Frequently Asked Questions

Do I qualify for a short sale?

If any home owner is considering a Short Sale which involves the bank making some form of concession, it is usually necessary for the home owner to be able to demonstrate a valid hardship.

The Distressed Property Institute defines an acceptable hardship as:

A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage.

There are many, many reasons and situations which might create a Financial hardship which may be acceptable to a bank and give them reason to work with you. Here are just a few:

• Change or Loss of Employment
• Medical Illness
• Death of Spouse or Family Member
• Relocation
• Military Service
• Divorce or Separation
• Accident or recent Disability
• Insurance or Tax consequences
• Damage to Property
• Incarceration
• Loan Terms/Adjustments

Essentially, in order to prove a hardship, there has to have been a change in circumstances between when the loan was made and the date of the hardship request.

Do I qualify for a Loan Modification?

According to the Making Home Affordable Website, you  might qualify for a loan modification IF you meet the following critierea:

• The home is your primary residence
• Your mortgage payment is greater than 31% of your gross income
• The amount you owe on your first mortgage is less than $729,750
• You’re having trouble paying your mortgage due to either an increase in your payment or an unforeseen hardship

You will NOT qualify for a loan modification if you have lost your job or have no income to make even a modified loan payment.

Will I qualify to refinance?

The answer to this depends on how much equity you have in your home and your income. The best way to find out if you qualify is to talk with us to get a quick online estimate of your homes current value and then a reputable lender to see if refinancing based on that value is a viable option for you.