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Short Sales Sellers need to pass a hardship test with the lender to sell the home via a short sale.  There must be a provable reason why you are not able to keep the house any longer.

Look at your situation and ask yourself these questions:

• Since buying the home, have you lost your job?
• Did you have a bad accident or illness that prevents you from working?
• Do you have large new medical bills that you acquired after buying the home?
• Have you been relocated to another city or state?
• Has your interest rate gone up to a point which makes it hard for you to pay your mortgage?

What is there is no hardship?

If you have taken all the equity out of the house and are now in debt, that is not a hardship.  If you bought your home at the top of the market and it’s worth less now than what you paid, that is not a hardship.

The Asset Test: Do you have any assets?

• Do you have money in CDs or Savings Accounts?
• Do you have stocks or bonds?
• Do you have equity in other properties?

If you have any of these types of assets, the lender will not take all the loss.  They will only accept the short sale if you are contributing as well to the loss.