How to do a short sale on a home

Are you facing a tough situation that is preventing you from paying your mortgage payment? Distressed homeowners may have an option called a short sale. A short sale occurs when a lender agrees to accept less than the owner owes on their mortgage so that the sale can take place. The best way to do a short sale on a home is by hiring a Certified Distressed Property Expert who understands the process and has experience successfully closing these types of transactions.

In order to do a short sale you will need to provide your lender with documentation that will be used by them to determine if your personal situation qualifies for them to accept less from you than is owed. This documentation will include:

• Mortgage information and statements for all mortgages on the home
• Personal accounts information including your checking and savings accounts
• Income documentation including recent pay stubs and tax returns
• Financial worksheets and a hardship letter written by you that explains why you are unable to make your mortgage payments and what prevents you from selling your home for the full amount owed.

Providing your lender this information is one of the first steps on how to do a short sale on a home. If you believe a short sale will help you or someone you know, call me to learn more about the process.

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