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How Do I Qualify for a Short Sale in Michigan?
Lenders do not automatically allow a homeowner to sell property at a loss through a short sale. Certain conditions will need to be met in order for the institution to allow you to sell your home through a short sale. Our team can negotiate with your lender to get them to agree to accept an amount lower than what you currently owe on your mortgage.
There are certain conditions you must meet to qualify for a short sale:
- First and foremost, the one condition that must be met in order to qualify for a short sale is the property owner must prove he or she is not able to make payments on the home. You will be required to prove financial hardship through documentation including W-2s and bank statements. These documents will be used to generate a hardship letter requesting a short sale from your lender.
- Besides showing personal financial hardship, you must show the average sale price of homes in the area are not enough to cover the remaining balance on the mortgage. The lender wants to see they will still be at a loss even if you sell the home at a fair market value.
- When struggling with your mortgage, you may find yourself already in the foreclosure process before the option of a short sale becomes available. In order to have your lender agree to a short sale, you must be more than 60 days away from eviction from the property.
However, not every property owner has to be in foreclosure in order to qualify for a short sale. Lenders are more frequently open to allowing short sales if you are behind in your mortgage payments but have not entered into a foreclosure.

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Contact Our Firm Today
The Michigan short sale lawyers at Grewal Law PLLC can provide you with the short sale legal advice you need when moving forward with this option for your home. We can also negotiate with your lender to help you work out a short sale if possible.


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