Are you facing foreclosure and think you're out of options? Many homeowners are facing this very situation.  A short sale may be a solution for you and your family.  A short sale is described as a transaction in which the the bank agrees to accept less than the total amount owed on a mortgage as payment in full.  A potential short sale candidate must qualify by meeting certain lender requirements.  How do you qualify for a short sale?   Basically, if a homeowner has little to no equity, is behind on payments, and has a legitimate hardship, they are a good candidate for a short sale.   What kind of hardship qualifies you for a short sale? Lenders will accept as a qualifying hardship a death, divorce, loss of income, the rate on an adjustable rate mortgage  has risen significantly, and there are other situations that the lender will consider.  Many lenders will now consider a short sale before a homeowner is behind on their mortgage payments, if there is a qualifying hardship. What's the benefit? The homeowner benefits by not having a foreclosure on their credit report.  A foreclosure can damage a credit report by 250-280 points and the individual cannot buy another house for 5-7 years.  With a short sale, there is a hit of 60-90 points and the individual can buy again in 18-24 months.  The bank benefits with a short sale by not having Real Estate Owned on their books.  REO's restrict the amount of money that a bank can use to make new loans, so it restricts their revenue stream.  They are willing to take a reduced amount to not have the REO's and they do not have the attorney fees associated with a foreclosure.  Another benefit to the homeowner is that the bank will pay all associated costs, meaning no cost to the homeowner. Is a short sale right for you? If you think a short sale is the right option for you and your family, please contact us for a free consultation today.  We may only have a short timeframe to negotiate a short sale with the bank due to the aggressive nature of the foreclosure process.  Contact River Valley Home Rescue,LLC at 479-719-2644.