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Is relocating for a job when upside down typically accepted as a hardship for a short sale?

  • February 27 2013 - Las Vegas
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Answers (8)

Profile picture for rrbridges
Hi user1501448. The short answer to your questions is Yes.
  • February 27 2013
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If you are determined to leave Las Vegas, and can verify that you have either moved, or found employment out of State, we will be able to document the hardship.  We really need to chat though to discuss your exit strategy.

Best wishes.
  • February 27 2013
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Profile picture for user1501448
Thank you for all of your good advice!
I thought it might be helpful to add that I do not have a new job in the new location yet. I'm simply pursuing it because I want to move out of Las Vegas. I've always paid my mortgage on time and continue to do so. There hasn't been any financial hardship or change to my situation, just personal preference and desire to move.  Currently my condo is worth approximately half of what I owe.Wondering if any of that makes a difference...
  • February 27 2013
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Hello User,

Good Question.  I have successfully negotiated dozens of Short Sales and can tell you that relocation is one of the reasons on the list of acceptable hardships.  Unless your income is quite high and your savings and checking accounts show a significant amount of money in them, we should have no problem negotiating a successful and quick Short Sale.  Also to be considered is the need to have the Bank agree not to pursue a deficiency.  This takes a bit more finesse, but we have gotten this agreement 100% of the time.  Contrary to what has been posted earlier, we have had greater success getting people approved than in years past.  It is all a matter of having the right contacts at the Bank which we have nurtured over the years, and knowing how to properly package your Short Sale.

By the way, this waiver of deficiency is critical because if the bank does not waive the deficiency and you are upside down by any amount (most people these days in Nevada seem to be upside down by at least $100,000) the Bank can come after for you for 6 years.  You do not want this size of debt hanging over your head for 6 years.  If you have further questions, please do not hesitate to email or call.

Best of luck, and thanks for reading.
  • February 27 2013
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In general that is one of the hardships lenders consider but all factors of the seller's financials will be reviewed by the lender. Usually 2 years taxes, 2 months of pay stubs and bank statements, financial overview which they do verify. The lenders are toughening up on sellers in a short sale this year compared to years past. Please feel free to contact me directly if you would like me to review your personal set of circumstances. Good Luck!
  • February 27 2013
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Needing to sell right away because of a job transfer or employment opportunity elsewhere is indeed considered a hardship [if the home is currently upside down].  The reasons for a hardship should be made very clear and honestly.  It is still up to the lender to decide if that reason, alone or combined with other hardships, is enough.
  • February 27 2013
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Relocating for work, if far enough from the property, is one of your best shots at getting a short sale accepted.  However, like Suzanne said the final say is from the lender and there is almost nothing "typical" about short sales.
  • February 27 2013
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I would think so. But, the lender ultimately decides. I advise that you call your lender and ask. Good luck, Suzanne Looker
  • February 27 2013
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