Short Sales

Understanding Causes of Distress

In order for a bank to accept a short sale, the borrower must have verifiable financial hardship.

Examples of acceptable financial hardships are:

  • Loss of Job
  • Business Failure
  • Damage to Property
  • Death of a Spouse
  • Death of family members
  • Severe Illness
  • Inheritance
  • Divorce
  • Mandatory Job Relocation
  • Medical Bills
  • Military Service
  • Payment Increase or Mortgage Adjustment
  • Insurance or Tax Increase
  • Reduced Income
  • Separation
  • Too much debt
  • Incarceration

These will all have to be proven through signed letters along with additional documentation that will be submitted to the mortgage company.