Not all banks who you send your monthly check for the house payment to handle Short Sales the same way. Each bank is a little different so it’s important to have a Certified Distressed Property Expert, helping you with your Short Sale.
As a Distressed Property Expert and Sacramento Realtor® I have helped both home buyers and home sellers with Short Sales. In fact, recently a Short Sale with American Home Mortgage that I helped a Short Sale Seller with was approved in just 34 days from the day they received the completed package from me. Since Short Sales generally take a much longer time for banks to approve, I was ecstatic to help bring closure for the distressed homeowners to completion in such a short time. Short Sale lived up to its name on this one!
If you are having trouble paying your house payment and are thinking of avoiding foreclosure with more of a hit to your credit for a much longer time-period, there are a few steps that I recommend. First and foremost, make sure that you call the bank and/or service provider on your loan. Be truthful and let them know you can no longer afford the payment.
Most banks will give you a phone number to call to see if you qualify for a loan modification. Go ahead and call that number, go through the system so that you can begin the Short Sale process once you do not qualify for a loan modification.
The next step is Short Sale with this Sacramento Realtor® who is a Certified Distressed Property Expert. We will talk about the reason(s) you can no longer make your house payment and I will ask you to have a few items made ready for me when I come to list your house for sale.
One of the items you can work on is called a “Hardship Letter.” You can find examples of the Hardship Letter right here by clicking on Hardship Letter Examples. Make your letter personal and keep it brief.
Then have these items ready for me when I come to list your home for sale:
- Authorization for the Bank to Speak with me, as your Realtor (I will send you a copy of the form)
- Complete the Financial Statement (I will send you a copy of form)
- Federal Tax Returns, including W-2s and all schedules for the last 2 years
- Pay stubs for last 2 months
- Last 3 months Bank Statements
- Your 401K/IRA account information
- Last Mortgage Loan Statements showing loan number(s)
I realize this is a tough time for you and your family and I will help make this Short Sale process as painless as possible. The sooner we get your home for sale and have it ready to show, the sooner this whole ordeal will be over for you and you can get on with your life. Give me a call at (916) 417-2699 if you have any questions or if you are thinking about a Short Sale and need help.
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