The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale.

debt consolidating mortgage application-6debt consolidating mortgage application-65

You want to get $24,000 cash out of your refinance to pay off credit card debt and put a downpayment on a new car.

Calculate a cash-out refinance NOTE: You may also want to consider a TD Bank Home Equity Loan or Line of Credit, which feature lower closing costs than mortgages and allow you to get the cash you need from your home's equity.

You will need to have adequate equity in your home to make this possible.

Example: Your home is appraised at $175,000 and you have $108,000 and 25 years remaining on a 30-year fixed-rate mortgage.

Lenders may not tell you the entire story when you seek to borrow on the equity of your home.

Before you consider taking this step, consider the following information about home equity loans.While it is common business practice for lenders, it can be devastating for you individually.If you default on a mortgage, it can ruin your credit and your financial outlook for the future.Mortgage default is a major setback for you, but it is not the end of the road.If you are faced with a default on your home, you can take measures to get back in good standing with the lender.A homeowner who has a bad credit rating will need to do a lot of work to convince a lender that he/she is creditworthy and responsible enough to obtain that loan.