There’s going to be a bit of paperwork at the beginning. Getting a short sale approved is much like applying for a loan, only in reverse. Instead of needing to prove you can make your payments, you need to prove you can’t.
Some things I highly recommend …
Call your lender or lenders to see if they have any programs that might be able to provide assistance. Many homes in the Phoenix area will not qualify for lender’s loan modification programs; still, it’s crucial for sellers to get the lines of communication with the lenders open. Ignoring the problem will not make it go away!
(Many lenders have their own short sale information packets that you’ll need to complete so it’s also worth asking on the first phone call to have one sent out to you.)
Talk to a real estate attorney or paralegal with experience in the short-sale and foreclosure arena to discuss your options, including but not limited to foreclosure, deed in lieu of foreclosure, selling via short sale or bankruptcy, and determine what your best course of action might be. In your packet will be a form that says I recommended this and asking for you to sign a waiver if you choose not to do so.
WHATEVER YOU DO, don’t remain quiet, not contact anyone about the difficult situation that you face and hope it somehow will evaporate on its own. Help is available from a number of sources for those who ask.
To receive our free short sale information packet, simply fill out the form below and I’ll have it out to you within 24 hours (and usually much sooner).
IMPORTANT NOTICE: JONATHAN DALTON AND REALTY ONE GROUP ARE NOT ASSOCIATED WITH THE GOVERNMENT, AND OUR COMPLIMENTARY SHORT-SALE NEGOTIATION, IF NEEDED, IS NOT APPROVED BY THE GOVERNMENT OR YOUR LENDER. EVEN IF YOU ACCEPT THIS OFFER AND USE OUR COMPLIMENTARY SERVICE, YOUR LENDER MAY NOT AGREE TO CHANGE YOUR LOAN. IF YOU STOP MAKING PAYMENTS ON YOUR MORTGAGE,YOU COULD LOSE YOUR HOME AND DAMAGE YOUR CREDIT RATING.