SHORT SALES: TOP 10 MYTHS DEBUNKED!
Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale.
Debunked: Years ago this may have been true, but not in 2012.
• A financial hardship must exist, such as the ARM (Adjustable Rate Mortgage) increasing in monthly payments.
• Loss of job or income.
• Health or medical issues.
• Extraordinary loss in home value (which may be considered a hardship).
Check back tomorrow for myth #2.