If you're in danger of losing your house to foreclosure, and you want to try to do a short sale instead, I know you have a lot of questions.
When I sit down with people to discuss the short sale process, their questions and concerns take center stage over the information I need to get from them. The whole process is so emotionally draining, it would be a great help if the following questions were answered, and info gathered before I arrive.
That way, we don't have to spend time going over all this, but I can focus on what you need from me.
Feel free to print this page and jot down your answers in preparation for our meeting.
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Are you current on your payments?
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Why do you want to short sale?
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Would you prefer to keep the property? If so, have you tried a loan modification or some other type of workout?
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Do you have a hardship? Please summarize here (common hardships are job loss, divorce, illness). Most mortgage holders will require you write a hardship letter. I will assist you with that if you so desire.
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Are you current on HOA fees?
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Are you current on your water bill?
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Are you current on your power bill?
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Are you living in the property?
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If so, do you have a place to go once it sells?
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Does anyone who's named on the title have any liens or judgments?
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If your lender requires some funds from you in order to release their lien, do you have any funds to contribute?
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If your lender requires you to sign a promissory note in order to release their lien, are you willing to consider doing that?
About your loan -
Do you have one loan, or do you also have a second and/or third? Please answer the following questions about each loan:
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Is it a conventional loan, VA, or FHA?
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Who is the mortgage holder (including address and phone number. I will also need the account number once you decide to work towards a short sale)
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What is the approximate balance?
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Have you receive notice of foreclosure proceedings (or being 'sent to collections' for a second)?
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Have you started any paperwork with your lender?
Upcoming information I will need:
Social Security numbers of all people named on the loan. I need this in order to get approval to speak with your lender about your loan. I will first need to get a copy of the mortgage holders' authorization form.
Hardship letter
Other Posts That Might Be Helpful
A Word of Encouragement During a Tough Short Sale
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I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver.
Copyright © 2011 Joetta Fort, The DiGiorgio Group
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