Is your home in jeopardy?
Are you behind on your bills?
Are your mortgage payments behind?
Did your interest rate just jump way up...or is about to?
Did you or your spouse just lose their job?
Facing a separation or divorce?
Death or serious illness in the family?
Home no longer worth what you paid for it?
These and other life altering events can have a major impact on your ability to stay current with your mortgage. If you fall behind on your mortgage payments your are at risk of losing the real estate you own. In this market there are a huge number of homeowners facing foreclosure, many more then most parts of the country. Don't be another real estate statistic.
What is a Short Sale?
While completing a short sale can be an involved process the actual definition of a short sale is easy... you are selling your home for less then what is owed to the bank. The bank must approve the short sale and agree to take less then the full amount owed as part of the "steps to a short sale" listed below.
Steps to a Short Sale:
-Realize you are in trouble and that your home is in jeopardy.
-Take action...don't bury your head in the sand and hope the problem goes away...
-Investigate your options
-Call your bank and ask what they can do to help.
-Is it short term? Borrow the money to stay current.
-Find a professional Realtor to help.
-Interview your potential agent to ensure they are an EXPERT at short sales.
-Assemble the documents typically needed to complete a short sale:
-A listing agreement with the Realtor you have chosen.
-Your authorization to share info with you short sale agent.
-A detailed summary of your financial position.
-A hardship letter to the bank.
-Supporting hardship information.
-Bank information.
-The last two pay-stubs for everyone on the loan.
-The last two most recent bank statements.
-Usually some more information depending on your lender.
I cannot stress how important it is to have an expert handle the marketing and negotiation on a short sale. Take any calls from you mortgage lender, you need to show you are working WITH them. They do not HAVE to do a short sale with you...but many will agree to it as a more viable option than the expense of a foreclosure action.
Maintain your home as best you can and allow all reasonable showing of your property.
Read more at www.hartsockhomes.com.
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