What To Do When You Know That You Can’t Afford Your Home

Okay, so you know that you need to short sale to save your long term credit and get relief from your mortgage debt.  

Here some things that you should not do:

1. Buy a large purchase like a car or boat.
2. Transfer your money to someone else.
3. Buy another property.
4. Put small purchases on your credit card like eating out.
5. Try to hide anything from your lender.
6. Spend money fixing up your property.


Now for what to do:

1. Get your documents together to prove your hardship.  For instance if your hardship is crime in the neighborhood, provide police statements.
2. Start collecting your tax returns for the last 2 years, 3 payroll stubs and 3 bank account statements.
3. Get your home for sale and notify the public that it is for sale to get an offer as quickly as possible.  Nothing happens without a buyer.
4. Contact your Homeowners Association for your payoff.
5. Find the most competent and certified real estate agent to help you get the short sale done.

Processing a short sale with a lender is a calculated and precise event that takes both the stamina to complete the job but also a finesse to keep a buyer actively in place while presenting the facts to your lender about your sale. 

For more information on short sales go to www.ssrules.com. Rhonda Duffy is an Elite Certified Short Sale Specialist and is the ONLY Elite CDRS designated real estate broker in Georgia.