You cannot assume all properties as well as home owner is qualified for a short sale process. To check out if you're qualified, think about the following.
The Home loan is at or Near Default Status.
It once was that lenders probably wouldn't consider a short sale in the event the payments were current, but that's no longer the case. Realizing that additional factors give rise to a potential default, many lenders are wanting to head off future challenges at the pass.
The Property Owner Has Fallen on Hard Times.
Bad purchase decisions such as buying a luxury car does not constitute a hardship, nor does lifestyle decisions like moving to the city. A hardship may be a sudden grave illness or unemployent or any other valid reasons that would cause the property owner to be unable to continue paying monthly installments.
The Seller Does not have any Assets
The bank will probably want to see a duplicate of the seller's tax returns or even a financial statement. If the lender discovers assets, the bank would possibly not allow the short sale because the bank will believe that the owner will be able to pay the shorted difference. Sellers with assets may still be granted a short sale but sometimes be required to repay the shortfall.
The House's Value Has Fallen.
Hard comparable sales will need to confirm that the property is worth less than the due balance due the loan originator. This unsettled balance may include a prepayment fee.
See if all points are true for you. If not, you may have a problem qualifying for a shortsale. However, not qualifying may still be good for you. It means you still have the means to keep your home. A short sale process may not be your only option.
