Do I Qualify for a Short Sale? - Costa Mesa Short Sale FAQs

By
Real Estate Agent with Donovan Blatt Realty

Do I Qualify for a Short Sale? - Costa Mesa Short Sale FAQs

Have you been considering a short sale on your Costa Mesa home?

Are you behind on your mortgage?

Facing foreclosure?

Don't know what to do?

Well, it's time for some answers.

Generally, there are three requirements that will allow you to qualify for a short sale on your Costa Mesa house.

  1. Monthly short fall
  2. Hardship
  3. Insolvency

Let's look at each of these.

1. Monthly shortfall

This means that you run out of income before you run out of month, ie. your monthly living costs are $8,000, and you monthly income is $6,000.

2. Hardship

A hardship means that you are in a materially different position than you were when you first obtained the loan.

There are numerous types of hardships. A few of them include loss of a job, reduction in income, divorce, illness, and increase in loan payments. These are just a few examples.

3. Insolvency

This simply means that your debts exceed your assets.

If you meet these criteria, it is likely that your lender will seriously consider you for a short sale. There are sellers who have obtained short sales without meeting all of these criteria, though they are typically much harder to obtain when they are not met.

Please contact Christine Donovan at 714-319-9751 for a free consultation about your situation and whether you should consider a short sale on your Costa Mesa home.

More Costa Mesa Short Sale FAQs:

What is a Short Sale?

What are My Alternatives to a Short Sale?

Do I Qualify for a Short Sale?

Will BofA Give Me $30,000 to Short Sale My House?

How Much Will it Cost Me to Short Sale My Costa Mesa Home?

Short Sale Vs. Foreclosure

Can I Short Sale My Home if I'm in Bankruptcy?

Can I Do a Costa Mesa Short Sale if My House is Rented?

Where Will I Go After I Do a Costa Mesa Short Sale?

Will I Be Able to Buy Again after I Do a Costa Mesa Short Sale?

 

 

Originally posted at: Do I Qualify for a Short Sale?

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

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Topic:
Home Selling
Groups:
Short Sales Specialists
Short Sale REALTORS®
Tags:
costa mesa short sale faqs
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