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Portfolio Realty is a premier real estate firm serving Virginia, Maryland and Washington DC. The DC metro area real estate market demands high levels of skill, proficiency and knowledge. Whether you are eager to buy your first home, sell your nest egg, invest or relocate to the area, it is important to protect your investment by working with a local market expert.
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Short Sale Hardships

The American Dream is quickly slipping through the fingers of many homeowners that purchased a home at the peak of the market.  Trying to refinance is becoming next to impossible and stress levels are through the roof.  Short sales have become a lot more popular in the past year as more homeowners are trying to avoid foreclosure.  However, trying to dump the burden on your shoulders through a short sale is not that easy.  You have to connect with the right people.  Choosing the right Realtor® with short sale experience is your number one priority.  There are many documents you will need to provide to the lender to show that you can no longer continue making your mortgage payments.

One of the most important documents is the Hardship Letter. Just because you don’t have any equity in your home, doesn’t mean you’re entitled to a short sale. Below are some reasons that will qualify a hardship:

  • Job loss
  • Illness
  • Divorce
  • Death of Spouse
  • Natural Disaster
  • Bankruptcy

Just in case you were wondering if any other reason qualify, here are some that don’t:

  • Bad purchase decision
  • Unhappy with location
  • Purchased another home
  • Pregnancy
  • Home value declined

Along with your hardship letter, you are going to have to provide updated Personal Financial Statements, a Preliminary HUD-1, a Listing Agreement, and a Sales Contract.