Solving
Your Mortgage Crisis Just Got Easier
5 Steps for a Successful Short Sale
Lenders and the federal government, prompted by the sheer
volume of loan modification and short sale requests, have overhauled their
systems and programs, making the foreclosure avoidance process much easier than
in the past.
If you are considering short selling your home to avoid the financial
and emotional fallout of foreclosure, you should be aware of the five steps you
should take to increase your chances of a successful transaction.
First, do you qualify?
You must:
1.
Have a verifiable hardship, like unemployment,
medical bills, or relocation
2.
Must have a monthly income shortfall
3.
Be insolvent (you have no cash or assets that
can be sold to pay down the mortgage), or headed towards insolvency
If you meet
these qualifications, follow these five steps to a successful short sale:
1.
Contact me so we can identify your servicer,
fill out a short sale packet for the lender, and assemble all the required
information needed to list your home for sale
2.
Gather financial information (i.e., bank
statements, pay stubs) from at least the last three months
3.
Keep your house in showcase condition for
showings, and make as many repairs as necessary and that you can afford
4.
Expect the lender, junior lien holders, and
private insurance companies to request more paperwork, and try to gather
requested information quickly to ensure transaction efficiency
5.
Set realistic expectations and work with me, the
lender, and the buyer to the satisfaction and benefit of all parties involved
For more
information about how the short sale process works, or about any other
foreclosure alternatives you may qualify for, call me today. I can help you
alleviate the burden that the threat of foreclosure brings, and we can develop
a strategy to help you breathe a little easier.
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