Qualifying to short sale your home generally boils down to 3 main challenges: 1) Getting your lender’s attention and giving your lender a reason to discount your mortgage loan 2) Demonstrating that you have a legitimate financial hardship preventing you from paying your mortgage 3) Getting your lender to accept that the price your buyer is paying for your property is close enough to your bank’s independent valuation of the property. Banks earn profits by collecting interest payments on money they lend. However, when those payments stop, instead of making money, the bank is now losing money and as a result has an incentive to limit those losses. Banks always take notice when they don’t get their money and borrowers […]
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