Hello everyone, I am Toni Patillo with Keller Williams Realty in Santa Monica, California. Today I would like to talk to you about how to qualify for a short sale. One way to qualify for a Santa Monica short sale is if your home’s market value has dropped. The home must be worth less than the unpaid balance and this is what we consider to be upside down on your mortgage. Next, the mortgage has to be delinquent or the homeowner has to be behind on the mortgage payment or near being behind on payments. Now some lenders are ready to negotiate Santa Monica short sale before the homeowner becomes too delinquent. Another way to qualify for a Santa Monica short sale is to have a legitimate hardship. Some examples of what constitutes a hardship are the loss of a job, divorce, medical emergency, bankruptcy or a death in the family. The lender will want to see a hardship letter explaining why you feel you are no longer able to stay in your home or afford the current mortgage payment.
So, if you are considering completing a Santa Monica short sale on your property, please contact us today. We are here to help answer any questions you may have about the short sale process and how to determine if you might qualify for a Santa Monica short sale. Again, I am Toni Patillo with Keller Williams Realty, and I am your Santa Monica short sale specialist and I am here to help. One thing I would like to remind you is to always seek legal advice before attempting to pursue a short sale. Thanks and we hope to hear from you soon.