Alexandria VA Real Estate and Short Sale Information and Resources - Because of the City of Alexandria's proximity to Washington DC, its inside the Beltway location has offered some protection from the declining real estate market not afforded to the surrounding jurisdictions. But no area is completely immune to the current ecomony. If you own a home in Old Town or Del Ray in Alexandria VA, and you are facing a financial hardship, a short sale can be an alternative that helps you prevent foreclosure. Some bank approved hardships include:
- Job loss
- Forced job relocation
- Inheritance of real estate
- Military assignment
- Medical Illness
- Significant loss of income
As a home owner, it's not in your best interest to give up and walk away from your home. A foreclosure can have a devastating impact on your credit, and your ability to rent or secure another job.
Your financial hardship must be legitimate and you will be asked to provide supporting documentation on your current situation. This includes past pay stubs, current bank statements, and a list of your current monthly expenses.
Banks don't want to foreclose on your home, remember, banks are in the lending business not the property management business. If you can prove hardship, then the bank will be more likely to accept a short sale because the foreclosure process will be more costly.