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E-Mail Address
First Name
Last Name
Address
City
State Zip
Home Phone
Work Phone
Ext
-Est. Income per month (add all borrowers)
-Est. Monthly Bills Excluding Mortgage
Rate Credit
Past BK Self Employed
Are You Currently Behind In Your Mortgage
If behind in your mortgage, how many
payments
How Many Loans Do You Have on Your Home
Type of Assistance Desired
Best Time to Contact You
Comments
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California short sale rules do not guarantee that all homeowners qualify for a short sale. The
current lender(s) will request several items in order to evaluate
each file, but there are three easy short sale rules that should be
present in order to determine right away if a household qualifies:
1- There must be a financial hardship. A hardship is
something that has happened, is happening, or is soon to happen that
will effect a homeowner's ability to continue making their mortgage
payment. This event will have happened between the time the loan
papers were signed and today. Some possible hardships include but
are not limited to the following:
Disability
Divorce/Separation
Illness
Military Service
Reduced Income
Too Much Debt
Unemployment
Incarceration
Job Relocation
Medical Bills
ARM loan adjustment
Business Failure
Death of Spouse
2- Negative is actually positive when qualifying for
a short sale as there must be a monthly shortage of money. The
lender will request a financial worksheet to be completed and
submitted. The worksheet will itemize ALL monthly expenditures
including the current monthly mortgage payment(s). While
seemingly difficult, this step is actually very easy
as the lender uses the following equation:
monthly income - total monthly expenses = negative
cash flow
3 - The
California homeowner
must be insolvent. Insolvency to then lender means that you do not
have the means to pay down your mortgage and you have more debts
than you do cash or assets. If you have small reserves of basic
living expenses you will not be disqualified; however; the lender
will verify to make sure you do not have assets that would allow you
to pay your mortgage(s) either now or in the near future.
While a short sale can seem intimidating, the
process is really quite easy and effective as long as the
qualifications are met and as long as you are rely upon an
experienced professional in order to negotiate your short sale.
MIDAS REALTY GROUP is both experienced and knowledgeable in
California short sale rules and in the successful negotiation of short sales. Most importantly, there is
never a cost to the homeowners that rely on our experience and
credentials.
If you or someone you know is in need of the relief
a short sale can provide, please contact our office today for a FREE
consultation at
800-546-2289
or complete
the free evaluation request to the left to speak with a professional
experienced in short sale negotiations.
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California Short Sale
Rules
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