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Am I eligible for a short sale?
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The short answer is YES. Anyone who owns a property with negative equity is eligible for a short sale. Financial hardship is the most common reason for pursuing a short sale. However, there are many different reasons and circumstances that may lead a homeowner to consider a short sale. If any of the following describe your situation, you should contact the AZ Short Sale Team to determine if a short sale is right for you. - You are experiencing a financial hardship and are behind on your loan payments. A financial hardship may be due to loss of employment, reduction in income, divorce, medical bills, business failure or other factors.
- You are not behind on your loan payments, but know that you will soon be unable to keep up with your monthly obligations due to financial hardship. This is called being “at risk of imminent default.”
- You are not behind on your loan payments but need or want to sell. Reasons could include a job transfer, health reasons, expanding family, retirement, inability to rent an investment property or other circumstances.
You are not behind on your loan payments, but have determined that keeping your property is not a good business or financial decision. This could apply to a primary residence, second home or investment property.
To be eligible for a short sale, you do not necessarily need to be experiencing a financial hardship. Your financial situation will, however, affect the outcome of your short sale. Please click here for more information about possible short sale outcomes. |
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