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A Short Sale is a complex transaction in itself, but there is always one thing that is constant in a qualified Short Sale transaction.
The house must be valued at less than the homeowner owes on their mortgage debt. In other words, the home must be “underwater”.
In most cases there should be a "Hardship". The simple fact that you owe more than your house is worth may not constitute a hardship. A Short Selling bank will entertain a short sale when and only when there is a hardship that will, now or in the future, affect the borrower’s ability to pay their mortgage.
Below is a list of some acceptable "Hardships":
- Mortgage Rate Adjustments
- Loss of Employment or Reduction in Wages
- Business Failure
- Medical Hardship
- Death in the Family
- Military Service
- Overwhelming Debt Obligations
- Job Relocation
As always, If you have questions as to the acceptability of a hardship scenario, you should seek advice from an expert that has been trained in the short sale field.