800-546-2289

Short Sale Specialists in Orange County, Riverside County, Los Angeles, San Diego, San Bernardino 

Short Sale Evaluation is FREE and there is no obligation for California homeowners

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Short Sale Specialists for California

 

3 Qualifiers for a Short Sale Short Sale

What every homeowner thinking about a short sale needs to know

 

A short sale can provide the homeowner with several benefits over a foreclosure- including the ability to purchase a home sooner

 

 

 

A Short Sale offers several benefits over a foreclosure

Complete the form to the left for a FREE Evaluation

 

 

 
Not all homeowners qualify for a short sale. The current lender(s) will request several items in order to evaluate each file, but there are three easy qualifiers that should be present in order to determine right
away if a household qualifies:

1- There must be a financial hardship. A hardship is something that has happened, is happening, or is soon to happen that will effect a homeowner's ability to continue making their mortgage payment. This
event will have happened between the time the loan papers were signed and today. Some possible
hardships include but are not limited to the following:

 

ARM loan adjustment Death of Spouse
Business Failure Incarceration
Military Service Reduced Income
Too Much Debt Unemployment
Job Relocation Medical Bills
Disability Divorce/Separation
Illness  

2- Negative is actually positive when qualifying for a short sale as there must be a monthly shortage of money. The lender will request a financial worksheet to be completed and submitted. The worksheet will itemize ALL monthly expenditures including the current monthly mortgage payment(s). While seemingly difficult, this step is actually very easy as the lender uses the following equation:

monthly income - total monthly expenses = negative cash flow

3- You must be insolvent. Insolvency to then lender means that you do not have the means to pay down your mortgage and you have more debts than you do cash or assets. If you have small reserves of basic living expenses you will not be disqualified; however; the lender will verify to make sure you do not have assets that would allow you to pay your mortgage(s) either now or in the near future.

While a short sale can seem intimidating, the process is really quite easy and effective as long as the qualifications are met and as long as you are rely upon an experienced professional in order to negotiate your short sale. MIDAS REALTY GROUP is both experienced and knowledgeable in the successful negotiation of short sales. Most importantly, there is never a cost to the homeowners that rely on our experience and credentials.

contact our office today for a FREE consultation at 800-546-2289 or complete the short form information for a free foreclosure prevention consultation.  Please be advised that there is no cost for a consultation and homeowners represented by Midas Realty Group are never charged a fee for our services.

 

 

California Short Sale Specialists