Short Sale

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How tight do my finances have to be to be considered for a short sale?

To be considered for a short sale of your home, does your monthly expenses have to exceed your income or does it just have to come close? And if it just has to come close, how close?

You need to have a hardship to get your bank to consider a short sale. You'll need to document your hardship for the bank - to include a hardship letter that explains why you can't keep your house, two years of tax returns, your last few pay stubs, and 2-3 months bank statements. There is a LOT of paperwork involved in a short sale. You don't necessarily have to be behind in payments but you need to be able to show that you will soon be unable to make your payments. Hire an experienced real estate professional to help you through the process, as it's very tedious and time consuming.

Good luck!

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