In today's economy it is easier than ever to fall behind on your mortgage. If your income has been reduced, and you have a minor emergency . . plumbing issues, flat tires, medical bills, sick dog that needs extensive vet care . . . the mortgage money goes for the emergency not the mortgage. Trying to catch up can be tricky, and when you sit down to crunch the numbers if there is more going out than coming in you may have a serious problem. Many of our Short Sales are homeowners who are trying to do the right thing. They understand that they cannot afford their home anymore and are trying to work with the bank to find solutions to show their cooperation. Often our clients do not want to give up their homes, but if they are seriously underwater with no change in your income in site a Short Sale could be the first step to trying to help rebuilding credit. Remember that Short Sales are for individuals who are in financial distress, not individuals who are just trying to get out of unfair mortgage payments. Extensive financial paperwork will be required to prove that a Short Sale can happen. Take some time to prepare the following documents in advance to prepare for a consultation.
1.) 2 months of the most current bank statements
2.) Any statements of assets ( 401K etc.)
3.) Recent paystubs ( Last two)
4.) A letter explaining hardship
5.) Documentation of layoffs or unemployment collection
6.) Letter of Hardship explaining what has happened to your income and why you cannot make your payments any more.
Gather these documents together and give Equity Negotiations a call. Our consultations are FREE of charge ( We only take on clients we think we can help) and a short sale does not cost YOU anything, as our commissions are paid by the banks not by homeowners. Visit www.equitynegotiations.com for more information on getting started with your Short Sale and your options.