Get the facts about Short Sales in Manhattan New York or short sales for anywhere in the state of New York. PART 3
Do You Qualify For A Short Sale: Most lenders will consider allowing a Short Sale if there has been a change in circumstance after the loan was initally obtained which prevents the borrower from making payments. 
Some of the possible reasons:
- Loss of income
- Divorce
- Job Transfer
- Medical Bills
Have you been making your mortgage payments? If so, some lenders will not approve your Short Sale. Most lenders are overwhelmed with these short sale files before yours from mortgagors that cannot pay, and you are paying. That does not mean you won't be approved, if the source of payment is from your retirement fund, or getting cash advances from your credit card to make payments and etc, that can be approved as hardship. Important to remember, not making payments will affect your credit. It's a personal decision for you to make. 
The lender will want a Hardship Letter explaining what happened to cause the inability to keep up with mortgage payments. An unsatisfactory reason would be "the market has declined".
Having Short Sale in Manhattan New York - New York is complicated, SELLERS or BUYERS please read our series in order to better understand what a short sale is and how we will proceed on with the short sale. If you are thinking about doing a short sale in Manhattan New York city market, call Eileen Hsu or Morgan Evans at (212)321-7122 for futher details and your confidential short sale intake evaluation.
- Short Sale in Manhattan New York - New York Part 1
- Short Sale in Manhattan New York - New York Part 2
Copyright © 2009 By Eileen Hsu, All Rights Reserved. *Short Sale in Manhattan New York - New York Part 3*
Eileen, you are right the hardship letter may help but a market decline doesn't qualify.
I am finding that the banks are now hiring asset managers to manage the short sales. What a pleasure when the bank/asset manager sets the pricing and helps facilitate the sale!