Who Qualifies for a Short Sale

The following situations will help you determine in most cases if you qualify for a short sale:

1. Underwater - If you owe more than your home can sell for, this means you are "underwater" or "upside down." If you purchased your home after 2004, this is most likely the case. If you decided to sell the property and would have to contribute hundreds of thousands of dollars, this can be the cause for a short sale.
2. Financial Hardship - Having a financial hardship will or has caused you to miss payments. Listed below are examples of hardships:
1. Mortgage adjustment
2. Job loss or curtailment of employment
3. Failed business
4. Excessive debt
5. You owe more on the property than fair market value
3. Monthly Expenses Exceed Income - The bank will require that you demonstrate your financial hardship. The income and liability worksheet in the Forms section of the Web site will help you calculate your monthly shortfall.
4. Insolvency - The bank will want to see that you don't have the cash to pay down your mortgage. This type of insolvency will help with the ability to short sell.

You can use our free tools to determine if a short sale is feasible and right for you.   Answer these questions after you have completed your research:

• Have comparable homes in your zip code sold for less than your mortgage balance?  If so, you are a good candidate for a short sale.  In fact, even if homes have sold for more than your mortgage balance(s), but if the net proceeds of a sale by you after deducting a 5% real estate commission and another 2% for sales costs would be less than your mortgage balance(s), then you may be a good candidate for a short sale.
• Are there ten or more homes in any foreclosure category in your zip code? If so, then you are probably a good candidate for a short sale.
• Check the foreclosure law section for your state. Does your state allow a lender to take a deficiency judgment?  If so, you should pursue a short sale to save yourself from further economic damage, beyond the loss of your home at sheriffs’ sale.
• Do you have limited savings excluding retirement accounts?  If so, you may be a good candidate for a short sale.
• Has your income recently declined? If yes you may be a good candidate for a short sale.

You now know if you qualify for a short sale. If you do, you should submit your application to Housing Angels℠ for a free initial evaluation:

• For the fastest response, please submit the short sale forms, call us at (602) 745-1111 or print the application provided here and send it by regular mail to 7655 E Redfield Road #8 Scottsdale, AZ 85260, AZ 85323. We will respond promptly, usually within 24 hours.