Criteria 2
The Homeowner Must be Financially Insolvent
What does that mean? Do you have assets other than your home? If you do, then the lender will want to get his money through another means and may not be willing to negotiate a short sale. The short sale usually costs the lender less money than a foreclosure, but they also want their money and are willing to get it from any method.
It is important to be honest with yourself and your agent before going through the steps to work on selling your home as a short sale. It takes time and money to negotiate the short sale and if there are funds available to pay the lender, you will be much better off to pay and go on your way.
