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The Three M’s of Short Sale Hardship

Will you qualify for a short sale? What is your hardship?

When considering the possibility of a short sale, it is important to know what your hardship is, and be able to communicate it clearly, along with supporting documentation, to the bank.

Here are the Three M’s of Hardship:

1. Medical. Something has happened with regard to your health, or to the health of one of your family members, which has caused you to lose income, or to deplete savings.
2. Marital. You are having marital problems, either separation or divorce, which has caused a decrease in income to the household, and the desire to sell the home.
3. Money. You have either lost your job or have had a decrease in salary which has impacted your ability to pay your mortgage.

Any one of these situations, when documented, will help to support your case with the lender.

For more information, contact me and I’d be happy to help.

This entry was posted on Tuesday, August 18th, 2009 at 5:31 pm and is filed under Selling a Home, Short Sale - Avoiding Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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