YOUR DAYTONA BEACH REAL ESTATE EXPERT
CONTACT US: 386-405-4411
Jim Tobin REALTOR
YOUR DAYTONA BEACH REAL ESTATE EXPERT
CONTACT US: 386-405-4411
Jim Tobin REALTOR

How Does a Homeowner Qualify for a Short Sale?

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How Does A Homeowner Qualify for a Short Sale?

There are four criteria a homeowner must meet to qualify for consideration by the lender for a short sale.  These are:

  • There must be a demonstrable financial hardship, e.g., a lost job or material change in the financial situation;
  • · There must be a monthly shortfall;
  • · There must be insolvency, meaning that the owner does not have the money to pay down the mortgage; and
  • · The owner does not have any assets to sell to pay for the shortfall.


What is Considered an Acceptable Hardship to Qualify for a Short Sale?

There must be a hardship that is preventing the owner from being able to pay their mortgage.  Examples include: 

  • · Loss of job
  • · Business failure
  • · Damage to property
  • · Death of a spouse
  • · Death of family members
  • · Severe illness
  • · Divorce
  • · Mandatory job relocation,
  • · Medical bills
  • · Military service
  • · Payment increase or Mortgage adjustment
  • · Insurance or tax increase
  • · Reduced income
  • · Separation
  • · Too much debt
  • · Incarceration

 



All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Daytona Beach Area Association Of REALTORS (updated 9/7/24 9:36 PM) |

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