mortgage short sale Think a mortgage short sale is the answer to your prayers, and a way to quickly unload your property?

Mortgage shorts sales have become increasingly popular. This provision benefits homeowners who need to sell their home, but can't due to a bad housing market. Additionally, a mortgage short sale benefits home buyers because they're able to purchase a home below cost.

While beneficial for all parties involves, there is a catch. A mortgage short sale is an alternative to foreclosure, which is costly for mortgage lenders. But lenders don't routinely approve a seller's request for a short sale. To qualify for this provision, sellers must be certain requirements.

For starters, the home's market value must have dropped considerably, in which sellers can't find a buyer at their asking price. What's more, a mortgage short sale is usually only granted to owners who've defaulted on their payments. Plus, lenders generally require a hardship letter, in which borrowers have to explain in detail their reasons for requesting a short sale. If unable to meet these requirements, lenders may not approve the request.