While the requirements for a Short Sale can vary somewhat according to the type of loan and what bank holds the loan, there are some general requirements.  The Lane Team will be happy to help you determine eligibility for your specific situation.

Basically, the requirements are as follows:

The home must be your primary residence.

There must be a hardship situation that makes it necessary for you to sell your home.  Some examples of hardship include job or income loss, job relocation, divorce, or other financial difficulty.  Essentially, the bank must believe that the property is in danger of foreclosure.

In most cases, the first mortgage must have been originated before 2009.

The loan amount cannot exceed $729,750