Legal Corner

-List Your Site Here! -- Targeted Advertising For Just Pennies A Day! -Tell A Friend - Bookmark This Page

LegalCornerTM - Foreclosure and Short Sale F.A.Q.'s

Find A Lawyer
Law Area:




Search By:


Q.Is proving a Financial Hardship essential to getting the lender to agree to a short sale?

A.Yes. Before approving any short sale, almost every lender, if not all of them in state's without anti-deficiency legislation, will require the borrower to prove they have a legitimate financial hardship. A lender will only agree to a short sale if they determine that the short sale will net them more money than proceeding with the foreclosure process. If the borrower is merely seeking to dump a bad investment, the lender will try to find a way to collect from the borrower's other assets or wages.

Copyright 1999-2019 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.