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

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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.




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