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Chris Andries' Blog

By Chris Andries-The Andries Team | Agent in Rancho Palos Verdes,...

Solving Your Mortgage Crisis Just Got Easier!

                                 5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

 

First, do you qualify?

You must:

1.       Have a verifiable hardship, like unemployment, medical bills, or relocation

2.       Must have a monthly income shortfall

3.       Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

 

If you meet these qualifications, follow these five steps to a successful short sale:

1.       Contact us so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale

2.       Gather financial information (i.e., bank statements, pay stubs) from at least the last three months

3.       Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford

4.       Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency

5.       Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

 

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call us today. We can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

 


For more infomration click here...http://www.EzForeclosureHelp.com

Comments

By Wes Black,  Sun Oct 9 2011, 21:21
Short sales are becoming a little more manageable. More education as to the processes by the agent, lenders and lienholders have made some progress in shortening the total timeframe from contract to closing.
By Kathy Weber (951) 551-7587,  Fri Oct 14 2011, 11:04
Good Info.....Thank you!

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