Posted on Dec 7, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s short sale specialists. I wanted to talk to you about hardships today. I get a lot of questions dealing with homeowners wondering if they have a valid hardship, or wondering if they would qualify for a short sale.

Typically the valid hardships that banks will entertain are loss of job, increase in debt, or relocation. They all typically go back to one thing and that’s not enough money. So you don’t have enough money to sustain this residence and move to another property or you don’t have enough money to maintain this property at this current mortgage. That’s not to say that they wouldn’t approve a short sale if you didn’t have a hardship. It is on a case by case basis.

I have completed short sales and most of the time my sellers have a valid hardship. I have also closed short sales where my sellers didn’t really have a valid hardship, so it’s really lender based and what their opinion of it is. If you back a lender into a corner, and you’re not making payments then they just have to make a loss mitigation decision maybe they don’t like it, but it is absolutely cheaper for them to complete a short sale over a foreclosure.

So, if you have any questions on your specific situation, give me a call. Again, I’m Mark Peeks with Keller Williams Real Estate, one of Roseville and Sacramento’s short sale specialists and I look forward to working with you soon. Thanks and have a great day.

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