Qualifying for a Short Sale?

[williamsmth2]

How do we know that we Qualify for a Short Sale.

[donaldfred]

why shortsale.

If you answered yes to any of these below questions, then your best option is a short sale.

* Are You Facing a Foreclosure?
* Have You Been Denied a Modification?
* Are You Upside Down On Your Loan?
* Do You Want to Minimize Damage to Your Credit?
* Do You Want to Postpone Foreclosure and Deficiency Judgments?
* Do You Want Solutions Towards a Fresh Start?
* Do You Want to Dispose Your Debt and Avoid Future Collections?
* Are Your Mortgage Payments Skyrocketing?

[HHM]

If you answered yes to any of these below questions, then your best option is a short sale.

* Are You Facing a Foreclosure?
* Have You Been Denied a Modification?
* Are You Upside Down On Your Loan?
* Do You Want to Minimize Damage to Your Credit? [FALSE, Short sale and Foreclsoure are EQUALLY Damaging to your credit.
* Do You Want to Postpone Foreclosure and Deficiency Judgments?
* Do You Want Solutions Towards a Fresh Start? [A Short sale does not do this. You are typically stuck with a deficiency of some kind. And odds are, if you are facing a short sale, you have other debt issues that cannot be resolved by unloading your home.
* Do You Want to Dispose Your Debt and Avoid Future Collections? A short sale doesn't do this, you will either have a collectible debt against you or an IRS issue.
* Are Your Mortgage Payments Skyrocketing?

Here is a very good blog post about the "truth" of short sales; with actual links to statutes and case law.

http://askmethner.com/?p=297

[dscurlock]

If you answered yes to any of these below questions, then your best option is a short sale.

* Are You Facing a Foreclosure?
* Have You Been Denied a Modification?
* Are You Upside Down On Your Loan?
* Do You Want to Minimize Damage to Your Credit?
* Do You Want to Postpone Foreclosure and Deficiency Judgments?
* Do You Want Solutions Towards a Fresh Start?
* Do You Want to Dispose Your Debt and Avoid Future Collections?
* Are Your Mortgage Payments Skyrocketing?

all of this is misleading info. You have to fill out a hardship form, and it is up to your mortg company if they want to accept or approve your home for a short sale.