|
What is the first step?
First and
foremost, contact your lender. This will aid in
future communications by showing your intent to
resolve the matter with honesty to satisfy the loan
balance on your home to the best of your abilities.
Secondly, contact a qualified and experienced
REALTORŪ, an attorney, and accountant. As a local
REALTORŪ and expert we may be able to recommend both
an attorney and accountant to assist you with the
activities in the process that requires a practicing
law expert. Our team will be an incredible ally in
the process, offering guidance and recommendations
and ultimately being a key to the success of a short
sale.
You should also determine if you will
qualify for a short sale
by undergoing an analysis of your financial
situation.
An example of some of the documentation that you may
be required to provide includes, but is certainly
not limited to, the following:
Letter
of Authorization -
Lenders
will not disclose your personal information
without your authorization to do so. With so
many parties involved in a short sale, a letter
of authorization will aid in cooperation and
information sharing. The authorization letter
should include the address of the property, the
loan reference number, your contact information,
the date, and your real estate agent's name and
contact information.
Preliminary Net Sheet
-
This is
an estimate of the sales price you expect and
the expenses associated with the sale of your
property, including unpaid loan balances and
fees. If you are unsure of how to calculate this
information, a qualified REALTORŪ will be
extremely helpful.
Proof of
Income -
Bank
statements, savings accounts, and information
regarding investments, cash, and additional real
estate you own, should be provided to your
lender. Your lender will require full disclosure
of your financial situation in order to
determine that your debt is worthy of
forgiveness. Any document or evidence you can
provide-from
receipts for pawned merchandise, diverse papers,
copies of any late bills, and more-can be taken
into consideration.
Comparative Market Analysis (CMA) -
When markets decline and property
values fall it often affects your ability to
sell your home at a price that will satisfy the
total loan amount. Proving this information to a
lender through a CMA report prepared by your
real estate agent, will show the price of homes
similar to yours that are currently on the
market, are pending sale, or have been sold in
the last six months. Again, a REALTORŪ will be a
valuable partner in providing you this
information.
If you need any help gathering this information,
please feel free to contact
us at any time!
|
