Hello, many people are in this position at this time just know you are not alone. This can be a long process depending on your bank and the circumstances of your original loan. Here is a site that can answer many short sale questions. http://www.SWFloridaShortSale.com
regardless of where your home is most of the information covers banks procedures anywhere.
Here is what you can do to determine what is best for you and your family, first thing is to stay put the bank does not want you to leave the home vacant it is more costly to them and a liability to you. You are responsible for the home until your name is removed from the mortgage and the deed. To begin you will want to contact the bank to inquire on a short sale and your banks short sale package requirements most banks will request this information anything additional will be individual to your bank/loan:
2 years tax return all pages
2 months of most current bank statements (they may ask for this several times)
1 month of pay stubs for all parties on the mortgage (they may ask for this several times)
financial statement (a list of bills due for a month period of time, don't forget to divide what you pay yearly)
hardship letter, explain what has occurred to put you in this position
You will need to list the home with a Realtor and provide
a listing agreement
authorization to speak with the bank
The Realtor will market the home for a buyer then add to the "short sale packet"
the buyers offer contract
buyers proof of funds to purchase
with all items the Realtor will submit to the short sale department for the bank to determine the net amount needed to accept a short sale at which point they will either accept the offer, counter or reject it. Once an approval is accepted and the terms of approval agreed the closing will proceed at which time you and your family will relocate to a new home. Prior to that relocation you will need to determine what you will be comfortable paying for rent each month then save enough for first last and security to relocate.
If anyone has any further questions on your individual needs or would like to list your home in SW Florida Cape Coral, Fort Myers, Lehigh, Bonita, Sanibel etc please contact me.
Marzia Rivera, Realtor
Carney Realty & Associates, inc