that could be used to buy-down the mortgage. A short sale is not a ‘get out of your mortgage Free card’. You must be in financial distress.
If you or someone you know are in a distress situation, don’t hesitate. Call me at 972-562-0896! Every moment counts. I am a Certified Distressed Property Expert, specializing in Short Sales and I can help save your your home and your family!
Tags: financial hardship, plano tx home, quailfy for short sale, short sale
This entry was posted on Tuesday, August 11th, 2009 at 2:09 pm and is filed under Foreclosure, Home Seller, Money Matters, Mortgage, Tips for Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.