If your loan amount is now higher than what your home is worth in Martinsburg, Hagerstown, Charles Town, Frederick or the surrounding areas and you need to sell, contact me to discuss your option of a short sale.

Many people are unfamiliar with the short sale process and may think foreclosure is their only option. For example I recently sold a Martinsburg home for $240K which the loan amount was for around $350K. This is a $110K difference that the bank accepted.

Here are the first initial steps you may want to take to see if a short sale will work for you.

1. Contact your lender. If one than one bank is involved, contact each one. Ask to speak to the loss mitigation department, short sale dept. or whomever may handle the short sale.  It may take a talking to a few people before you get in touch with the right one. Have you loan number ready to give them.

2. Let the bank know the reason you need to sell and your intention of doing a short sale. Get their feeling of if they are open to the idea.

3. Ask the bank what you will need to provide them.

4. As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on legal advice or tax ramifications. So if you have questions regarding these issues please contact them.

5. Call me to discuss further the short sale process and the marketing of your home.

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