Do I need to show income to get a short sale approval?

[zuprion]

Since I can't get hired, I am seriously considering a graduate program to switch careers and make myself more employable. However, I spoke to someone at the bank and they mentioned that in the short sale process if I get an offer for the property, the investor would ask for my financials. If I don't show any income flowing in each month at the time of short sale because I am in school, could the short sale get denied on that basis? Ideally, can anyone speak from experience with short sales while in grad school?

[SurfwhenUcan]

If you live near where you're going to school, I recommend you stop making payments and try living in the place as long as you can. If this appeals to you, visit The HAMPster Wheel Game thread.

If school is far away, from what you've posted, I would just split. Call the utilities, shut'em off, pack up and move out. It would be a good idea to keep paying the homeowner's insurance though, to minimize your liability if some squatter chops their hand off or OD's in the kitchen and burns the house down after you're gone.

Short sales can lead to endless hoops to jump through. If you stop making payments, there's not a lot the bank can do other than take the house back.

[zuprion]

Thank you for that. If one of my properties is a condo, does that need homeowners insurance if we have an ins. policy through the association?

[SurfwhenUcan]

Thank you for that. If one of my properties is a condo, does that need homeowners insurance if we have an ins. policy through the association?

I want to say that if the HOA isn't being paid the insurance isn't being paid and you could be liable if anything happened but I just don't know. Maybe someone else knows the answer to this?