Short Sales Process & Procedures,Foreclosure homes

If your behind on your payments the first thing to do is contact your lender and request the short sale department. You will be assigned a negotiator that will request your financial information including but not limited to :

1. 1 month of pay stubs
2. 2 months of bank statements
3. Last two years tax returns with schedules
4. Hardship letter
5. Financial worksheet
6. List property on market and provide 3rd party authorization letter

 Now you place the property on the market with a real estate agent that is knowledgeable with short sale transactions. Your bank might give you pre-approved terms or might not activate the short sale file until an offer is received. Once an offer is received the work begins. Your agent should help you negotiator the best terms possible. For example:

 1. Any cash/promissory not contributions required
 2. deficiency amount or waiver 3. Relocation assistance / credit reporting If the offer is accepted then the buyer begins to work on their financing requirements.

Please remember that title must be clear of any judgments or liens excluding the lien from your first mortgage. If you have a second mortgage that will also have to be approved by the second lien holder. If clear title is achieved then closing occurs.

 Important side notes - The homeowner is responsible for the property until title transfers even if the property has been vacated. A short sale can stop a foreclosure sale, however it's not guaranteed.

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 ** all information provided is opinion and writer is not responsible for content**