Negotiating With Your Mortgage Lender...
As a potential seller, you will need help navigating a short sale approval with your mortgage lender. Be up front with your real estate agent. You'll also need to convince your bank that you deserve approval for short sale. This will entail telling your lender about your financial hardships, including layoffs,divorce or medical issues. It will be necessary to provide a lender documentation of your financial woes, such as paystubs, bank statements, copies of medical bills, etc.. While this may seem like an invasion of privacy,try to think of it as the fastest way out of an otherwise overwhelming debt.
Short Sales typically take much longer to close than Repo's and Standard sales, so plan accordingly. If it works you'll avoid foreclosure and a black flag on your credit report.
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