How do I know if I qualify for a short sale?

To determine if you qualify for a short sale, it is essential to assess your financial situation comprehensively. Generally, a short sale may be an option if you are facing financial hardship that impedes your ability to continue making mortgage payments. Common qualifying factors include job loss, medical expenses, divorce, or any significant reduction in income. Additionally, a qualified homeowner typically has a mortgage balance that exceeds the current market value of the property. This situation is often referred to as being "underwater" on the mortgage. Lenders usually require specific documentation to support your need for a short sale, which may include proof of income, bank statements, tax returns, and a hardship letter explaining your circumstances. Moreover, the lender will evaluate whether your financial distress is legitimate and if they believe that a short sale might yield a better outcome than a foreclosure. While Short Sale Solutions, LLC specializes in guiding homeowners through this process, it is advisable to check their current web page for detailed information and potential assistance. Understanding these criteria will help pave the way for determining your eligibility for a short sale.