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Yes, many short sale lenders consider a serious illness a hardship. Receiving a diagnosis of a chronic illness, having a serious health event such as a heart attack, cancer, or a recent diagnosis of a disability that will affect your ability to earn future income, will generally qualify you for a short sale. Potential short sale sellers should provide a personal hardship letter describing the details of the illness and how it requires them to sell their home or how it impacts their ability to pay the mortgage.
What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.