The Short Sale Process
Free Short Sale Advice
The short sale process can be quite cumbersome for both the homeowner and the lender. Both are trying to look out for their own interests – often to the detriment of the other party. As homeowners we need to realize from the outset that banks really don’t want a short sale – they want their money. They do short sales in order to avoid the extra cost associated with foreclosure.
The short sale process starts with the homeowner filling out a hardship letter explaining how they ended up in so much trouble with their mortgage. You’re going to need at least two months of bank statements, a hardship letter, personal financial statement(s), an authorization to release loan information, and a listing contract agreement. You may need to supply more documents at the request of the lender. Yes, these documents are quite personal in nature, but remember that by supplying them we are attempting to prove that we truly “are” experiencing hardship, how we got there, and that we do in fact need to complete the short sale process.
It is a daunting process for everyone involved. The complexities are many, the tranquilities few, and thanklessness aplenty – but if completed, the homeowner wins simply by avoiding foreclosure – and isn’t this the ultimate goal? Avoiding foreclosure is the reason we go through the arduous short sale process in the first place. We may lose a home – but we come out in the position of having dealt head-on with all of our financial troubles. We end up in the best position possible to start over and get ready to purchase our new home.
If you have any foreclosure or short sale related questions, our expert assistance is free.
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