In This Section | Preparing For Your Shortsale
In today’s economy, many homeowners across the country are facing uncertainty. Despite every attempt to hold on, foreclosure may loom as a real possibility for families, often leading to feelings of anxiety, depression and loss of self esteem. Don’t give up! It is important to handle the problem promptly and directly to avoid devastating outcomes.
Have you missed your last mortgage payment? Even if your lender has begun procedures to repossess your home, it doesn’t mean you’re out of time or options. Here’s what you should do:
- Organize your personal and financial documents. Gather everything your lender will need ahead of time. Whatever option you choose, the process can be expedited by having all the documentation ready. Although each lender has its own forms and requirements, the following is a typical lender request:
- Checking account statements
- Recent mortgage statements
- Savings account statements
- Last 2 paycheck stubs for all wage earners
- Past 2 years’ tax returns for all filers
- Hardship letter explaining why you can no longer make your payments
Also, be prepared to keep your lender updated monthly by submitting checking and savings account statements and employment income pay stubs.
- Contact your lender. Your lender does not want to take your home back; the bank is in the money lending business – not home ownership. Be sure to discuss appropriate solutions with your lender representative, then share that information with your real estate agent, attorney and tax counselor.
- Contact a real estate agent. Select a reputable real estate agent to list your home who is knowledgeable about the market and the short sale process. Beware of so-called rescue scams or mediators that promise a quick resolution to a pending foreclosure for an upfront fee, which is illegal. Reputable counselors do not guarantee that a foreclosure can be stopped, under any circumstances. A knowledgeable real estate agent, especially one with CDPE training (certified distress property expert), should be able to guide you through the process.
Our Foreclosure Assistance Service gives you access to information normally available only to real estate agents and industry insiders. If you have more questions about which situation is right for you, or you’re looking for a distressed home, give us a call, and we’ll get you the assistance you need.