Not everyone qualifies for relief via a short sale. The borrower generally needs to…
Be in default, and clearly demonstrate that he cannot cure the default.
Show that hardships disallow him from qualifying for forbearance or modification agreements.
Convince the lender that the property cannot sell for enough to cover the outstanding loan balance.
In addition, the loan and lender’s criteria must permit this solution (not all do).
Not everyone qualifies for relief via a short sale. The borrower generally needs to…
Be in default, and clearly demonstrate that he cannot cure the default.
Show that hardships disallow him from qualifying for forbearance or modification agreements.
Convince the lender that the property cannot sell for enough to cover the outstanding loan balance.
In addition, the loan and lender’s criteria must permit this solution (not all do).