To Qualify For A Short Sale

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To qualify for a Short Sale Payoff you need to have one or all of the following circumstances:

Financial Hardship: -  A situation causing you to have trouble affording your mortgage.

• Monthly Income Shortfall - in other words: "You have more month than money." A lender must be able to see that you cannot afford, or soon will not be able to afford your mortgage.

• Insolvency - the lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. You must have a hardshio situation.  If you fall into any or all of the above categories, a Short Sale can be initiated - whether or not you are currently late on payments.

- NEGATIVE EQUITY -  Negative Equity of your home occurs when the market value is less than anyone else's in your neighborhood of similar homes.  

Two items to be concerned about:

1st if you are NOT late on payments, chances are you'll need to allot extra time to the process. Negotiators and banks are dealing with massive numbers of properties that have late or no payments. When they see a property that is current, they have a diminished sense of urgency.

2nd if you are really worried about your "low" credit score, don't do a Short Sale as your Credit Score will drop afterwards even more. However, if your home should face and go through a "TRUST DEED SALE" YOUR CREDIT SCORE WILL BE SUCH AS IF YOU HAD GONE THROUGH A bANKRUPTCY AND WILL STAY ON YOUR RECORD FOR MANY YEARS TO COME.  i

For more information I would strongly recommend for you to attend my FREE workshop how to handle your "Negative Equity" situation. 

Erika M. Kay, Broker/Owner, Property Manager
Short Sale & Foreclosure Specialist (NARSFR)
SRES (Senior Real Estate Specialist)
Certified e-PRO

Independent Broker Consultants
1655 E 6th St. Ste A-1, Corona, CA, 92879
Office: 951-734-6447 - Direct: 951-545-3786
E-mail: - Website:
CAL BRE #008047509