If you're doing a short sale, you might need to bring money to the table.

If you are in the unfortunate situation in which you need to short sale your home, don't think you are in the clear 100% and go on a shopping spree.

I had a short sale where the husband lost his job so they fell behind in mortgage payments for 3 months. They racked up credit card bills and felt like they were drowning.

Thank God the husband got a job 4 months later but the bank didn't want to cooperate with them and slapped on fines and late fees. So they ended up doing a short sale.

The bank reviewed the seller's bank statements and paycheck stubs and dec'd that although they were just 3 months behind, they could afford to bring money to the table. I think the bank statements showing Macy's, lots of eating out...didn't help matters. The bank asked my seller to bring $3,000 to the table. My sellers were really upset but I explained to them that the bank feels, from the financials they submitted" were in the position to bring the money to the table. We ended up negotiating the bank to taking $1,500 and for it to be paid over the course of 2 years ($62.50 a month).

So you should be prepared to bring money to the table. It doesn't always happen but it can happen. I had a short sale where the seller didn't make a payment for 17 months - the bank wanted some money at the table!