Do I qualify for a short sale strategy?

We would love to help every Fresno homeowner in distress, but the truth of the matter is we can’t. Not everyone qualifies for a short sale.

DO YOU QUALIFY?

Before there can be a short sale, the mortgage lender(s) must be persuaded, with evidence, that it is both necessary and possible to sell short.

The lender is looking for very specific criteria before it will consider approving a short sale and halting the foreclosure plans. We consider the following list of five items to be a good starting point to help Fresno homeowners determine if they should proceed with scheduling an appointment with us:

  1. A documented hardship – The best way to win your lender’s approval on your short sale is to demonstrate that you’ve suffered a financial hardship recently. This hardship must be explained in writing through what we call a financial hardship letter, with supporting personal financial statements. We will help you with this, but in the meantime, let us explain what some past financial hardships have looked like:
    1. Divorce
    2. Loss of employment
    3. Death of a spouse
    4. Job relocation
    5. Unexpected medical bills
    6. These are just examples and DO NOT constitute the only reasons for financial hardship
  2. A mortgage loan in default – If you are already missing mortgage payments or you are about to miss payments because of the financial hardship we spoke about above. Have you received your NOTICE OF DEFAULT already?
  3. Negative home equity – This is a common occurrence in the current housing market. Negative home equity is sometimes referred to as being “upside down” (hence our logo), or “under water.” All this refers to is owing more on your home than the home is worth in the open market.
  4. Property is unaffordable – In addition to your documented financial hardship, you can no longer afford to remain in your home and make the payments because you are financially insolvent. A five-figure savings account doesn’t constitute being insolvent.
  5. Homeowner cooperation – The homeowner must be willing to cooperate with us, the lender(s) and any potential buyers. Without this buy-in from the homeowner, it isn’t worth our time to get involved. We will need private documents to use in our negotiations on your behalf with the bank, we won’t have answers back immediately and without homeowner cooperation, the end goal just isn’t possible.

HOW DO WE GET STARTED?

If you understand what a short sale is, why you should choose a short sale over foreclosure and, based on the list from above, you think you qualify for a short sale strategy, then we should be working together. Time is the enemy here so we need to visit over the phone or in person as soon as our schedules will allow.

Here is how to start working with our team.