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What qualifies a property for a short sale?

Posted by Tom on December 30, 2006 at 01:40:45:

I've read many post stating that a short sale is the best option for a property in default with no equity and the homeowner still in hardship. What if the property had 10% or 20% equity? If the homeowner is still in hardship are lenders likely to accept a short sale? With 10 to 20% equity, that's not enough to refinance into a hard money loan.

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